Regions Financial Corporation $RF Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Regions Financial stake by 1.1% in the first quarter, selling 37,751 shares and retaining 3.47 million shares worth approximately $90.7 million. Institutional investors and hedge funds collectively own 79.39% of RF.
• Analysts have a consensus “Hold” rating on Regions Financial, with an average price target of $32.24. Recent targets range from $28 to $35, reflecting mixed views.
• Regions Financial exceeded quarterly earnings expectations, reporting $0.68 in EPS versus the $0.63 consensus and $1.95 billion in revenue. The company also raised its quarterly dividend to $0.30, implying a 3.8% annualized yield.

Bank of America Corp DE decreased its holdings in shares of Regions Financial Corporation (NYSE:RF - Free Report) by 1.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,472,248 shares of the bank's stock after selling 37,751 shares during the period. Bank of America Corp DE owned approximately 0.41% of Regions Financial worth $90,695,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Darwin Wealth Management LLC acquired a new stake in Regions Financial in the 2nd quarter worth approximately $25,000. SouthState Bank Corp increased its stake in Regions Financial by 94.1% during the 4th quarter. SouthState Bank Corp now owns 1,110 shares of the bank's stock valued at $30,000 after purchasing an additional 538 shares in the last quarter. Leonteq Securities AG acquired a new position in Regions Financial during the 4th quarter valued at approximately $33,000. DV Equities LLC purchased a new position in shares of Regions Financial in the fourth quarter worth $33,000. Finally, Quest 10 Wealth Builders Inc. raised its holdings in shares of Regions Financial by 69.6% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 1,486 shares of the bank's stock worth $40,000 after buying an additional 610 shares during the last quarter. Institutional investors and hedge funds own 79.39% of the company's stock.

Analysts Set New Price Targets

RF has been the topic of a number of research analyst reports. Morgan Stanley boosted their price objective on shares of Regions Financial from $34.00 to $35.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Cantor Fitzgerald raised their target price on Regions Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 21st. Keefe, Bruyette & Woods lifted their price target on Regions Financial from $32.00 to $33.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Truist Financial boosted their price target on Regions Financial from $30.00 to $34.00 and gave the company a "hold" rating in a research note on Tuesday, July 21st. Finally, Robert W. Baird reissued an "underperform" rating and issued a $28.00 price objective on shares of Regions Financial in a report on Monday, July 6th. Six investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, Regions Financial has a consensus rating of "Hold" and a consensus target price of $32.24.

Regions Financial Stock Up 0.1%

RF stock opened at $31.43 on Friday. The firm's fifty day simple moving average is $30.07 and its 200-day simple moving average is $28.57. The company has a market capitalization of $26.82 billion, a P/E ratio of 12.83, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.81 and a quick ratio of 0.81. Regions Financial Corporation has a 12 month low of $22.70 and a 12 month high of $32.47.

Regions Financial (NYSE:RF - Get Free Report) last released its quarterly earnings data on Friday, July 17th. The bank reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. Regions Financial had a net margin of 23.33% and a return on equity of 12.88%. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the prior year, the business earned $0.60 earnings per share. The business's quarterly revenue was up .1% compared to the same quarter last year. As a group, equities research analysts forecast that Regions Financial Corporation will post 2.63 earnings per share for the current year.

Regions Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from Regions Financial's previous quarterly dividend of $0.27. This represents a $1.20 annualized dividend and a yield of 3.8%. Regions Financial's dividend payout ratio is currently 43.27%.

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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