Quantbot Technologies LP Purchases Shares of 177,388 Regions Financial Corporation (RF)
Quantbot Technologies LP purchased a new stake in shares of Regions Financial Corporation (NYSE:RF) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 177,388 shares of the bank’s stock, valued at approximately $2,596,000.
Several other hedge funds have also modified their holdings of the company. M&T Bank Corp grew its holdings in shares of Regions Financial Corporation by 8.0% during the second quarter. M&T Bank Corp now owns 69,243 shares of the bank’s stock valued at $1,014,000 after buying an additional 5,141 shares in the last quarter. Wealthfront Inc. grew its holdings in shares of Regions Financial Corporation by 186.3% during the second quarter. Wealthfront Inc. now owns 83,192 shares of the bank’s stock valued at $1,218,000 after buying an additional 54,136 shares in the last quarter. MML Investors Services LLC grew its holdings in shares of Regions Financial Corporation by 22.0% during the second quarter. MML Investors Services LLC now owns 24,555 shares of the bank’s stock valued at $359,000 after buying an additional 4,428 shares in the last quarter. ETRADE Capital Management LLC purchased a new position in shares of Regions Financial Corporation during the second quarter valued at $226,000. Finally, Vanguard Group Inc. grew its holdings in shares of Regions Financial Corporation by 1.3% during the second quarter. Vanguard Group Inc. now owns 134,473,976 shares of the bank’s stock valued at $1,968,699,000 after buying an additional 1,742,890 shares in the last quarter. Institutional investors and hedge funds own 75.56% of the company’s stock.
A number of research analysts have recently weighed in on the company. Deutsche Bank AG reiterated a “hold” rating on shares of Regions Financial Corporation in a report on Monday, July 3rd. BidaskClub raised Regions Financial Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Instinet reissued a “neutral” rating and set a $16.00 price objective on shares of Regions Financial Corporation in a research report on Wednesday, July 12th. Wells Fargo & Company initiated coverage on Regions Financial Corporation in a research report on Wednesday, August 9th. They set a “market perform” rating and a $16.00 price objective for the company. Finally, Vining Sparks raised Regions Financial Corporation from an “outperform” rating to a “strong-buy” rating in a research report on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $14.89.
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Regions Financial Corporation (NYSE:RF) opened at 14.42 on Friday. The stock has a 50 day moving average price of $14.18 and a 200-day moving average price of $14.27. The company has a market capitalization of $17.23 billion, a price-to-earnings ratio of 15.07 and a beta of 1.33. Regions Financial Corporation has a 1-year low of $9.45 and a 1-year high of $16.03.
Regions Financial Corporation (NYSE:RF) last issued its earnings results on Friday, July 21st. The bank reported $0.25 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the business posted $0.20 EPS. Regions Financial Corporation’s revenue was up 2.0% on a year-over-year basis. Equities analysts predict that Regions Financial Corporation will post $1.00 earnings per share for the current year.
Regions Financial Corporation announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $1.47 billion in shares. This repurchase authorization permits the bank to purchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be paid a $0.09 dividend. 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 2.50%. The ex-dividend date is Thursday, September 7th. Regions Financial Corporation’s dividend payout ratio (DPR) is 37.89%.
In related news, EVP Scott M. Peters sold 13,689 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $14.61, for a total value of $199,996.29. Following the completion of the sale, the executive vice president now directly owns 147,528 shares in the company, valued at approximately $2,155,384.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Fournier J. Gale III sold 35,825 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were 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 owns 109,318 shares of the company’s stock, valued at $1,594,949.62. 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 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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