Magnolia Capital Advisors LLC acquired a new stake in shares of Regions Financial Corporation (NYSE:RF – Free Report) during the second quarter, Holdings Channel reports. The fund acquired 90,894 shares of the bank’s stock, valued at approximately $2,745,000.
Several other hedge funds also recently added to or reduced their stakes in the stock. Empowered Funds LLC grew its stake in 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 purchasing an additional 1,278 shares in the last quarter. Woodline Partners LP raised its stake 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 buying an additional 22,216 shares in the last quarter. Baird Financial Group Inc. lifted its holdings in Regions Financial by 0.7% during the 2nd quarter. Baird Financial Group Inc. now owns 71,717 shares of the bank’s stock worth $1,687,000 after buying an additional 511 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Regions Financial by 81.2% during the 2nd quarter. Federated Hermes Inc. now owns 11,677 shares of the bank’s stock worth $275,000 after buying an additional 5,233 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in Regions Financial by 5.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 141,155 shares of the bank’s stock worth $3,320,000 after buying an additional 6,690 shares during the last quarter. 79.39% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on the company. Citigroup boosted their price target on Regions Financial from $32.00 to $36.00 and gave the company a “buy” rating in a report on Monday, July 20th. JPMorgan Chase & Co. lifted their price objective on shares of Regions Financial from $31.50 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Morgan Stanley boosted their target price on shares of Regions Financial from $34.00 to $35.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Cantor Fitzgerald increased their target price on shares of Regions Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Tuesday, July 21st. Finally, Jefferies Financial Group restated a “hold” rating and issued a $32.00 price target on shares of Regions Financial in a research report on Friday, July 17th. Six research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $32.24.
Regions Financial Trading Up 0.4%
NYSE:RF opened at $30.74 on Thursday. The firm has a market capitalization of $26.19 billion, a P/E ratio of 12.55, a P/E/G ratio of 1.17 and a beta of 1.00. The business has a 50 day simple moving average of $30.77 and a 200 day simple moving average of $28.81. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.81 and a quick ratio of 0.81. Regions Financial Corporation has a 12-month low of $22.70 and a 12-month high of $32.47.
Regions Financial (NYSE:RF – Get Free Report) last issued its earnings results on Friday, July 17th. The bank reported $0.68 earnings per share for the quarter, topping 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 firm 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 firm’s revenue for the quarter was up .1% on a year-over-year basis. Equities research analysts predict that Regions Financial Corporation will post 2.63 EPS for the current year.
Regions Financial Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from Regions Financial’s previous quarterly dividend of $0.27. Regions Financial’s dividend payout ratio (DPR) is presently 43.27%.
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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