The Manufacturers Life Insurance Company Takes Position in Regions Financial Corporation $RF

Key Points

• The Manufacturers Life Insurance Company acquired 1.83 million Regions Financial shares during the second quarter, worth approximately $55.4 million and representing 0.22% of the bank.
• Regions Financial reported quarterly EPS of $0.68, beating estimates by $0.05, while revenue reached $1.95 billion. Institutional investors collectively own 79.39% of the company.
• The bank raised its quarterly dividend from $0.27 to $0.30 per share, implying an annualized yield of about 3.9%; analysts maintain a consensus “Hold” rating with a $32.24 price target.

The Manufacturers Life Insurance Company acquired a new position in Regions Financial Corporation (NYSE:RF - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,833,878 shares of the bank's stock, valued at approximately $55,383,000. The Manufacturers Life Insurance Company owned about 0.22% of Regions Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in RF. Empowered Funds LLC raised its position in Regions Financial by 7.2% in the first quarter. Empowered Funds LLC now owns 19,152 shares of the bank's stock valued at $416,000 after purchasing an additional 1,278 shares during the period. Woodline Partners LP boosted its position in shares of Regions Financial by 40.7% during the first quarter. Woodline Partners LP now owns 76,797 shares of the bank's stock worth $1,669,000 after buying an additional 22,216 shares during the period. Baird Financial Group Inc. grew its stake in shares of Regions Financial by 0.7% in the second quarter. Baird Financial Group Inc. now owns 71,717 shares of the bank's stock valued at $1,687,000 after buying an additional 511 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Regions Financial by 81.2% in the second quarter. Federated Hermes Inc. now owns 11,677 shares of the bank's stock valued at $275,000 after buying an additional 5,233 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Regions Financial by 5.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 141,155 shares of the bank's stock valued at $3,320,000 after buying an additional 6,690 shares during the period. Hedge funds and other institutional investors own 79.39% of the company's stock.

Regions Financial Stock Up 0.4%

Shares of NYSE RF opened at $30.74 on Thursday. The stock has a market cap of $26.19 billion, a P/E ratio of 12.55, a PEG ratio of 1.17 and a beta of 1.00. The business's fifty day simple moving average is $30.77 and its 200-day simple moving average is $28.81. Regions Financial Corporation has a 12-month low of $22.70 and a 12-month high of $32.47. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.26.

Regions Financial (NYSE:RF - Get Free Report) last released its earnings results on Friday, July 17th. The bank reported $0.68 EPS for the quarter, topping the consensus estimate of $0.63 by $0.05. The firm had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.94 billion. Regions Financial had a return on equity of 12.88% and a net margin of 23.33%.Regions Financial's revenue for the quarter was up .1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 EPS. As a group, equities analysts predict that Regions Financial Corporation will post 2.63 EPS for the current fiscal year.

Regions Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 1st. This is an increase from Regions Financial's previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.9%. Regions Financial's payout ratio is presently 43.27%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RF shares. JPMorgan Chase & Co. increased their target price on Regions Financial from $31.50 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Morgan Stanley lifted their target price on Regions Financial from $34.00 to $35.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. Jefferies Financial Group reiterated a "hold" rating and set a $32.00 price target on shares of Regions Financial in a research note on Friday, July 17th. Weiss Ratings reissued a "buy (b)" rating on shares of Regions Financial in a research note on Friday, July 17th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $34.00 price objective on shares of Regions Financial in a research note on Monday, July 20th. Six 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. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $32.24.

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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