Kingsview Wealth Management LLC Takes Position in Regions Financial Corporation $RF

Key Points

• Kingsview Wealth Management purchased 128,662 shares of Regions Financial in the second quarter, valued at approximately $3.9 million. Institutional investors collectively own 79.39% of the bank’s stock.
• Regions Financial exceeded quarterly earnings expectations, reporting $0.68 EPS versus the $0.63 consensus and $1.95 billion in revenue. Analysts maintain a consensus “Hold” rating with an average price target of $32.24.
• The bank raised its quarterly dividend from $0.27 to $0.30 per share, equivalent to a $1.20 annualized payout and a 4.0% yield.

Kingsview Wealth Management LLC bought a new position in shares of Regions Financial Corporation (NYSE:RF - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 128,662 shares of the bank's stock, valued at approximately $3,886,000.

Several other institutional investors have also modified their holdings of RF. Norges Bank purchased a new stake in Regions Financial during the 4th quarter worth approximately $254,564,000. Victory Capital Management Inc. raised its position in shares of Regions Financial by 68.9% in the 4th quarter. Victory Capital Management Inc. now owns 22,836,163 shares of the bank's stock valued at $618,860,000 after purchasing an additional 9,312,449 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Regions Financial during the 2nd quarter valued at approximately $219,068,000. First Trust Advisors LP boosted its stake in shares of Regions Financial by 75.7% during the 1st quarter. First Trust Advisors LP now owns 13,358,969 shares of the bank's stock valued at $348,936,000 after buying an additional 5,754,487 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Regions Financial during the second quarter worth approximately $163,654,000. Institutional investors and hedge funds own 79.39% of the company's stock.

Regions Financial Stock Down 0.2%

RF stock opened at $30.35 on Friday. The firm has a market cap 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 Corporation has a 1-year low of $22.70 and a 1-year high of $32.47. The firm has a fifty day moving average price of $30.84 and a two-hundred day moving average price of $28.81. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.81 and a quick ratio of 0.81.

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

Regions Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 4.0%. This is a positive change from Regions Financial's previous quarterly dividend of $0.27. The ex-dividend date is Tuesday, September 1st. Regions Financial's dividend payout ratio (DPR) is currently 43.27%.

Analyst Upgrades and Downgrades

RF has been the subject of a number of research analyst reports. Truist Financial lifted their price target 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. Cantor Fitzgerald raised their price objective on shares of Regions Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a report on Tuesday, July 21st. Robert W. Baird reissued an "underperform" rating and issued a $28.00 target price on shares of Regions Financial in a research report on Monday, July 6th. Evercore restated an "underperform" rating and issued a $31.00 target price on shares of Regions Financial in a research note on Monday, July 6th. Finally, Jefferies Financial Group restated a "hold" rating and issued a $32.00 target price on shares of Regions Financial in a research note on Friday, July 17th. 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. According to data from MarketBeat, Regions Financial has an average rating of "Hold" and an average price target of $32.24.

Regions Financial Company 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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