State of Michigan Retirement System Decreases Stock Position in Regions Financial Co. (NYSE:RF)

State of Michigan Retirement System lessened its position in shares of Regions Financial Co. (NYSE:RF) by 0.5% during the first quarter, Holdings Channel reports. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Regions Financial during the fourth quarter worth $210,379,000. Wellington Management Group LLP lifted its holdings in Regions Financial by 8.4% during the 3rd quarter. Wellington Management Group LLP now owns 53,824,390 shares of the bank’s stock worth $925,780,000 after purchasing an additional 4,160,768 shares in the last quarter. Vanguard Group Inc. boosted its stake in Regions Financial by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 117,704,755 shares of the bank’s stock worth $2,281,118,000 after purchasing an additional 3,119,237 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in Regions Financial during the 1st quarter valued at about $33,829,000. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Regions Financial during the third quarter valued at about $16,046,000. Institutional investors own 79.39% of the company’s stock.

Regions Financial Trading Up 1.0 %

Shares of RF opened at $20.09 on Wednesday. The firm has a fifty day simple moving average of $19.32 and a two-hundred day simple moving average of $19.18. Regions Financial Co. has a twelve month low of $13.72 and a twelve month high of $21.08. The stock has a market capitalization of $18.40 billion, a P/E ratio of 10.92, a PEG ratio of 2.19 and a beta of 1.18. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.22.

Regions Financial (NYSE:RF) last posted its earnings results on Friday, April 19th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.08). The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.75 billion. Regions Financial had a return on equity of 13.28% and a net margin of 19.75%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.62 earnings per share. On average, research analysts anticipate that Regions Financial Co. will post 1.96 EPS for the current year.

Regions Financial Announces Dividend

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

Insider Buying and Selling

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

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Regions Financial from $21.00 to $22.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Truist Financial cut their price target on shares of Regions Financial from $22.00 to $20.00 and set a “hold” rating for the company in a report on Monday, April 22nd. Evercore ISI decreased their price target on shares of Regions Financial from $22.00 to $21.00 and set an “in-line” rating on the stock in a report on Tuesday, June 25th. StockNews.com raised Regions Financial from a “sell” rating to a “hold” rating in a research note on Thursday, June 27th. Finally, Citigroup upgraded Regions Financial from a “neutral” rating to a “buy” rating and upped their target price for the stock from $20.00 to $23.00 in a research note on Monday, March 18th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $20.28.

Regions Financial Company 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.