Assenagon Asset Management S.A. Buys 1,816,612 Shares of Regions Financial Corporation $RF

Key Points

• Assenagon Asset Management increased its Regions Financial stake by 281.9%, purchasing 1.82 million additional shares to own 2.46 million shares worth approximately $74.3 million.
• Regions Financial reported quarterly EPS of $0.68, exceeding the $0.63 analyst consensus, while revenue reached $1.95 billion. The bank also raised its quarterly dividend from $0.27 to $0.30 per share, implying a 3.8% yield.
• Analyst sentiment remains mixed, with six Buy, ten Hold and four Sell ratings; the consensus rating is Hold with a $32.24 price target, compared with a recent share price of $31.43.

Assenagon Asset Management S.A. boosted its stake in Regions Financial Corporation (NYSE:RF - Free Report) by 281.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,461,016 shares of the bank's stock after buying an additional 1,816,612 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.29% of Regions Financial worth $74,323,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of RF. GAMMA Investing LLC boosted its holdings in Regions Financial by 9.4% during the second quarter. GAMMA Investing LLC now owns 36,393 shares of the bank's stock worth $1,099,000 after purchasing an additional 3,127 shares during the last quarter. Stonebridge Financial Group LLC lifted its position in shares of Regions Financial by 3.3% during the 2nd quarter. Stonebridge Financial Group LLC now owns 173,403 shares of the bank's stock worth $5,237,000 after buying an additional 5,574 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Regions Financial by 11.8% in the 2nd quarter. Versant Capital Management Inc now owns 5,763 shares of the bank's stock worth $174,000 after buying an additional 609 shares during the last quarter. CX Institutional boosted its stake in shares of Regions Financial by 3.3% in the 2nd quarter. CX Institutional now owns 14,063 shares of the bank's stock worth $425,000 after buying an additional 449 shares during the last quarter. Finally, Eastern Bank grew its holdings in shares of Regions Financial by 261.8% in the second quarter. Eastern Bank now owns 2,938 shares of the bank's stock valued at $89,000 after acquiring an additional 2,126 shares in the last quarter. 79.39% of the stock is currently owned by institutional investors.

Regions Financial Trading Up 0.1%

NYSE RF opened at $31.43 on Friday. The stock's 50-day simple moving average is $30.07 and its two-hundred day simple moving average is $28.57. Regions Financial Corporation has a twelve month low of $22.70 and a twelve month high of $32.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $26.82 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 1.20 and a beta of 1.00.

Regions Financial (NYSE:RF - Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The bank reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.05. The business had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.94 billion. Regions Financial had a net margin of 23.33% and a return on equity of 12.88%. The business's quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the business earned $0.60 earnings per share. Research analysts forecast that Regions Financial Corporation will post 2.63 EPS for the current fiscal year.

Regions Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be paid a $0.30 dividend. This is a boost from Regions Financial's previous quarterly dividend of $0.27. This represents a $1.20 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 1st. Regions Financial's payout ratio is presently 43.27%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RF shares. Citigroup lifted their price target on Regions Financial from $32.00 to $36.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Regions Financial in a research report on Friday, July 17th. Robert W. Baird reissued an "underperform" rating and issued a $28.00 price target on shares of Regions Financial in a report on Monday, July 6th. Cantor Fitzgerald increased their price target on shares of Regions Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a research report on Tuesday, July 21st. Finally, Truist Financial raised their price objective on shares of Regions Financial from $30.00 to $34.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $32.24.

Regions Financial Profile

Regions Financial Corporation NYSE: RF is a U.S. bank holding company headquartered in Birmingham, Alabama, that provides a broad range of banking and financial services. Its primary banking subsidiary, Regions Bank, serves retail and commercial customers through a combination of branch and ATM networks, digital channels and relationship-based delivery. The company offers deposit accounts, consumer and commercial loans, mortgage origination and servicing, and payment and treasury services.

In addition to core banking, Regions offers wealth management, trust and brokerage services, insurance solutions, and capital markets capabilities to corporate and institutional clients.

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