State of New Jersey Common Pension Fund D Has $4.58 Million Stock Position in Regions Financial Corporation $RF

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Regions Financial Corporation by 21.6%, now owning 210,791 shares valued at approximately $4.58 million.
• Regions Financial recently increased its quarterly dividend to $0.265 per share, reflecting a positive shift from the previous $0.25, with a current dividend yield of 4.1%.
• Analysts show optimism about the stock, with a consensus rating of "Moderate Buy" and an average target price of $27.33.

State of New Jersey Common Pension Fund D lowered its position in shares of Regions Financial Corporation (NYSE:RF - Free Report) by 21.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 210,791 shares of the bank's stock after selling 58,110 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Regions Financial were worth $4,580,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Regions Financial by 6.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 31,092,742 shares of the bank's stock worth $675,645,000 after buying an additional 1,909,162 shares in the last quarter. Invesco Ltd. increased its position in shares of 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 during the period. Northern Trust Corp increased its position in shares of Regions Financial by 14.8% in the fourth quarter. Northern Trust Corp now owns 9,658,858 shares of the bank's stock worth $227,176,000 after purchasing an additional 1,247,882 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Regions Financial by 11.0% in the fourth 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 purchasing an additional 931,875 shares during the period. Finally, Royal Bank of Canada increased its position in shares of Regions Financial by 11.4% in the fourth quarter. Royal Bank of Canada now owns 7,384,061 shares of the bank's stock worth $173,673,000 after purchasing an additional 757,946 shares during the period. Institutional investors and hedge funds own 79.39% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on RF. Citigroup lifted their target price on Regions Financial from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. DA Davidson boosted their price target on Regions Financial from $25.00 to $29.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Truist Financial restated a "hold" rating on shares of Regions Financial in a report on Friday, May 23rd. Barclays restated an "underweight" rating and set a $27.00 price target (up from $24.00) on shares of Regions Financial in a report on Monday, July 21st. Finally, Morgan Stanley boosted their price target on Regions Financial from $27.00 to $29.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Eleven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $27.33.

Regions Financial Price Performance

Shares of RF opened at $25.6950 on Wednesday. Regions Financial Corporation has a 52-week low of $17.74 and a 52-week high of $27.96. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.82 and a current ratio of 0.82. The business's 50 day moving average price is $24.44 and its two-hundred day moving average price is $22.64. The firm has a market cap of $22.93 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 1.48 and a beta of 1.01.

Regions Financial (NYSE:RF - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The bank reported $0.60 earnings per share (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 firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the firm earned $0.52 earnings per share. The company's revenue was up 10.1% compared to the same quarter last year. On average, equities analysts anticipate that Regions Financial Corporation will post 2.26 EPS for the current year.

Regions Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.265 per share. 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%. The ex-dividend date is Tuesday, September 2nd. Regions Financial's dividend payout ratio is presently 46.51%.

Insider Activity 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 stock was sold at an average price of $25.01, for a total transaction of $750,300.00. Following the completion of the sale, the executive vice president owned 90,915 shares in the company, valued at approximately $2,273,784.15. This represents a 24.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Roger W. Jenkins purchased 4,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were bought at an average price of $25.48 per share, with a total value of $101,920.00. Following the acquisition, the director directly owned 6,383 shares of the company's stock, valued at $162,638.84. This represents a 167.86% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

Regions Financial Company 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.

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