Hennessy Advisors Inc. Takes $1.08 Million Position in Regions Financial Corporation $RF

Key Points

• Hennessy Advisors initiated a $1.08 million position in Regions Financial during the second quarter by purchasing 35,672 shares. Institutional investors collectively own 79.39% of the bank’s stock.
• Regions Financial exceeded quarterly expectations, reporting $0.68 in EPS versus the $0.63 consensus and $1.95 billion in revenue. The bank also increased its quarterly dividend from $0.27 to $0.30, representing a 4.0% annualized yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $32.24, compared with the stock’s reported price of $30.35.

Hennessy Advisors Inc. bought a new position in Regions Financial Corporation (NYSE:RF - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 35,672 shares of the bank's stock, valued at approximately $1,077,000.

A number of other hedge funds also recently made changes to their positions in RF. Root Financial Partners LLC lifted its holdings in shares of Regions Financial by 3.9% in the 4th quarter. Root Financial Partners LLC now owns 9,148 shares of the bank's stock valued at $248,000 after acquiring an additional 346 shares during the last quarter. WPG Advisers LLC raised its holdings in Regions Financial by 83.5% during the 2nd quarter. WPG Advisers LLC now owns 813 shares of the bank's stock valued at $25,000 after buying an additional 370 shares during the period. Master S Wealth Management Inc. raised its holdings in Regions Financial by 1.0% during the 1st quarter. Master S Wealth Management Inc. now owns 38,631 shares of the bank's stock valued at $1,009,000 after buying an additional 372 shares during the period. Van ECK Associates Corp lifted its position in Regions Financial by 1.1% in the fourth quarter. Van ECK Associates Corp now owns 33,604 shares of the bank's stock worth $911,000 after buying an additional 373 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID boosted its stake in Regions Financial by 17.3% during the first quarter. Legacy Wealth Managment LLC ID now owns 2,589 shares of the bank's stock worth $68,000 after buying an additional 381 shares during the period. 79.39% of the stock is currently owned by hedge funds and other institutional investors.

Regions Financial Price Performance

RF opened at $30.35 on Monday. Regions Financial Corporation has a 12-month low of $22.70 and a 12-month high of $32.47. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.26. The business's fifty day simple moving average is $30.84 and its 200-day simple moving average is $28.80. The company has a market capitalization of $25.86 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.16 and a beta of 1.00.

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

Regions Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be issued a $0.30 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.0%. This is a boost from Regions Financial's previous quarterly dividend of $0.27. Regions Financial's dividend payout ratio (DPR) is 48.98%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on RF shares. Jefferies Financial Group reiterated a "hold" rating and set a $32.00 price objective on shares of Regions Financial in a research report on Friday, July 17th. Evercore reaffirmed an "underperform" rating and set a $31.00 price target on shares of Regions Financial in a research note on Monday, July 6th. Royal Bank Of Canada reiterated an "outperform" rating and set a $34.00 price target on shares of Regions Financial in a report on Monday, July 20th. JPMorgan Chase & Co. increased their price objective on shares of Regions Financial from $31.50 to $32.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Finally, Truist Financial raised their price objective on shares of Regions Financial from $30.00 to $34.00 and gave the stock a "hold" rating in a research note on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Regions Financial has a consensus rating of "Hold" and a consensus target price of $32.24.

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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