Millennium Management LLC Acquires 6,813,530 Shares of Regions Financial Corp (RF)
Millennium Management LLC increased its holdings in shares of Regions Financial Corp (NYSE:RF) by 52.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 19,743,411 shares of the bank’s stock after purchasing an additional 6,813,530 shares during the period. Regions Financial makes up approximately 0.5% of Millennium Management LLC’s holdings, making the stock its 7th largest position. Millennium Management LLC’s holdings in Regions Financial were worth $351,038,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Parallel Advisors LLC raised its holdings in Regions Financial by 87.3% in the 2nd quarter. Parallel Advisors LLC now owns 6,062 shares of the bank’s stock valued at $107,000 after acquiring an additional 2,825 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in Regions Financial by 8,481.6% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,522 shares of the bank’s stock valued at $116,000 after acquiring an additional 6,446 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in Regions Financial in the 2nd quarter valued at approximately $116,000. AdvisorNet Financial Inc acquired a new position in Regions Financial in the 1st quarter valued at approximately $117,000. Finally, Summit Trail Advisors LLC raised its holdings in Regions Financial by 1,646.8% in the 1st quarter. Summit Trail Advisors LLC now owns 134,102 shares of the bank’s stock valued at $134,000 after acquiring an additional 126,425 shares in the last quarter. 74.78% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on RF. Wedbush set a $22.00 price target on Regions Financial and gave the company a “buy” rating in a report on Friday, September 7th. Robert W. Baird raised Regions Financial from an “underperform” rating to a “neutral” rating in a report on Thursday, June 28th. Royal Bank of Canada raised Regions Financial from a “sector perform” rating to an “outperform” rating and set a $11.00 target price for the company in a report on Monday, June 18th. Finally, ValuEngine cut Regions Financial from a “buy” rating to a “hold” rating in a report on Friday, June 15th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Regions Financial presently has a consensus rating of “Hold” and a consensus price target of $17.57.
Shares of RF opened at $18.99 on Friday. Regions Financial Corp has a 1 year low of $13.65 and a 1 year high of $20.21. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $21.11 billion, a PE ratio of 18.99, a P/E/G ratio of 1.08 and a beta of 1.26.
Regions Financial (NYSE:RF) last issued its earnings results on Friday, July 20th. The bank reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. Regions Financial had a return on equity of 9.46% and a net margin of 22.77%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the prior year, the firm posted $0.25 EPS. Regions Financial’s quarterly revenue was up 4.8% compared to the same quarter last year. equities research analysts expect that Regions Financial Corp will post 1.42 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 7th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This is a boost from Regions Financial’s previous quarterly dividend of $0.09. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.95%. Regions Financial’s dividend payout ratio is presently 56.00%.
About Regions Financial
Regions Financial Corporation, together with its subsidiaries, provides banking and bank-related services to individual and corporate customers in the United States. Its Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending, as well as equipment lease financing services and corresponding deposits.
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