New York State Teachers Retirement System Raises Stake in Regions Financial Corporation $RF

New York State Teachers Retirement System increased its stake in shares of Regions Financial Corporation (NYSE:RF) by 8.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 756,965 shares of the bank’s stock after buying an additional 57,267 shares during the quarter. New York State Teachers Retirement System’s holdings in Regions Financial were worth $19,961,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Darwin Wealth Management LLC purchased a new position in Regions Financial in the second quarter valued at about $25,000. CVA Family Office LLC raised its holdings in shares of Regions Financial by 163.2% in the 2nd quarter. CVA Family Office LLC now owns 1,058 shares of the bank’s stock worth $25,000 after purchasing an additional 656 shares during the period. American National Bank & Trust lifted its stake in Regions Financial by 2,433.3% in the second quarter. American National Bank & Trust now owns 1,064 shares of the bank’s stock valued at $25,000 after purchasing an additional 1,022 shares during the last quarter. Salomon & Ludwin LLC bought a new position in Regions Financial during the third quarter valued at $32,000. Finally, FNY Investment Advisers LLC purchased a new stake in Regions Financial in the second quarter worth $30,000. Institutional investors own 79.39% of the company’s stock.

Regions Financial Stock Down 0.9%

RF stock opened at $28.27 on Tuesday. The stock has a 50-day simple moving average of $26.41 and a two-hundred day simple moving average of $25.88. Regions Financial Corporation has a twelve month low of $17.74 and a twelve month high of $29.25. The firm has a market capitalization of $24.79 billion, a PE ratio of 12.45, a PEG ratio of 1.02 and a beta of 1.03. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 0.27.

Regions Financial (NYSE:RF) last released its quarterly earnings data on Thursday, February 27th. The bank reported $0.39 EPS for the quarter. The company had revenue of $1.81 billion during the quarter. Regions Financial had a net margin of 22.49% and a return on equity of 13.05%. On average, equities analysts predict that Regions Financial Corporation will post 2.26 EPS for the current fiscal year.

Regions Financial declared that its board has approved a stock buyback program on Wednesday, December 10th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the bank to purchase up to 12.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Regions Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 1st were given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, December 1st. Regions Financial’s payout ratio is 46.70%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RF shares. Morgan Stanley set a $32.00 price target on Regions Financial in a research report on Monday, September 29th. Stephens reaffirmed an “equal weight” rating and set a $27.00 price objective (down from $30.00) on shares of Regions Financial in a report on Tuesday, October 14th. Cowen reiterated a “buy” rating on shares of Regions Financial in a research report on Tuesday, October 21st. Citigroup boosted their price target on shares of Regions Financial from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Finally, Keefe, Bruyette & Woods upped their price target on shares of Regions Financial from $30.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $28.93.

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.