Eventide Asset Management LLC Sells 13,998 Shares of Regions Financial Corporation $RF

Key Points

• Eventide Asset Management LLC has reduced its stake in Regions Financial Corporation by 15.1%, now holding 78,443 shares worth $1.68 million.
• The bank recently reported earnings of $0.60 per share, surpassing estimates, and announced an increase in its quarterly dividend to $0.265.
• Analysts rate the stock as a "Moderate Buy" with a consensus price target of $27.33, reflecting ongoing investor interest.

Eventide Asset Management LLC cut its holdings in Regions Financial Corporation (NYSE:RF - Free Report) by 15.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 78,443 shares of the bank's stock after selling 13,998 shares during the period. Eventide Asset Management LLC's holdings in Regions Financial were worth $1,680,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of RF. Bayforest Capital Ltd boosted its holdings 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 period. Rossby Financial LCC bought a new stake in shares of Regions Financial in the first quarter valued at approximately $36,000. Groupe la Francaise acquired a new stake in Regions Financial during the first quarter worth approximately $41,000. Grove Bank & Trust increased its stake in Regions Financial by 76.6% during the 1st quarter. Grove Bank & Trust now owns 1,876 shares of the bank's stock worth $41,000 after acquiring an additional 814 shares during the period. Finally, Wealth Preservation Advisors LLC bought a new position in Regions Financial during the 1st quarter worth $58,000. Institutional investors and hedge funds own 79.39% of the company's stock.

Regions Financial Price Performance

Shares of RF stock traded down $0.21 on Tuesday, reaching $26.83. The company had a trading volume of 21,513,674 shares, compared to its average volume of 10,760,109. The business's 50-day moving average is $25.71 and its 200 day moving average is $22.89. Regions Financial Corporation has a one year low of $17.74 and a one year high of $27.96. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $23.94 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.55 and a beta of 1.02.

Regions Financial (NYSE:RF - Get Free Report) last released 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. The business had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.86 billion. Regions Financial had a net margin of 21.81% and a return on equity of 13.08%. The firm's quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS. Equities research analysts forecast that Regions Financial Corporation will post 2.26 EPS for the current fiscal year.

Regions Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 4.0%. This is a boost from Regions Financial's previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, September 2nd. Regions Financial's dividend payout ratio (DPR) is currently 49.30%.

Insiders Place Their Bets

In other news, Director Roger W. Jenkins bought 4,000 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was purchased at an average cost of $25.48 per share, for a total transaction of $101,920.00. Following the completion of the transaction, the director owned 6,383 shares of the company's stock, valued at $162,638.84. This trade represents a 167.86% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David R. Keenan sold 30,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $25.01, for a total value of $750,300.00. Following the sale, the executive vice president owned 90,915 shares in the company, valued at approximately $2,273,784.15. This trade represents a 24.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

RF has been the subject of a number of recent analyst reports. Citigroup upped their target price on Regions Financial from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Truist Financial reiterated a "hold" rating on shares of Regions Financial in a research note on Friday, May 23rd. 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 target price on the stock. Jefferies Financial Group assumed coverage on shares of Regions Financial in a report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price target for the company. Finally, DA Davidson increased their price target on shares of Regions Financial from $25.00 to $29.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Eleven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target 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.