Freestone Grove Partners LP Acquires New Shares in Regions Financial Corporation $RF

Key Points

• Freestone Grove Partners acquired 404,271 shares of Regions Financial in the second quarter, valued at approximately $12.2 million. Institutional investors now own 79.39% of the bank’s outstanding stock.
• Regions Financial reported quarterly EPS of $0.68, exceeding analyst expectations of $0.63, while revenue reached $1.95 billion. The company posted a 12.88% return on equity and a 23.33% net margin.
• The bank raised its quarterly dividend from $0.27 to $0.30 per share, equivalent to a 3.9% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $32.24.

Freestone Grove Partners LP bought a new position in Regions Financial Corporation (NYSE:RF - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 404,271 shares of the bank's stock, valued at approximately $12,209,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RF. Caisse de depot et placement du Quebec purchased a new stake in shares of Regions Financial during the 2nd quarter valued at about $20,115,000. Gallagher Fiduciary Advisors LLC bought a new position in Regions Financial during the second quarter valued at approximately $552,000. Man Group plc purchased a new stake in Regions Financial in the second quarter worth approximately $13,821,000. Invst LLC purchased a new stake in Regions Financial in the second quarter worth approximately $998,000. Finally, Polar Asset Management Partners Inc. purchased a new stake in Regions Financial during the 2nd quarter valued at $236,000. Institutional investors own 79.39% of the company's stock.

Regions Financial Stock Performance

Shares of RF opened at $30.40 on Friday. 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 business has a 50-day simple moving average of $30.81 and a two-hundred day simple moving average of $28.80. The stock has a market cap of $25.90 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.18 and a beta of 1.00. Regions Financial Corporation has a 52 week low of $22.70 and a 52 week high of $32.47.

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

Regions Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be given a $0.30 dividend. The ex-dividend date is Tuesday, September 1st. This is an increase from Regions Financial's previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.9%. Regions Financial's dividend payout ratio (DPR) is currently 48.98%.

Analyst Ratings Changes

A number of research firms have recently issued reports on RF. Citigroup raised their price target on Regions Financial from $32.00 to $36.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. JPMorgan Chase & Co. increased their target price on Regions Financial from $31.50 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their target price on Regions Financial from $32.00 to $33.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Royal Bank Of Canada restated an "outperform" rating and set a $34.00 price target on shares of Regions Financial in a research note on Monday, July 20th. Finally, Evercore reaffirmed an "underperform" rating and set a $31.00 price target on shares of Regions Financial in a research report on Monday, July 6th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, Regions Financial 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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