State Street Corp Purchases 2,953,594 Shares of Regions Financial Corporation $RF

Key Points

• State Street increased its Regions Financial stake by 6.2%, purchasing 2.95 million shares to own 50.67 million shares, or 5.95% of the bank. Institutional investors collectively hold 79.39% of Regions Financial.
• Analysts maintain a consensus “Hold” rating with an average price target of $32.29, while individual targets range from $28 to $34.
• Regions Financial beat quarterly earnings expectations with EPS of $0.68 versus $0.63 forecast and raised its quarterly dividend to $0.30, implying a 4.3% annualized yield.

State Street Corp raised its position in Regions Financial Corporation (NYSE:RF - Free Report) by 6.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,667,092 shares of the bank's stock after buying an additional 2,953,594 shares during the quarter. State Street Corp owned 5.95% of Regions Financial worth $1,543,092,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in Regions Financial in the 4th quarter valued at about $254,564,000. Victory Capital Management Inc. lifted its holdings in shares of Regions Financial by 68.9% during the 4th quarter. Victory Capital Management Inc. now owns 22,836,163 shares of the bank's stock worth $618,860,000 after acquiring an additional 9,312,449 shares during the period. Nykredit A S acquired a new stake in shares of Regions Financial during the 2nd quarter worth approximately $236,756,000. Bank of America Corp DE acquired a new stake in shares of Regions Financial during the 2nd quarter worth approximately $219,068,000. Finally, First Trust Advisors LP increased its stake in Regions Financial by 75.7% in the first quarter. First Trust Advisors LP now owns 13,358,969 shares of the bank's stock valued at $348,936,000 after acquiring an additional 5,754,487 shares during the last quarter. Institutional investors own 79.39% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RF shares. Truist Financial raised their target price on Regions Financial from $30.00 to $34.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Royal Bank Of Canada reissued an "outperform" rating and set a $34.00 price target on shares of Regions Financial in a report on Monday, July 20th. UBS Group boosted their target price on Regions Financial from $29.00 to $33.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 7th. Robert W. Baird raised shares of Regions Financial from an "underperform" rating to a "neutral" rating and set a $28.00 target price for the company in a report on Friday, September 18th. Finally, Wall Street Zen upgraded shares of Regions Financial from a "sell" rating to a "hold" rating in a research note on Saturday. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Regions Financial presently has a consensus rating of "Hold" and an average target price of $32.29.

Regions Financial Stock Down 2.3%

Shares of NYSE RF opened at $27.90 on Wednesday. The company has a 50 day simple moving average of $30.61 and a 200 day simple moving average of $28.83. 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 1 year low of $22.70 and a 1 year high of $32.47. The firm has a market cap of $23.77 billion, a PE ratio of 11.39, a price-to-earnings-growth ratio of 1.17 and a beta of 0.99.

Regions Financial (NYSE:RF - Get Free Report) last released its quarterly earnings results on Friday, July 17th. The bank reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.05. The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.94 billion. Regions Financial had a net margin of 23.33% and a return on equity of 12.88%. The company's revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 earnings per share. On average, research analysts forecast that Regions Financial Corporation will post 2.63 EPS for the current year.

Regions Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be given a $0.30 dividend. This is an increase from Regions Financial's previous quarterly dividend of $0.27. The ex-dividend date is Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.3%. Regions Financial's dividend payout ratio is presently 48.98%.

Regions Financial Profile

Regions Financial Corporation NYSE: RF is a financial services company headquartered in Birmingham, Alabama. Through its principal subsidiary, Regions Bank, the company provides banking and related financial services to consumer, commercial and institutional customers.

Regions Bank offers checking and savings accounts, consumer loans, credit cards, mortgages, home equity products and other personal banking services. Its commercial and corporate offerings include business loans, treasury management, equipment financing, capital markets services and other solutions for companies, municipalities and institutions.

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