Bank of New York Mellon Corp Sells 357,137 Shares of Regions Financial Corporation $RF

Key Points

• Bank of New York Mellon reduced its Regions Financial stake by 5.4%, selling 357,137 shares and retaining 6.25 million shares valued at approximately $188.9 million. Institutional investors own 79.39% of RF.
• Regions Financial reported quarterly EPS of $0.68, exceeding analysts’ $0.63 estimate, while revenue reached $1.95 billion. The bank also increased its quarterly dividend to $0.30 per share, implying a 3.9% annual yield.
• Analysts remain mixed, with a consensus “Hold” rating and an average price target of $32.24 versus the stock’s $30.40 opening price; recent targets range from $33 to $36.

Bank of New York Mellon Corp trimmed its stake in shares of Regions Financial Corporation (NYSE:RF - Free Report) by 5.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,254,737 shares of the bank's stock after selling 357,137 shares during the period. Bank of New York Mellon Corp owned about 0.73% of Regions Financial worth $188,893,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in RF. Norges Bank acquired a new position in shares of Regions Financial during the fourth quarter worth about $254,564,000. Victory Capital Management Inc. boosted its position in Regions Financial by 68.9% during the 4th quarter. Victory Capital Management Inc. now owns 22,836,163 shares of the bank's stock worth $618,860,000 after acquiring an additional 9,312,449 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Regions Financial by 75.7% during the 1st quarter. First Trust Advisors LP now owns 13,358,969 shares of the bank's stock worth $348,936,000 after acquiring an additional 5,754,487 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in shares of Regions Financial by 286.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 4,022,031 shares of the bank's stock worth $106,061,000 after acquiring an additional 2,980,505 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Regions Financial by 151.2% in the third quarter. AQR Capital Management LLC now owns 3,939,544 shares of the bank's stock valued at $103,886,000 after purchasing an additional 2,371,048 shares during the last quarter. 79.39% of the stock is owned by institutional investors.

Regions Financial Stock Up 0.6%

RF stock opened at $30.40 on Friday. Regions Financial Corporation has a 1-year low of $22.70 and a 1-year high of $32.47. The business's 50 day simple moving average is $30.66 and its 200 day simple moving average is $28.80. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $25.90 billion, a PE ratio of 12.41, a PEG ratio of 1.16 and a beta of 1.00.

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

Regions Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.9%. This is a boost from Regions Financial's previous quarterly dividend of $0.27. The ex-dividend date is Tuesday, September 1st. Regions Financial's dividend payout ratio (DPR) is 43.27%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RF. Keefe, Bruyette & Woods raised their target price on shares of Regions Financial from $32.00 to $33.00 and gave the company a "market perform" rating in a research report on Monday, July 20th. Citigroup boosted their price target on shares of Regions Financial from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Weiss Ratings restated a "buy (b)" rating on shares of Regions Financial in a research note on Friday, July 17th. Truist Financial raised their price objective on Regions Financial from $30.00 to $34.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Finally, UBS Group lifted their target price on Regions Financial from $29.00 to $33.00 and gave the company a "neutral" rating in a research report on Tuesday, July 7th. Six analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average 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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