The Manufacturers Life Insurance Company Has $49.34 Million Position in Regions Financial Corporation $RF

Key Points

• The Manufacturers Life Insurance Company reduced its Regions Financial stake by 8.8% in the first quarter, selling 181,998 shares and retaining 1.89 million shares worth approximately $49.34 million. Institutional investors collectively own 79.39% of RF.
• Regions Financial reported quarterly earnings of $0.68 per share, exceeding the $0.63 consensus estimate, while revenue reached $1.95 billion. The stock opened at $30.85, with a market capitalization of $26.33 billion.
• The bank raised its quarterly dividend from $0.27 to $0.30 per share, implying an annualized dividend of $1.20 and a 3.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $32.24.

The Manufacturers Life Insurance Company lessened its stake in Regions Financial Corporation (NYSE:RF - Free Report) by 8.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,888,987 shares of the bank's stock after selling 181,998 shares during the quarter. The Manufacturers Life Insurance Company owned 0.22% of Regions Financial worth $49,340,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RF. Empowered Funds LLC increased its stake in shares of Regions Financial by 7.2% in the first quarter. Empowered Funds LLC now owns 19,152 shares of the bank's stock worth $416,000 after acquiring an additional 1,278 shares during the last quarter. Woodline Partners LP boosted its position in Regions Financial by 40.7% during the first quarter. Woodline Partners LP now owns 76,797 shares of the bank's stock valued at $1,669,000 after purchasing an additional 22,216 shares during the last quarter. Baird Financial Group Inc. boosted its position in Regions Financial by 0.7% during the second quarter. Baird Financial Group Inc. now owns 71,717 shares of the bank's stock valued at $1,687,000 after purchasing an additional 511 shares during the last quarter. Federated Hermes Inc. boosted its position in Regions Financial by 81.2% during the second quarter. Federated Hermes Inc. now owns 11,677 shares of the bank's stock valued at $275,000 after purchasing an additional 5,233 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in Regions Financial by 5.0% in the second quarter. Daiwa Securities Group Inc. now owns 141,155 shares of the bank's stock valued at $3,320,000 after purchasing an additional 6,690 shares in the last quarter. Hedge funds and other institutional investors own 79.39% of the company's stock.

Regions Financial Trading Down 0.3%

Shares of NYSE:RF opened at $30.85 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $26.33 billion, a PE ratio of 12.59, a P/E/G ratio of 1.18 and a beta of 1.00. Regions Financial Corporation has a 1 year low of $22.70 and a 1 year high of $32.47. The firm has a fifty day moving average price of $29.65 and a 200 day moving average price of $28.43.

Regions Financial (NYSE:RF - Get Free Report) last posted its earnings results on Friday, July 17th. The bank reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.05. Regions Financial had a return on equity of 12.88% and a net margin of 23.33%.The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the company earned $0.60 earnings per share. The business's revenue was up .1% compared to the same quarter last year. Analysts expect that Regions Financial Corporation will post 2.63 EPS for the current fiscal year.

Regions Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.9%. This is a positive change from Regions Financial's previous quarterly dividend of $0.27. Regions Financial's payout ratio is currently 43.27%.

Analyst Upgrades and Downgrades

RF has been the topic of several research reports. Stephens initiated coverage on Regions Financial in a research report on Monday, June 15th. They issued an "equal weight" rating and a $31.00 target price on the stock. DA Davidson lifted their price target on Regions Financial from $33.00 to $34.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Keefe, Bruyette & Woods boosted their price target on Regions Financial from $32.00 to $33.00 and gave the company a "market perform" rating in a research note on Monday, July 20th. Royal Bank Of Canada restated an "outperform" rating and issued a $34.00 price objective on shares of Regions Financial in a report on Monday, July 20th. Finally, Truist Financial raised their price objective on shares of Regions Financial from $30.00 to $34.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Regions Financial presently has a consensus rating of "Hold" and an average price target of $32.24.

Insider Buying and Selling at Regions Financial

In related news, EVP Brian R. Willman sold 7,014 shares of the firm's stock in a transaction that occurred 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 filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.34% of the company's stock.

About Regions Financial

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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