Manning & Napier Advisors LLC Acquires Shares of 119,941 Regions Financial Corporation $RF

Manning & Napier Advisors LLC acquired a new stake in Regions Financial Corporation (NYSE:RF) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 119,941 shares of the bank’s stock, valued at approximately $3,631,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Regions Financial during the fourth quarter valued at $254,564,000. Victory Capital Management Inc. lifted its holdings in shares of Regions Financial by 68.9% in the 4th quarter. Victory Capital Management Inc. now owns 22,836,163 shares of the bank’s stock worth $618,860,000 after acquiring an additional 9,312,449 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Regions Financial by 75.7% during the 1st quarter. First Trust Advisors LP now owns 13,358,969 shares of the bank’s stock worth $348,936,000 after purchasing an additional 5,754,487 shares during the period. Korea Investment CORP bought a new position in Regions Financial during the 2nd quarter valued at about $99,190,000. Finally, Qube Research & Technologies Ltd grew its holdings in Regions Financial by 286.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 4,022,031 shares of the bank’s stock valued at $106,061,000 after purchasing an additional 2,980,505 shares during the last quarter. Hedge funds and other institutional investors own 79.39% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on RF. Truist Financial upped their target price on Regions Financial from $30.00 to $34.00 and gave the company a “hold” rating in a research note on Tuesday, July 21st. Morgan Stanley boosted their price objective on Regions Financial from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Cantor Fitzgerald upped their price objective on Regions Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Regions Financial in a research note on Friday, July 17th. Finally, Evercore reissued an “underperform” rating and set a $31.00 target price on shares of Regions Financial in a research note on Monday, July 6th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $32.24.

Regions Financial Stock Performance

Shares of RF stock opened at $30.62 on Tuesday. The firm has a market cap of $26.09 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.16 and a beta of 1.00. The company’s 50 day moving average is $30.70 and its 200 day moving average is $28.80. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.26. Regions Financial Corporation has a 52-week low of $22.70 and a 52-week high of $32.47.

Regions Financial (NYSE:RF) last released its quarterly earnings results on Friday, July 17th. The bank reported $0.68 EPS for the quarter, beating the consensus estimate of $0.63 by $0.05. Regions Financial had a net margin of 23.33% and a return on equity of 12.88%. The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period in the prior year, the firm posted $0.60 earnings per share. The company’s quarterly revenue was up .1% on a year-over-year basis. On average, sell-side analysts anticipate that Regions Financial Corporation will post 2.63 EPS for the current fiscal year.

Regions Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.9%. This is a positive change from Regions Financial’s previous quarterly dividend of $0.27. The ex-dividend date is Tuesday, September 1st. Regions Financial’s payout ratio is 48.98%.

About Regions Financial

Regions Financial Corporation (NYSE: RF) is a U.S. bank holding company headquartered in Birmingham, Alabama, that provides a broad range of banking and financial services. Its primary banking subsidiary, Regions Bank, serves retail and commercial customers through a combination of branch and ATM networks, digital channels and relationship-based delivery. The company offers deposit accounts, consumer and commercial loans, mortgage origination and servicing, and payment and treasury services.

In addition to core banking, Regions offers wealth management, trust and brokerage services, insurance solutions, and capital markets capabilities to corporate and institutional clients.