Symphony Asset Management LLC Has $189,000 Position in Regions Financial Corporation (RF)
Symphony Asset Management LLC decreased its holdings in Regions Financial Corporation (NYSE:RF) by 2.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,931 shares of the bank’s stock after selling 378 shares during the quarter. Symphony Asset Management LLC’s holdings in Regions Financial Corporation were worth $189,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FNY Partners Fund LP acquired a new position in shares of Regions Financial Corporation during the first quarter valued at approximately $103,000. Bronfman E.L. Rothschild L.P. raised its holdings in shares of Regions Financial Corporation by 10.2% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 7,184 shares of the bank’s stock valued at $104,000 after acquiring an additional 666 shares during the last quarter. Lloyds Banking Group plc acquired a new position in shares of Regions Financial Corporation during the second quarter valued at approximately $108,000. Cornerstone Wealth Management LLC acquired a new position in shares of Regions Financial Corporation during the first quarter valued at approximately $146,000. Finally, O Shaughnessy Asset Management LLC acquired a new position in shares of Regions Financial Corporation during the first quarter valued at approximately $148,000. 75.61% of the stock is owned by institutional investors.
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In other news, EVP Fournier J. Gale III sold 35,825 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $14.59, for a total transaction 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 approximately $1,594,949.62. The transaction was disclosed in a legal filing with the SEC, which is available at 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 value of $971,750.00. Following 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 a total of 124,514 shares of company stock valued at $1,846,733 over the last quarter. 0.52% of the stock is currently owned by insiders.
Regions Financial Corporation (NYSE RF) opened at 13.75 on Friday. The company has a 50-day moving average price of $14.20 and a 200 day moving average price of $14.31. The stock has a market capitalization of $16.43 billion, a price-to-earnings ratio of 14.37 and a beta of 1.33. Regions Financial Corporation has a 12 month low of $9.45 and a 12 month high of $16.03.
Regions Financial Corporation (NYSE:RF) last issued its quarterly earnings results on Friday, July 21st. The bank reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.01. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.43 billion. Regions Financial Corporation had a return on equity of 7.51% and a net margin of 20.25%. Regions Financial Corporation’s revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.20 EPS. Equities analysts predict that Regions Financial Corporation will post $1.00 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be issued 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 annualized dividend and a yield of 2.62%. Regions Financial Corporation’s payout ratio is 37.89%.
Regions Financial Corporation announced that its board has approved a share repurchase program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
A number of equities analysts have commented on RF shares. Royal Bank Of Canada reissued a “hold” rating and set a $15.00 target price on shares of Regions Financial Corporation in a report on Friday, June 23rd. Deutsche Bank AG reissued a “hold” rating on shares of Regions Financial Corporation in a report on Monday, July 3rd. Keefe, Bruyette & Woods set a $15.00 target price on Regions Financial Corporation and gave the company a “hold” rating in a report on Tuesday, June 20th. BidaskClub cut Regions Financial Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Finally, Bank of America Corporation reissued a “buy” rating and set a $17.00 target price on shares of Regions Financial Corporation in a report on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Regions Financial Corporation presently has a consensus rating of “Hold” and an average price target of $14.89.
Regions Financial Corporation Company Profile
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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