Regions Financial Corporation (NYSE:RF) Shares Acquired by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has increased its stake in Regions Financial Corporation by 17.5%, holding 144,285 shares valued at approximately $3.14 million.
• Regions Financial reported $0.60 EPS for its last quarter, exceeding expectations, with revenue of $1.91 billion, a 10.1% increase from the previous year.
• The company declared a quarterly dividend of $0.265 per share, an increase from its previous dividend, representing a yield of 4.3% and a payout ratio of 46.51%.

Mackenzie Financial Corp raised its position in shares of Regions Financial Corporation (NYSE:RF - Free Report) by 17.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 144,285 shares of the bank's stock after purchasing an additional 21,510 shares during the period. Mackenzie Financial Corp's holdings in Regions Financial were worth $3,135,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of RF. Rossby Financial LCC purchased a new stake in Regions Financial during the 1st quarter valued at $36,000. Grove Bank & Trust increased its stake in Regions Financial by 76.6% in the 1st quarter. Grove Bank & Trust now owns 1,876 shares of the bank's stock worth $41,000 after buying an additional 814 shares in the last quarter. Allworth Financial LP grew its position in shares of Regions Financial by 30.7% during the first quarter. Allworth Financial LP now owns 3,346 shares of the bank's stock valued at $69,000 after purchasing an additional 786 shares in the last quarter. TD Waterhouse Canada Inc. raised its stake in shares of Regions Financial by 181.2% during the fourth 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 in the last quarter. Finally, Proathlete Wealth Management LLC purchased a new position in Regions Financial during the first quarter valued at approximately $77,000. Hedge funds and other institutional investors own 79.39% of the company's stock.

Regions Financial Trading Down 0.7%

Shares of RF stock traded down $0.18 during trading hours on Wednesday, reaching $25.01. The company's stock had a trading volume of 6,471,001 shares, compared to its average volume of 9,783,127. The stock has a market capitalization of $22.48 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.45 and a beta of 1.01. Regions Financial Corporation has a one year low of $17.74 and a one year high of $27.96. The firm's fifty day simple moving average is $23.70 and its 200 day simple moving average is $22.58. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.30.

Regions Financial (NYSE:RF - Get Free Report) last posted its earnings results on Friday, July 18th. The bank reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.04. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.86 billion. Regions Financial had a return on equity of 13.08% and a net margin of 21.81%. Regions Financial's revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 earnings per share. Equities research analysts expect that Regions Financial Corporation will post 2.26 EPS for the current year.

Regions Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.265 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.06 dividend on an annualized basis and a dividend yield of 4.2%. This is an increase from Regions Financial's previous quarterly dividend of $0.25. Regions Financial's dividend payout ratio is 46.51%.

Wall Street Analysts Forecast Growth

RF has been the topic of a number of research analyst reports. Stephens boosted their price objective on shares of Regions Financial from $24.00 to $29.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Cowen assumed coverage on shares of Regions Financial in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Citigroup upped their price objective on shares of Regions Financial from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wall Street Zen raised shares of Regions Financial from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, DA Davidson boosted their target price on shares of Regions Financial from $25.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Regions Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.33.

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.