Harmony Asset Management LLC Has $331,000 Stake in Regions Financial Corporation $RF

Key Points

• Harmony Asset Management cut its stake in Regions Financial by 74.3% in the first quarter, leaving it with 12,660 shares valued at about $331,000.
• Institutional ownership remains heavy, with 79.39% of Regions Financial stock held by institutional investors and hedge funds. Several other funds also increased or initiated positions in the bank during the quarter.
• Analysts are mixed on RF: the stock has an overall “Hold” rating and an average price target of $31.28, while recent targets ranged from bearish to bullish. The shares were last seen trading near their 52-week high at $31.50.

Harmony Asset Management LLC trimmed its position in shares of Regions Financial Corporation (NYSE:RF - Free Report) by 74.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,660 shares of the bank's stock after selling 36,545 shares during the period. Harmony Asset Management LLC's holdings in Regions Financial were worth $331,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in RF. Sanctuary Advisors LLC lifted its position in shares of Regions Financial by 14.8% during the 1st quarter. Sanctuary Advisors LLC now owns 775,230 shares of the bank's stock worth $20,249,000 after purchasing an additional 99,934 shares during the last quarter. Checchi Capital Advisers LLC grew its holdings in Regions Financial by 13.4% in the 1st quarter. Checchi Capital Advisers LLC now owns 23,083 shares of the bank's stock valued at $603,000 after buying an additional 2,729 shares during the last quarter. ABC Arbitrage SA bought a new position in Regions Financial in the 1st quarter worth approximately $2,602,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Regions Financial in the 1st quarter worth approximately $630,000. Finally, Citizens National Bank Trust Department acquired a new position in shares of Regions Financial during the first quarter worth approximately $152,000. 79.39% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Cantor Fitzgerald raised their price objective on shares of Regions Financial from $32.00 to $34.00 and gave the stock an "overweight" rating in a research note on Wednesday. Wells Fargo & Company upped their target price on shares of Regions Financial from $28.00 to $30.00 and gave the company an "underweight" rating in a research note on Monday, July 6th. Truist Financial reissued a "hold" rating and issued a $30.00 price target on shares of Regions Financial in a report on Tuesday, April 21st. Royal Bank Of Canada raised their price target on shares of Regions Financial from $29.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, April 20th. Finally, Stephens assumed coverage on shares of Regions Financial in a report on Monday, June 15th. They set an "equal weight" rating and a $31.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Regions Financial currently has an average rating of "Hold" and an average price target of $31.28.

Insider Activity

In other news, EVP Brian R. Willman sold 7,014 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $27.91, for a total value of $195,760.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.34% of the company's stock.

Regions Financial Price Performance

Shares of Regions Financial stock opened at $31.50 on Thursday. The firm has a market cap of $26.88 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. The firm's 50-day simple moving average is $28.78 and its 200-day simple moving average is $28.18. Regions Financial Corporation has a twelve month low of $22.70 and a twelve month high of $31.55. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.80 and a current ratio of 0.80.

Regions Financial (NYSE:RF - Get Free Report) last posted its quarterly earnings results on Friday, April 17th. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. The firm had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.92 billion. Regions Financial had a net margin of 23.13% and a return on equity of 12.70%. The company's quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.54 earnings per share. As a group, research analysts expect that Regions Financial Corporation will post 2.6 EPS for the current fiscal year.

About Regions Financial

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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