Convergence Financial LLC Buys Shares of 13,043 Regions Financial Corporation (NYSE:RF)

Convergence Financial LLC purchased a new stake in Regions Financial Corporation (NYSE:RF - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,043 shares of the bank's stock, valued at approximately $283,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Picton Mahoney Asset Management lifted its stake in Regions Financial by 2,354.9% in the 4th quarter. Picton Mahoney Asset Management now owns 1,252 shares of the bank's stock valued at $29,000 after buying an additional 1,201 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of Regions Financial in the fourth quarter worth $32,000. 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 acquiring an additional 814 shares in the last quarter. TD Waterhouse Canada Inc. boosted its stake in shares of Regions Financial by 181.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,225 shares of the bank's stock valued at $76,000 after acquiring an additional 2,078 shares during the last quarter. Finally, Proathlete Wealth Management LLC acquired a new stake in shares of Regions Financial during the first quarter valued at $77,000. Institutional investors and hedge funds own 79.39% of the company's stock.

Regions Financial Price Performance

RF stock opened at $23.40 on Monday. The stock's 50 day moving average is $21.56 and its two-hundred day moving average is $22.34. Regions Financial Corporation has a 52-week low of $17.74 and a 52-week high of $27.96. The company has a market capitalization of $21.03 billion, a PE ratio of 11.25, a P/E/G ratio of 1.85 and a beta of 0.96. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.36.

Regions Financial (NYSE:RF - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The bank reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.84 billion. Regions Financial had a net margin of 21.43% and a return on equity of 13.04%. During the same period last year, the business earned $0.37 EPS. Analysts predict that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, May 2nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.00 annualized dividend and a yield of 4.27%. Regions Financial's payout ratio is 48.08%.

Wall Street Analyst Weigh In

RF has been the topic of several recent analyst reports. TD Cowen started coverage on shares of Regions Financial in a research note on Thursday, May 15th. They set a "buy" rating and a $31.00 price objective on the stock. The Goldman Sachs Group cut their price target on Regions Financial from $28.00 to $25.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Wells Fargo & Company reduced their price target on Regions Financial from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research note on Friday, March 28th. Citigroup lowered their price objective on Regions Financial from $28.00 to $25.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. dropped their target price on Regions Financial from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Regions Financial presently has a consensus rating of "Hold" and a consensus price target of $25.80.

Regions Financial Company 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.

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