Mirae Asset Global Investments Co. Ltd. Acquires New Holdings in Regions Financial Corporation $RF

Key Points

• Mirae Asset Global Investments acquired 1.04 million shares of Regions Financial worth approximately $28.0 million, joining other institutional investors that have recently increased their positions. Institutions and hedge funds collectively own 79.39% of the company.
• Regions Financial exceeded quarterly earnings expectations, reporting $0.73 in EPS versus the $0.67 consensus estimate, while revenue reached $1.99 billion and rose 3% year over year.
• The bank declared a quarterly dividend of $0.30, equivalent to $1.20 annually and a 4.1% yield. Analysts maintain a consensus “Hold” rating with a $31.00 price target, compared with a recent share price of $28.96.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Regions Financial Corporation (NYSE:RF - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,040,156 shares of the bank's stock, valued at approximately $27,959,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.12% of Regions Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RF. Russell Investments Group Ltd. boosted its stake in shares of Regions Financial by 8.5% during the second quarter. Russell Investments Group Ltd. now owns 2,107,015 shares of the bank's stock valued at $63,645,000 after acquiring an additional 165,527 shares during the last quarter. Bank of America Corp DE purchased a new stake in Regions Financial during the 2nd quarter worth about $219,068,000. Envestnet Asset Management Inc. increased its position in Regions Financial by 433.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,129,927 shares of the bank's stock worth $64,324,000 after purchasing an additional 1,730,874 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Regions Financial during the 2nd quarter worth about $26,043,000. Finally, Raiffeisen Bank International AG raised its stake in Regions Financial by 7,509.2% in the 2nd quarter. Raiffeisen Bank International AG now owns 48,623 shares of the bank's stock valued at $1,472,000 after purchasing an additional 47,984 shares during the last quarter. Hedge funds and other institutional investors own 79.39% of the company's stock.

Regions Financial Price Performance

RF stock opened at $28.96 on Tuesday. Regions Financial Corporation has a 52-week low of $23.59 and a 52-week high of $32.47. The stock's fifty day simple moving average is $28.50 and its 200-day simple moving average is $28.69. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $24.68 billion, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 1.15 and a beta of 1.05.

Regions Financial (NYSE:RF - Get Free Report) last announced its quarterly earnings data on Friday, October 16th. The bank reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.67 by $0.06. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Regions Financial had a return on equity of 13.43% and a net margin of 23.97%. The business's revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 earnings per share. Equities research analysts expect that Regions Financial Corporation will post 2.70 EPS for the current year.

Regions Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 1st will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Tuesday, December 1st. Regions Financial's dividend payout ratio (DPR) is presently 47.06%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Truist Financial reduced their target price on shares of Regions Financial from $31.00 to $30.00 and set a "hold" rating on the stock in a report on Tuesday, October 20th. TD Cowen initiated coverage on shares of Regions Financial in a report on Thursday, October 8th. They set a "hold" rating and a $30.00 price target for the company. Wells Fargo & Company lifted their price target on shares of Regions Financial from $28.00 to $30.00 and gave the stock an "underweight" rating in a report on Monday, July 6th. Weiss Ratings reissued a "buy (b)" rating on shares of Regions Financial in a research report on Thursday, October 15th. Finally, DA Davidson cut their price objective on shares of Regions Financial from $32.00 to $31.00 and set a "neutral" rating for the company in a research report on Monday, October 19th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $31.00.

Regions Financial Company Profile

Regions Financial Corporation NYSE: RF is a financial services company headquartered in Birmingham, Alabama. Through its principal subsidiary, Regions Bank, the company provides banking and related financial services to consumers, businesses, institutions and governments.

Regions Bank offers checking and savings accounts, consumer and commercial loans, credit products, mortgages, treasury and cash-management services, investment and wealth-management solutions, and insurance-related services.

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