Regions Financial Corporation $RF Shares Acquired by Synovus Financial Corp

Key Points

• Synovus Financial Corp increased its stake in Regions Financial Corporation by 42.3% during Q1, owning over 328,000 shares worth approximately $7.1 million.
• Regions Financial reported a quarterly EPS of $0.60, surpassing analysts' expectations, with revenue of $1.91 billion, a year-over-year increase of 10.1%.
• The bank announced a dividend increase from $0.25 to $0.265 per share, resulting in an annualized yield of 4.0% for shareholders.

Synovus Financial Corp grew its holdings in Regions Financial Corporation (NYSE:RF - Free Report) by 42.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 328,326 shares of the bank's stock after purchasing an additional 97,615 shares during the quarter. Synovus Financial Corp's holdings in Regions Financial were worth $7,135,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of RF. Foster Victor Wealth Advisors LLC boosted its position in 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 acquiring an additional 15,652 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in 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 acquiring an additional 21,169 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in 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 acquiring an additional 18,684 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its position in 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 acquiring an additional 7,822 shares during the last quarter. Finally, OneDigital Investment Advisors LLC acquired a new position in shares of Regions Financial in the 1st quarter valued at $272,000. 79.39% of the stock is currently owned by institutional investors and hedge funds.

Regions Financial Stock Performance

Shares of RF stock opened at $26.76 on Monday. Regions Financial Corporation has a 12 month low of $17.74 and a 12 month high of $27.96. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $23.88 billion, a P/E ratio of 12.45, a P/E/G ratio of 1.54 and a beta of 1.01. The company's fifty day moving average price is $24.69 and its two-hundred day moving average price is $22.66.

Regions Financial (NYSE:RF - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The bank reported $0.60 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 net margin of 21.81% and a return on equity of 13.08%. The firm's revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.52 EPS. On average, research analysts anticipate that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be paid a $0.265 dividend. This is a boost from Regions Financial's previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, September 2nd. This represents a $1.06 dividend on an annualized basis and a dividend yield of 4.0%. Regions Financial's dividend payout ratio (DPR) is currently 46.51%.

Insider Transactions at Regions Financial

In other Regions Financial news, Director Roger W. Jenkins acquired 4,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was 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 in the company, valued at approximately $162,638.84. This represents a 167.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David R. Keenan sold 30,000 shares of the business's stock in a transaction dated 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 directly owned 90,915 shares of the company's stock, valued at approximately $2,273,784.15. This represents a 24.81% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RF. DA Davidson lifted their price target 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. Citigroup lifted their price target on shares of Regions Financial from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Stephens lifted their price target 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. Barclays restated an "underweight" rating and set a $27.00 target price (up previously from $24.00) on shares of Regions Financial in a report on Monday, July 21st. Finally, Jefferies Financial Group initiated coverage on shares of Regions Financial in a report on Wednesday, May 21st. They set a "hold" rating and a $24.00 target price on the stock. Eleven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $27.33.

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.

Want to see what other hedge funds are holding RF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Regions Financial Corporation (NYSE:RF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.