Hourglass Capital LLC Invests $3.52 Million in Regions Financial Corporation (NYSE:RF)

Hourglass Capital LLC acquired a new position in Regions Financial Corporation (NYSE:RF - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 161,790 shares of the bank's stock, valued at approximately $3,516,000.

A number of other hedge funds have also recently bought and sold shares of RF. Picton Mahoney Asset Management boosted its position in shares of Regions Financial by 2,354.9% during the 4th quarter. Picton Mahoney Asset Management now owns 1,252 shares of the bank's stock valued at $29,000 after acquiring an additional 1,201 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in shares of Regions Financial in the 4th quarter worth about $32,000. Rossby Financial LCC purchased a new stake in shares of Regions Financial in the 1st quarter worth about $36,000. Grove Bank & Trust grew its position in Regions Financial by 76.6% during the 1st quarter. Grove Bank & Trust now owns 1,876 shares of the bank's stock valued at $41,000 after purchasing an additional 814 shares during the last quarter. Finally, TD Waterhouse Canada Inc. boosted its holdings in shares of Regions Financial by 181.2% during the 4th 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. 79.39% of the stock is owned by hedge funds and other institutional investors.

Regions Financial Price Performance

Shares of RF traded up $0.10 during midday trading on Tuesday, reaching $24.67. The stock had a trading volume of 8,879,772 shares, compared to its average volume of 8,367,386. Regions Financial Corporation has a 52 week low of $17.74 and a 52 week high of $27.96. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.84 and a quick ratio of 0.83. The firm's 50 day moving average price is $22.08 and its 200-day moving average price is $22.35. The company has a market capitalization of $22.18 billion, a P/E ratio of 11.86, a P/E/G ratio of 1.97 and a beta of 0.98.

Regions Financial (NYSE:RF - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The bank reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Regions Financial had a return on equity of 13.04% and a net margin of 21.43%. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the previous year, the company posted $0.37 earnings per share. On average, analysts forecast that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, May 2nd were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.05%. Regions Financial's dividend payout ratio is currently 48.08%.

Analyst Ratings Changes

RF has been the topic of a number of research reports. Barclays dropped their price objective on shares of Regions Financial from $26.00 to $24.00 and set an "underweight" rating on the stock in a report on Monday, April 21st. The Goldman Sachs Group lowered their price objective on shares of Regions Financial from $28.00 to $25.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Cowen assumed coverage on shares of Regions Financial in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Keefe, Bruyette & Woods lowered their target price on shares of Regions Financial from $28.00 to $26.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Finally, Truist Financial reissued a "hold" rating on shares of Regions Financial in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $26.15.

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.