Regions Financial Corporation $RF Shares Bought by CIBC Asset Management Inc

Key Points

• CIBC Asset Management increased its stake in Regions Financial by 52.8% in the fourth quarter, holding 226,139 shares worth about $6.13 million after buying 78,182 additional shares.
• Analysts are mixed on the stock: the consensus rating is Hold with an average price target of $30.47, though DA Davidson recently reiterated a buy rating while several others trimmed targets.
• Regions Financial reported Q1 earnings of $0.62 per share, slightly topping estimates, and declared a quarterly dividend of $0.265 per share, implying a 3.7% annualized yield.

CIBC Asset Management Inc grew its position in shares of Regions Financial Corporation (NYSE:RF - Free Report) by 52.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 226,139 shares of the bank's stock after acquiring an additional 78,182 shares during the quarter. CIBC Asset Management Inc's holdings in Regions Financial were worth $6,128,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Darwin Wealth Management LLC acquired a new stake in shares of Regions Financial in the second quarter valued at about $25,000. Spire Wealth Management grew its stake in shares of Regions Financial by 91.5% in the fourth quarter. Spire Wealth Management now owns 1,166 shares of the bank's stock valued at $32,000 after buying an additional 557 shares in the last quarter. Princeton Global Asset Management LLC grew its stake in shares of Regions Financial by 260.4% in the fourth quarter. Princeton Global Asset Management LLC now owns 1,182 shares of the bank's stock valued at $32,000 after buying an additional 854 shares in the last quarter. Leonteq Securities AG acquired a new stake in shares of Regions Financial in the fourth quarter valued at about $33,000. Finally, Murphy Middleton Hinkle & Parker Inc. acquired a new stake in shares of Regions Financial in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 79.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Brean Capital assumed coverage on Regions Financial in a research note on Thursday, March 12th. They issued a "neutral" rating for the company. Piper Sandler lowered their price objective on Regions Financial from $31.00 to $28.00 and set a "neutral" rating for the company in a research note on Monday, March 30th. Morgan Stanley lowered their price objective on Regions Financial from $37.00 to $34.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 31st. DA Davidson raised their price objective on Regions Financial from $31.00 to $32.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. lowered their price objective on Regions Financial from $31.50 to $29.00 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Regions Financial currently has an average rating of "Hold" and an average price target of $30.47.

Regions Financial Stock Up 0.5%

RF opened at $28.57 on Friday. Regions Financial Corporation has a 12 month low of $21.40 and a 12 month high of $31.53. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $24.38 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.11 and a beta of 1.00. The stock's 50 day moving average price is $27.48 and its 200 day moving average price is $27.49.

Regions Financial (NYSE:RF - Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.01. The company had revenue of $1.87 billion for the quarter, compared to analysts' expectations of $1.92 billion. Regions Financial had a return on equity of 12.70% and a net margin of 23.13%.The firm's revenue for the quarter was up 5.0% on a year-over-year basis. During the same period last year, the firm earned $0.54 EPS. As a group, research analysts predict that Regions Financial Corporation will post 2.61 earnings per share for the current year.

Regions Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, June 1st. Regions Financial's dividend payout ratio (DPR) is 44.17%.

Insider Activity at Regions Financial

In other news, EVP Brian R. Willman sold 7,014 shares of the firm's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $27.91, for a total value of $195,760.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by company insiders.

Regions Financial Company Profile

Regions Financial Corporation NYSE: RF is a U.S. bank holding company headquartered in Birmingham, Alabama, that provides a broad range of banking and financial services. Its primary banking subsidiary, Regions Bank, serves retail and commercial customers through a combination of branch and ATM networks, digital channels and relationship-based delivery. The company offers deposit accounts, consumer and commercial loans, mortgage origination and servicing, and payment and treasury services.

In addition to core banking, Regions offers wealth management, trust and brokerage services, insurance solutions, and capital markets capabilities to corporate and institutional clients.

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