Regions Financial Corporation $RF Stake Trimmed by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Regions Financial Corporation by 2.9%, owning approximately 9.38 million shares valued at about $204 million.
• Regions Financial reported a 10.1% increase in revenue year-over-year, with earnings per share of $0.60, surpassing analysts' estimates.
• The bank recently announced a quarterly dividend of $0.265 per share, an increase from the previous dividend, reflecting a yield of 4.1%.

Northern Trust Corp lowered its stake in shares of Regions Financial Corporation (NYSE:RF - Free Report) by 2.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,383,511 shares of the bank's stock after selling 275,347 shares during the quarter. Northern Trust Corp owned approximately 1.04% of Regions Financial worth $203,904,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Foster Victor Wealth Advisors LLC grew its position in shares of Regions Financial by 5.4% during the first quarter. Foster Victor Wealth Advisors LLC now owns 304,011 shares of the bank's stock worth $6,606,000 after buying an additional 15,652 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Regions Financial by 0.9% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,428,091 shares of the bank's stock worth $52,762,000 after buying an additional 21,169 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Regions Financial by 13.5% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 157,566 shares of the bank's stock worth $3,424,000 after buying an additional 18,684 shares in the last quarter. Kingswood Wealth Advisors LLC grew its position in shares of Regions Financial by 62.4% during the first quarter. Kingswood Wealth Advisors LLC now owns 20,367 shares of the bank's stock worth $440,000 after buying an additional 7,822 shares in the last quarter. Finally, OneDigital Investment Advisors LLC acquired a new stake in shares of Regions Financial during the first quarter worth approximately $272,000. Institutional investors and hedge funds own 79.39% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on RF shares. Morgan Stanley raised their price objective on Regions Financial from $27.00 to $29.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Jefferies Financial Group started coverage on Regions Financial in a research note on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective on the stock. Truist Financial restated a "hold" rating on shares of Regions Financial in a research note on Friday, May 23rd. TD Cowen started coverage on Regions Financial in a research note on Thursday, May 15th. They set a "buy" rating and a $31.00 price objective on the stock. Finally, DA Davidson raised their price objective on Regions Financial from $25.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Eleven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $27.33.

Insider Transactions at Regions Financial

In other news, Director Roger W. Jenkins bought 4,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were purchased at an average cost of $25.48 per share, with a total value of $101,920.00. Following the completion of the acquisition, the director directly owned 6,383 shares in the company, valued at approximately $162,638.84. The trade was a 167.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David R. Keenan sold 30,000 shares of Regions Financial stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $25.01, for a total value of $750,300.00. Following the completion of the transaction, the executive vice president directly owned 90,915 shares in the company, valued at $2,273,784.15. This represents a 24.81% decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is owned by insiders.

Regions Financial Price Performance

NYSE:RF traded up $0.42 during mid-day trading on Tuesday, reaching $27.07. 12,964,288 shares of the stock were exchanged, compared to its average volume of 10,273,513. The business has a fifty day moving average price of $24.80 and a 200 day moving average price of $22.68. The firm has a market capitalization of $24.16 billion, a PE ratio of 12.58, a PEG ratio of 1.54 and a beta of 1.01. Regions Financial Corporation has a 1-year low of $17.74 and a 1-year high of $27.96. 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 released its earnings results on Friday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.04. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 earnings per share. Research analysts expect that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.265 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from Regions Financial's previous quarterly dividend of $0.25. This represents a $1.06 dividend on an annualized basis and a yield of 3.9%. Regions Financial's dividend payout ratio is presently 46.51%.

Regions Financial 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.