Zurcher Kantonalbank Zurich Cantonalbank Reduces Stake in Regions Financial Corporation (NYSE:RF)

Key Points

• Zurcher Kantonalbank sold 49,547 shares of Regions Financial, reducing its stake by 4.6% to approximately 1,019,450 shares, valued at $22.15 million.
• Regions Financial's quarterly earnings surpassed estimates with an EPS of $0.60, and the firm also raised its quarterly dividend to $0.265, representing a yield of 4.05%.
• Analysts have increased their price targets for Regions Financial, with ratings ranging from "buy" to "hold," and a consensus price target of $27.33.

Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in Regions Financial Corporation (NYSE:RF - Free Report) by 4.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,019,450 shares of the bank's stock after selling 49,547 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.11% of Regions Financial worth $22,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RF. Rossby Financial LCC acquired a new stake in Regions Financial in the first quarter worth about $36,000. Grove Bank & Trust lifted its holdings in shares of Regions Financial by 76.6% during the first quarter. Grove Bank & Trust now owns 1,876 shares of the bank's stock worth $41,000 after purchasing an additional 814 shares during the period. Allworth Financial LP lifted its holdings in shares of Regions Financial by 30.7% during the first quarter. Allworth Financial LP now owns 3,346 shares of the bank's stock worth $69,000 after purchasing an additional 786 shares during the period. TD Waterhouse Canada Inc. lifted its holdings in shares of Regions Financial by 181.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,225 shares of the bank's stock worth $76,000 after purchasing an additional 2,078 shares during the period. Finally, Proathlete Wealth Management LLC acquired a new stake in shares of Regions Financial during the first quarter worth about $77,000. Hedge funds and other institutional investors own 79.39% of the company's stock.

Regions Financial Price Performance

NYSE RF traded down $0.52 during mid-day trading on Friday, hitting $24.82. The stock had a trading volume of 6,769,953 shares, compared to its average volume of 9,707,630. The firm's 50 day moving average is $23.48 and its 200 day moving average is $22.58. Regions Financial Corporation has a twelve month low of $17.74 and a twelve month high of $27.96. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $22.31 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 1.48 and a beta of 0.98.

Regions Financial (NYSE:RF - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The bank reported $0.60 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 during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the company earned $0.52 EPS. The firm's revenue was up 10.1% compared to the same quarter last year. Equities research analysts forecast that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 4.3%. The ex-dividend date is Tuesday, September 2nd. This is an increase from Regions Financial's previous quarterly dividend of $0.25. Regions Financial's dividend payout ratio (DPR) is currently 46.51%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. The Goldman Sachs Group decreased their target price on Regions Financial from $28.00 to $25.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Barclays reaffirmed an "underweight" rating and set a $27.00 target price (up previously from $24.00) on shares of Regions Financial in a report on Monday, July 21st. Wall Street Zen raised Regions Financial from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Jefferies Financial Group started coverage on Regions Financial in a report on Wednesday, May 21st. They set a "hold" rating and a $24.00 target price for the company. Finally, Cowen started coverage on Regions Financial in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $27.33.

Regions Financial 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.