Regions Financial Corporation (RF) Shares Sold by CIBC World Markets Inc.
CIBC World Markets Inc. lessened its holdings in shares of Regions Financial Corporation (NYSE:RF) by 58.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 108,924 shares of the bank’s stock after selling 155,380 shares during the period. CIBC World Markets Inc.’s holdings in Regions Financial Corporation were worth $1,595,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. increased its position in Regions Financial Corporation by 12.3% during the first quarter. JPMorgan Chase & Co. now owns 27,243,518 shares of the bank’s stock worth $395,848,000 after buying an additional 2,985,752 shares during the period. Toronto Dominion Bank increased its position in Regions Financial Corporation by 53.9% during the first quarter. Toronto Dominion Bank now owns 326,968 shares of the bank’s stock worth $4,750,000 after buying an additional 114,483 shares during the period. Trexquant Investment LP increased its position in Regions Financial Corporation by 26.4% during the first quarter. Trexquant Investment LP now owns 161,400 shares of the bank’s stock worth $2,345,000 after buying an additional 33,700 shares during the period. WESPAC Advisors LLC acquired a new position in Regions Financial Corporation during the first quarter worth approximately $352,000. Finally, Bailard Inc. increased its position in Regions Financial Corporation by 602.4% during the first quarter. Bailard Inc. now owns 134,309 shares of the bank’s stock worth $1,952,000 after buying an additional 115,187 shares during the period. 75.61% of the stock is currently owned by institutional investors and hedge funds.
Shares of Regions Financial Corporation (RF) opened at 13.74 on Thursday. Regions Financial Corporation has a 52-week low of $9.37 and a 52-week high of $16.03. The firm’s 50-day moving average price is $14.27 and its 200-day moving average price is $14.33. The stock has a market capitalization of $16.42 billion, a P/E ratio of 14.36 and a beta of 1.33.
Regions Financial Corporation (NYSE:RF) last posted its earnings results on Friday, July 21st. The bank reported $0.25 EPS for the quarter, beating the consensus estimate of $0.24 by $0.01. Regions Financial Corporation had a return on equity of 7.51% and a net margin of 20.25%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period last year, the firm earned $0.20 EPS. The firm’s revenue was up 2.0% compared to the same quarter last year. Equities analysts forecast that Regions Financial Corporation will post $1.00 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be given a $0.09 dividend. This is a boost from Regions Financial Corporation’s previous quarterly dividend of $0.07. This represents a $0.36 annualized dividend and a yield of 2.62%. The ex-dividend date is Thursday, September 7th. Regions Financial Corporation’s dividend payout ratio (DPR) is currently 37.89%.
Regions Financial Corporation declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that permits the company to buyback $1.47 billion in shares. This buyback authorization permits the bank to purchase up to 8.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In other Regions Financial Corporation news, Director Susan W. Matlock sold 10,000 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $15.23, for a total transaction of $152,300.00. Following the completion of the transaction, the director now directly owns 32,188 shares of the company’s stock, valued at approximately $490,223.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Fournier J. Gale III sold 35,825 shares of the 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 transaction, the executive vice president now directly owns 109,318 shares of the company’s stock, valued at $1,594,949.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 124,514 shares of company stock worth $1,846,733. 0.52% of the stock is owned by insiders.
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A number of research firms have recently issued reports on RF. Jefferies Group LLC reissued a “hold” rating and issued a $16.00 target price on shares of Regions Financial Corporation in a report on Friday, August 11th. BidaskClub raised Regions Financial Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Instinet reissued a “neutral” rating and issued a $16.00 target price on shares of Regions Financial Corporation in a report on Wednesday, July 12th. Vining Sparks raised Regions Financial Corporation from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $15.50 target price on shares of Regions Financial Corporation in a report on Wednesday, August 16th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $14.63.
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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