Korea Investment CORP Makes New Investment in Regions Financial Corporation $RF

Key Points

• Korea Investment Corp. purchased 3.28 million Regions Financial shares worth approximately $99.2 million in the second quarter, giving it a 0.39% stake. Institutional investors collectively own 79.39% of the bank.
• Regions Financial exceeded quarterly expectations, reporting $0.68 in EPS versus the $0.63 consensus and $1.95 billion in revenue. Analysts’ average rating remains “Hold,” with an average price target of $32.24.
• The bank raised its quarterly dividend to $0.30 per share, or $1.20 annually, representing a 3.9% yield and a payout ratio of 48.98%.

Korea Investment CORP purchased a new position in shares of Regions Financial Corporation (NYSE:RF - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,284,426 shares of the bank's stock, valued at approximately $99,190,000. Korea Investment CORP owned approximately 0.39% of Regions Financial as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. WPG Advisers LLC lifted its holdings in Regions Financial by 83.5% during the 2nd quarter. WPG Advisers LLC now owns 813 shares of the bank's stock worth $25,000 after buying an additional 370 shares in the last quarter. Keating Financial Advisory Services Inc. acquired a new position in shares of Regions Financial during the second quarter valued at $25,000. Trust Co. of Vermont bought a new position in Regions Financial in the second quarter valued at about $26,000. Gables Capital Management Inc. bought a new position in Regions Financial in the second quarter valued at about $30,000. Finally, Darwin Wealth Management LLC acquired a new stake in Regions Financial in the second quarter worth about $25,000. Institutional investors and hedge funds own 79.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RF shares. Morgan Stanley upped their target price on shares of Regions Financial from $34.00 to $35.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. Cantor Fitzgerald upped their target price on shares of Regions Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a research report on Tuesday, July 21st. Jefferies Financial Group restated a "hold" rating and set a $32.00 target price on shares of Regions Financial in a research report on Friday, July 17th. JPMorgan Chase & Co. upped their target price on shares of Regions Financial from $31.50 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Finally, Truist Financial increased their price target on Regions Financial from $30.00 to $34.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $32.24.

Regions Financial Trading Up 0.6%

Shares of NYSE:RF opened at $30.40 on Friday. The firm has a market cap of $25.90 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.16 and a beta of 1.00. Regions Financial Corporation has a 12 month low of $22.70 and a 12 month high of $32.47. The company's fifty day simple moving average is $30.66 and its 200 day simple moving average is $28.80. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.26.

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

Regions Financial Increases Dividend

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

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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