Regions Financial Corporation (RF) Shares Sold by Dai Ichi Life Insurance Company Ltd
Dai Ichi Life Insurance Company Ltd reduced its position in Regions Financial Corporation (NYSE:RF) by 81.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,680 shares of the bank’s stock after selling 814,130 shares during the period. Dai Ichi Life Insurance Company Ltd’s holdings in Regions Financial Corporation were worth $2,689,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Thompson Davis & CO. Inc. increased its position in Regions Financial Corporation by 11.8% during the second quarter. Thompson Davis & CO. Inc. now owns 16,062 shares of the bank’s stock worth $235,000 after buying an additional 1,700 shares in the last quarter. Martingale Asset Management L P increased its position in Regions Financial Corporation by 1.7% during the second quarter. Martingale Asset Management L P now owns 114,979 shares of the bank’s stock worth $1,684,000 after buying an additional 1,908 shares in the last quarter. Aberdeen Asset Management PLC UK increased its position in Regions Financial Corporation by 6.8% during the second quarter. Aberdeen Asset Management PLC UK now owns 3,293,363 shares of the bank’s stock worth $48,216,000 after buying an additional 208,271 shares in the last quarter. AXA increased its position in Regions Financial Corporation by 2.2% during the second quarter. AXA now owns 73,498 shares of the bank’s stock worth $1,076,000 after buying an additional 1,600 shares in the last quarter. Finally, Private Advisor Group LLC increased its position in Regions Financial Corporation by 98.5% during the second quarter. Private Advisor Group LLC now owns 34,675 shares of the bank’s stock worth $511,000 after buying an additional 17,207 shares in the last quarter. 75.61% of the stock is owned by hedge funds and other institutional investors.
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Several equities analysts have weighed in on the company. Instinet raised their price target on Regions Financial Corporation from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, June 30th. Royal Bank Of Canada reissued a “hold” rating and set a $15.00 price target on shares of Regions Financial Corporation in a research report on Thursday, May 18th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $15.50 price target on shares of Regions Financial Corporation in a research report on Wednesday, August 16th. Wells Fargo & Company assumed coverage on Regions Financial Corporation in a research report on Wednesday, August 9th. They set a “market perform” rating and a $16.00 price target for the company. Finally, Deutsche Bank AG reissued a “hold” rating on shares of Regions Financial Corporation in a research report on Monday, July 3rd. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $14.63.
Regions Financial Corporation (RF) opened at 13.70 on Wednesday. The firm has a market cap of $16.37 billion, a PE ratio of 14.32 and a beta of 1.33. The company has a 50-day moving average price of $14.29 and a 200-day moving average price of $14.34. Regions Financial Corporation has a one year low of $9.37 and a one year high of $16.03.
Regions Financial Corporation (NYSE:RF) last posted its quarterly earnings results on Friday, July 21st. The bank reported $0.25 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the prior year, the business posted $0.20 earnings per share. Regions Financial Corporation’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities analysts predict that Regions Financial Corporation will post $1.00 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This is an increase from Regions Financial Corporation’s previous quarterly dividend of $0.07. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.63%. Regions Financial Corporation’s dividend payout ratio is 37.89%.
Regions Financial Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to repurchase $1.47 billion in shares. This repurchase authorization allows the bank to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
In related 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 value of $522,686.75. Following the completion of the sale, the executive vice president now directly owns 109,318 shares in the company, valued at $1,594,949.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the sale, the chief financial officer now owns 121,160 shares of the company’s stock, valued at $1,811,342. The disclosure for this sale can be found here. Insiders sold 124,514 shares of company stock worth $1,846,733 over the last ninety days. 0.52% of the stock is currently owned by company insiders.
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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