Regions Financial Co. (NYSE:RF) Position Reduced by State of Michigan Retirement System

State of Michigan Retirement System trimmed its position in Regions Financial Co. (NYSE:RF) by 0.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 273,139 shares of the bank’s stock after selling 1,500 shares during the quarter. State of Michigan Retirement System’s holdings in Regions Financial were worth $5,747,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of RF. MV Capital Management Inc. increased its stake in Regions Financial by 75.6% in the 1st quarter. MV Capital Management Inc. now owns 1,435 shares of the bank’s stock valued at $30,000 after buying an additional 618 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of Regions Financial during the 1st quarter valued at $33,829,000. Woodmont Investment Counsel LLC acquired a new position in shares of Regions Financial in the first quarter worth $200,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Regions Financial by 1.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,707,381 shares of the bank’s stock worth $162,163,000 after acquiring an additional 103,529 shares in the last quarter. Finally, Grimes & Company Inc. boosted its position in Regions Financial by 65.2% during the first quarter. Grimes & Company Inc. now owns 1,009,593 shares of the bank’s stock valued at $21,242,000 after purchasing an additional 398,597 shares during the last quarter. Hedge funds and other institutional investors own 79.39% of the company’s stock.

Insider Buying and Selling at Regions Financial

In related news, Director William C. Rhodes III acquired 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was acquired at an average price of $19.37 per share, for a total transaction of $968,500.00. Following the completion of the acquisition, the director now owns 50,000 shares of the company’s stock, valued at approximately $968,500. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director William C. Rhodes III bought 50,000 shares of the stock in a transaction on Tuesday, April 23rd. The stock was purchased at an average price of $19.37 per share, with a total value of $968,500.00. Following the completion of the purchase, the director now owns 50,000 shares of the company’s stock, valued at $968,500. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP William D. Ritter sold 23,000 shares of Regions Financial stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $19.95, for a total transaction of $458,850.00. Following the transaction, the executive vice president now directly owns 41,671 shares in the company, valued at $831,336.45. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Regions Financial Trading Up 1.0 %

Shares of RF opened at $20.09 on Wednesday. The stock has a 50 day simple moving average of $19.32 and a 200-day simple moving average of $19.18. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The stock has a market cap of $18.40 billion, a PE ratio of 10.92, a PEG ratio of 2.19 and a beta of 1.18. Regions Financial Co. has a 1 year low of $13.72 and a 1 year high of $21.08.

Regions Financial (NYSE:RF) last released its quarterly earnings results on Friday, April 19th. The bank reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.08). The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.75 billion. Regions Financial had a net margin of 19.75% and a return on equity of 13.28%. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.62 earnings per share. On average, sell-side analysts predict that Regions Financial Co. will post 1.96 EPS for the current fiscal year.

Regions Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 3rd were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.96 dividend on an annualized basis and a yield of 4.78%. Regions Financial’s payout ratio is presently 52.17%.

Wall Street Analyst Weigh In

RF has been the topic of several research reports. Piper Sandler upped their target price on Regions Financial from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Friday, April 26th. StockNews.com raised shares of Regions Financial from a “sell” rating to a “hold” rating in a research report on Thursday, June 27th. Evercore ISI reduced their target price on shares of Regions Financial from $22.00 to $21.00 and set an “in-line” rating for the company in a research note on Tuesday, June 25th. Citigroup upgraded shares of Regions Financial from a “neutral” rating to a “buy” rating and increased their price target for the stock from $20.00 to $23.00 in a research note on Monday, March 18th. Finally, Truist Financial reduced their price objective on shares of Regions Financial from $22.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.28.

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.