Montgomery Investment Management Inc. Holds Stake in Regions Financial Corporation (NYSE:RF)
Montgomery Investment Management Inc. held its position in shares of Regions Financial Corporation (NYSE:RF) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 85,457 shares of the bank’s stock at the end of the second quarter. Montgomery Investment Management Inc.’s holdings in Regions Financial Corporation were worth $1,251,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the stock. FNY Partners Fund LP purchased a new stake in Regions Financial Corporation during the first quarter valued at $103,000. Bronfman E.L. Rothschild L.P. raised its stake in Regions Financial Corporation by 10.2% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 7,184 shares of the bank’s stock valued at $104,000 after buying an additional 666 shares during the period. Benjamin F. Edwards & Company Inc. raised its stake in Regions Financial Corporation by 0.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 8,703 shares of the bank’s stock valued at $126,000 after buying an additional 28 shares during the period. Cornerstone Wealth Management LLC purchased a new stake in Regions Financial Corporation during the first quarter valued at $146,000. Finally, O Shaughnessy Asset Management LLC purchased a new stake in Regions Financial Corporation during the first quarter valued at $148,000. Institutional investors and hedge funds own 75.40% of the company’s stock.
Regions Financial Corporation (RF) opened at 14.86 on Wednesday. The company has a market cap of $17.82 billion, a P/E ratio of 15.53 and a beta of 1.31. Regions Financial Corporation has a 52-week low of $9.14 and a 52-week high of $16.03. The company has a 50-day moving average of $14.48 and a 200-day moving average of $14.45.
Regions Financial Corporation (NYSE:RF) last released its quarterly earnings data on Friday, July 21st. The bank reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.01. Regions Financial Corporation had a net margin of 20.25% and a return on equity of 7.51%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the company posted $0.20 earnings per share. The business’s revenue was up 2.0% on a year-over-year basis. On average, equities research analysts expect that Regions Financial Corporation will post $1.00 earnings per share for the current fiscal year.
Regions Financial Corporation announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $1.47 billion in shares. This repurchase authorization permits the bank to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be issued a dividend of $0.09 per share. This is an increase from Regions Financial Corporation’s previous quarterly dividend of $0.07. The ex-dividend date is Thursday, September 7th. This represents a $0.36 annualized dividend and a yield of 2.42%. Regions Financial Corporation’s dividend payout ratio is presently 29.47%.
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RF has been the topic of several analyst reports. BidaskClub upgraded shares of Regions Financial Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Bank of America Corporation upgraded shares of Regions Financial Corporation from a “neutral” rating to a “buy” rating and increased their target price for the stock from $15.00 to $17.00 in a report on Thursday, May 4th. Vining Sparks upgraded shares of Regions Financial Corporation from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, July 26th. Royal Bank Of Canada reiterated a “hold” rating and issued a $15.00 target price on shares of Regions Financial Corporation in a report on Friday, June 23rd. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $14.50 target price on shares of Regions Financial Corporation in a report on Wednesday, April 19th. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $14.13.
In other Regions Financial Corporation news, EVP Fournier J. Gale III sold 35,825 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $14.59, for a total transaction of $522,686.75. Following the transaction, the executive vice president now owns 109,318 shares in the company, valued at $1,594,949.62. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO David J. Turner, Jr. sold 65,000 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $14.95, for a total transaction of $971,750.00. Following the transaction, the chief financial officer now owns 121,160 shares in the company, valued at approximately $1,811,342. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 124,514 shares of company stock worth $1,846,733. Corporate insiders own 0.52% of the company’s stock.
About Regions Financial Corporation
Regions Financial Corporation is a financial holding company. The Company conducts its banking operations through Regions Bank, an Alabama state-chartered commercial bank, which is a member of the Federal Reserve System. It operates in three segments: Corporate Bank, which represents its commercial banking functions, including commercial and industrial, commercial real estate and investor real estate lending; Consumer Bank, which represents its branch network, including consumer banking products and services related to residential first mortgages, home equity lines and loans, small business loans, indirect loans, consumer credit cards and other consumer loans, as well as the corresponding deposit relationships, and Wealth Management, which offers individuals, businesses, governmental institutions and non-profit entities a range of solutions to enable transfer of wealth.
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