Wedge Capital Management L L P NC Decreases Stock Holdings in Regions Financial Corporation $RF

Key Points

• Wedge Capital Management cut its Regions Financial stake by 90.8% in the second quarter, selling 1.15 million shares and retaining 115,623 shares valued at $3.49 million.
• Regions Financial reported quarterly EPS of $0.68, beating estimates of $0.63, while revenue reached $1.95 billion. The bank also raised its quarterly dividend to $0.30 per share, implying a 3.8% annualized yield.
• Analysts remain broadly neutral on the stock, with a consensus “Hold” rating and an average price target of $32.24; shares recently traded at $31.65, near their 12-month high of $32.47.

Wedge Capital Management L L P NC decreased its position in shares of Regions Financial Corporation (NYSE:RF - Free Report) by 90.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 115,623 shares of the bank's stock after selling 1,147,870 shares during the period. Wedge Capital Management L L P NC's holdings in Regions Financial were worth $3,492,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Tema ETFs LLC grew its holdings in shares of Regions Financial by 9.7% during the second quarter. Tema ETFs LLC now owns 13,105 shares of the bank's stock valued at $396,000 after buying an additional 1,160 shares during the last quarter. Fulton Bank N.A. acquired a new stake in Regions Financial during the second quarter worth about $1,806,000. First Bank & Trust acquired a new stake in shares of Regions Financial during the 2nd quarter worth approximately $391,000. Allied Private Wealth LLC purchased a new position in Regions Financial in the second quarter valued at $37,000. Finally, Everpar Advisors LLC raised its holdings in Regions Financial by 5.3% in the 2nd quarter. Everpar Advisors LLC now owns 9,038 shares of the bank's stock worth $273,000 after purchasing an additional 451 shares during the period. 79.39% of the stock is currently owned by hedge funds and other institutional investors.

Regions Financial Price Performance

Shares of NYSE RF opened at $31.65 on Friday. The stock has a market cap of $26.97 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.21 and a beta of 1.00. Regions Financial Corporation has a twelve month low of $22.70 and a twelve month high of $32.47. The stock has a 50 day moving average of $30.37 and a two-hundred day moving average of $28.68. 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 announced its earnings results on Friday, July 17th. The bank reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the firm posted $0.60 earnings per share. On average, 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. 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 represents a $1.20 dividend on an annualized basis and a yield of 3.8%. This is an increase from Regions Financial's previous quarterly dividend of $0.27. Regions Financial's dividend payout ratio (DPR) is currently 43.27%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RF. JPMorgan Chase & Co. raised their price target on shares of 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 increased their price target on Regions Financial from $34.00 to $35.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Truist Financial lifted their target price on shares of Regions Financial from $30.00 to $34.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. DA Davidson boosted their price target on shares of Regions Financial from $33.00 to $34.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Finally, Keefe, Bruyette & Woods increased their price objective 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. Six research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, Regions Financial has an average rating of "Hold" and an average target price of $32.24.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source