Resona Asset Management Co. Ltd. Boosts Holdings in Regions Financial Corporation $RF

Key Points

• Resona Asset Management Co. Ltd. has increased its stake in Regions Financial Corporation by 4.5%, bringing its total holdings to 288,265 shares valued at approximately $6,250,000.
• Regions Financial recently announced a dividend increase from $0.25 to $0.265 per share, which will be paid on October 1st, 2023, representing an annual yield of 4.1%.
• The company reported Q2 earnings of $0.60 per share, surpassing expectations of $0.56, with revenue up 10.1% year-over-year to $1.91 billion.

Resona Asset Management Co. Ltd. grew its position in shares of Regions Financial Corporation (NYSE:RF - Free Report) by 4.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 288,265 shares of the bank's stock after purchasing an additional 12,520 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Regions Financial were worth $6,250,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RF. Charles Schwab Investment Management Inc. grew its position in shares of Regions Financial by 6.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 31,092,742 shares of the bank's stock valued at $675,645,000 after buying an additional 1,909,162 shares during the last quarter. Invesco Ltd. increased its holdings in Regions Financial by 35.7% in the first quarter. Invesco Ltd. now owns 20,990,446 shares of the bank's stock worth $456,122,000 after purchasing an additional 5,521,772 shares in the last quarter. First Trust Advisors LP lifted its stake in Regions Financial by 7.7% in the fourth quarter. First Trust Advisors LP now owns 17,053,457 shares of the bank's stock valued at $401,097,000 after buying an additional 1,224,645 shares during the period. Northern Trust Corp boosted its holdings in shares of Regions Financial by 14.8% during the 4th quarter. Northern Trust Corp now owns 9,658,858 shares of the bank's stock worth $227,176,000 after buying an additional 1,247,882 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Regions Financial by 11.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,369,608 shares of the bank's stock worth $220,373,000 after buying an additional 931,875 shares during the period. 79.39% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RF shares. DA Davidson upped their price objective on shares of Regions Financial from $25.00 to $29.00 and gave the company a "buy" rating in a report on Monday, July 21st. TD Cowen started coverage on Regions Financial in a research report on Thursday, May 15th. They set a "buy" rating and a $31.00 target price on the stock. The Goldman Sachs Group lowered their price target on Regions Financial from $28.00 to $25.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Barclays reaffirmed an "underweight" rating and set a $27.00 price objective (up from $24.00) on shares of Regions Financial in a report on Monday, July 21st. Finally, Morgan Stanley raised their price objective on shares of Regions Financial from $27.00 to $29.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Eleven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Regions Financial currently has an average rating of "Moderate Buy" and a consensus target price of $27.33.

Insider Transactions at Regions Financial

In related news, EVP David R. Keenan sold 30,000 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $25.01, for a total transaction of $750,300.00. Following the sale, the executive vice president owned 90,915 shares of the company's stock, valued at $2,273,784.15. This represents a 24.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Roger W. Jenkins acquired 4,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were acquired at an average price of $25.48 per share, with a total value of $101,920.00. Following the transaction, the director directly owned 6,383 shares of the company's stock, valued at $162,638.84. The trade was a 167.86% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

Regions Financial Stock Up 0.1%

Regions Financial stock traded up $0.0350 on Tuesday, hitting $25.7250. 5,880,545 shares of the stock traded hands, compared to its average volume of 10,024,420. Regions Financial Corporation has a 1 year low of $17.74 and a 1 year high of $27.96. The firm has a market cap of $22.95 billion, a P/E ratio of 11.95, a price-to-earnings-growth ratio of 1.47 and a beta of 1.01. The business's fifty day simple moving average is $24.38 and its 200 day simple moving average is $22.62. 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 quarterly earnings data on Friday, July 18th. The bank reported $0.60 EPS for the quarter, beating the consensus estimate of $0.56 by $0.04. Regions Financial had a return on equity of 13.08% and a net margin of 21.81%.The company had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.86 billion. During the same period last year, the firm posted $0.52 earnings per share. Regions Financial's revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Regions Financial Corporation will post 2.26 earnings per share for the current year.

Regions Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a $0.265 dividend. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Regions Financial's previous quarterly dividend of $0.25. This represents a $1.06 annualized dividend and a dividend yield of 4.1%. Regions Financial's dividend payout ratio (DPR) is presently 46.51%.

About Regions Financial

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.