Bank of Nova Scotia Has $2.26 Million Stock Holdings in Regions Financial Corporation (NYSE:RF)

Bank of Nova Scotia decreased its stake in Regions Financial Corporation (NYSE:RF - Free Report) by 18.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,795 shares of the bank's stock after selling 23,630 shares during the period. Bank of Nova Scotia's holdings in Regions Financial were worth $2,255,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bayforest Capital Ltd lifted its stake in Regions Financial by 637.3% in the 1st quarter. Bayforest Capital Ltd now owns 1,224 shares of the bank's stock valued at $27,000 after purchasing an additional 1,058 shares during the last quarter. Rossby Financial LCC acquired a new stake in shares of Regions Financial in the first quarter valued at approximately $36,000. Grove Bank & Trust lifted its position in shares of Regions Financial by 76.6% in the first quarter. Grove Bank & Trust now owns 1,876 shares of the bank's stock valued at $41,000 after buying an additional 814 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Regions Financial by 30.7% during the 1st quarter. Allworth Financial LP now owns 3,346 shares of the bank's stock worth $69,000 after acquiring an additional 786 shares during the period. Finally, TD Waterhouse Canada Inc. increased its holdings in shares of Regions Financial by 181.2% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,225 shares of the bank's stock worth $76,000 after acquiring an additional 2,078 shares during the last quarter. Institutional investors and hedge funds own 79.39% of the company's stock.

Regions Financial Price Performance

Shares of NYSE:RF traded up $0.28 during trading on Friday, reaching $24.92. 7,576,761 shares of the company traded hands, compared to its average volume of 9,786,812. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.30. Regions Financial Corporation has a 52 week low of $17.74 and a 52 week high of $27.96. The firm has a market capitalization of $22.40 billion, a PE ratio of 11.59, a PEG ratio of 1.43 and a beta of 1.01. The company's 50 day moving average is $23.90 and its two-hundred day moving average is $22.60.

Regions Financial (NYSE:RF - Get Free Report) last announced its quarterly earnings data on Friday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.04. Regions Financial had a net margin of 21.81% and a return on equity of 13.08%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the company posted $0.52 earnings per share. The business's revenue for the quarter was up 10.1% on a year-over-year basis. As a group, sell-side analysts predict that Regions Financial Corporation will post 2.26 earnings per share for the current year.

Regions Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.265 per share. This is an increase from Regions Financial's previous quarterly dividend of $0.25. This represents a $1.06 annualized dividend and a yield of 4.3%. The ex-dividend date is Tuesday, September 2nd. Regions Financial's dividend payout ratio (DPR) is presently 49.30%.

Insider Buying and Selling

In other Regions Financial news, EVP David R. Keenan sold 30,000 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $25.01, for a total transaction of $750,300.00. Following the completion of the sale, the executive vice president directly owned 90,915 shares in the company, valued at $2,273,784.15. This represents a 24.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RF has been the subject of several research reports. Wall Street Zen raised Regions Financial from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. DA Davidson increased their price objective on shares of Regions Financial from $25.00 to $29.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods lifted their target price on shares of Regions Financial from $29.00 to $30.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. The Goldman Sachs Group decreased their price target on shares of Regions Financial from $28.00 to $25.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, TD Cowen initiated coverage on shares of Regions Financial in a report on Thursday, May 15th. They issued a "buy" rating and a $31.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $27.33.

Regions Financial Profile

Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers. It operates through three segments: Corporate Bank, Consumer Bank, and Wealth Management. The Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending; equipment lease financing; deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.