CIBC Asset Management Inc Trims Position in Regions Financial Co. (NYSE:RF)

CIBC Asset Management Inc lowered its holdings in Regions Financial Co. (NYSE:RF) by 5.6% during the second quarter, Holdings Channel reports. The fund owned 147,574 shares of the bank’s stock after selling 8,689 shares during the quarter. CIBC Asset Management Inc’s holdings in Regions Financial were worth $2,957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in RF. EntryPoint Capital LLC acquired a new stake in Regions Financial during the 1st quarter worth about $26,000. ICA Group Wealth Management LLC acquired a new stake in Regions Financial during the fourth quarter worth about $28,000. MV Capital Management Inc. raised its position in Regions Financial by 75.6% during the first quarter. MV Capital Management Inc. now owns 1,435 shares of the bank’s stock valued at $30,000 after acquiring an additional 618 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in Regions Financial by 530.0% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,493 shares of the bank’s stock valued at $30,000 after acquiring an additional 1,256 shares during the period. Finally, Innealta Capital LLC purchased a new stake in Regions Financial in the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 79.39% of the company’s stock.

Regions Financial Price Performance

Regions Financial stock opened at $22.61 on Friday. The company has a fifty day simple moving average of $21.48 and a 200-day simple moving average of $20.09. The firm has a market capitalization of $20.71 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 3.01 and a beta of 1.18. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.33. Regions Financial Co. has a 52-week low of $13.72 and a 52-week high of $23.47.

Regions Financial (NYSE:RF) last announced its quarterly earnings data on Friday, July 19th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.03. Regions Financial had a net margin of 18.91% and a return on equity of 12.64%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the company earned $0.59 EPS. Regions Financial’s revenue was down 11.5% compared to the same quarter last year. On average, equities analysts anticipate that Regions Financial Co. will post 2 EPS for the current fiscal year.

Regions Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be given a dividend of $0.25 per share. This is an increase from Regions Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.00 dividend on an annualized basis and a yield of 4.42%. Regions Financial’s dividend payout ratio (DPR) is presently 54.35%.

Analyst Ratings Changes

Several research firms have recently weighed in on RF. StockNews.com lowered shares of Regions Financial from a “hold” rating to a “sell” rating in a report on Tuesday. Morgan Stanley upped their price objective on shares of Regions Financial from $25.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Wells Fargo & Company raised their target price on Regions Financial from $18.00 to $22.00 and gave the company an “equal weight” rating in a research report on Monday, July 22nd. Royal Bank of Canada upped their price target on Regions Financial from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Finally, Truist Financial raised their price objective on Regions Financial from $21.00 to $23.00 and gave the company a “hold” rating in a report on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Regions Financial has an average rating of “Hold” and a consensus price target of $21.51.

About Regions Financial

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.