Rafferty Asset Management LLC boosted its position in shares of Regions Financial Corp (NYSE:RF) by 260.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,162 shares of the bank’s stock after buying an additional 166,321 shares during the period. Rafferty Asset Management LLC’s holdings in Regions Financial Corp were worth $3,344,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Regions Financial Corp during the fourth quarter worth approximately $136,750,000. Appaloosa LP purchased a new stake in shares of Regions Financial Corp during the fourth quarter worth approximately $105,404,000. Boston Partners purchased a new stake in shares of Regions Financial Corp during the first quarter worth approximately $77,921,000. AQR Capital Management LLC increased its stake in shares of Regions Financial Corp by 108.3% in the fourth quarter. AQR Capital Management LLC now owns 10,185,226 shares of the bank’s stock worth $146,260,000 after buying an additional 5,296,632 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Regions Financial Corp by 250.9% in the first quarter. First Trust Advisors LP now owns 6,968,932 shares of the bank’s stock worth $101,259,000 after buying an additional 4,982,921 shares during the last quarter. Hedge funds and other institutional investors own 74.09% of the company’s stock.
Shares of Regions Financial Corp (NYSE:RF) traded up 2.64% on Friday, hitting $14.40. 17,130,891 shares of the stock were exchanged. The firm’s 50-day moving average is $14.02 and its 200-day moving average is $14.37. The company has a market cap of $17.31 billion, a P/E ratio of 15.82 and a beta of 1.37. Regions Financial Corp has a one year low of $7.80 and a one year high of $16.03.
Regions Financial Corp (NYSE:RF) last released its earnings results on Tuesday, April 18th. The bank reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. Regions Financial Corp had a net margin of 19.49% and a return on equity of 7.09%. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the business earned $0.20 earnings per share. The business’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts forecast that Regions Financial Corp will post $0.98 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 9th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Wednesday, June 7th. This is a positive change from Regions Financial Corp’s previous quarterly dividend of $0.07. This represents a $0.28 annualized dividend and a yield of 1.94%. Regions Financial Corp’s dividend payout ratio is currently 29.89%.
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A number of equities research analysts recently commented on RF shares. Goldman Sachs Group Inc reduced their price objective on shares of Regions Financial Corp to $17.00 and set a “buy” rating for the company in a research report on Thursday, March 30th. Wedbush restated an “outperform” rating and issued a $16.00 price objective on shares of Regions Financial Corp in a research report on Tuesday, March 7th. Rafferty Capital Markets downgraded shares of Regions Financial Corp from a “buy” rating to a “hold” rating and set a $15.00 price objective for the company. in a research report on Thursday, April 20th. Bank of America Corp upgraded shares of Regions Financial Corp from a “neutral” rating to a “buy” rating and raised their price objective for the company from $15.00 to $17.00 in a research report on Thursday, May 4th. Finally, Argus downgraded shares of Regions Financial Corp from a “buy” rating to a “hold” rating and set a $15.00 price objective for the company. in a research report on Monday, May 1st. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Regions Financial Corp has an average rating of “Hold” and an average price target of $13.87.
In related news, Chairman Grayson Hall sold 202,231 shares of the stock in a transaction that occurred on Friday, April 21st. The shares were sold at an average price of $13.51, for a total transaction of $2,732,140.81. Following the completion of the sale, the chairman now directly owns 494,874 shares of the company’s stock, valued at $6,685,747.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP C. Keith Herron sold 30,000 shares of the stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $14.30, for a total transaction of $429,000.00. Following the sale, the executive vice president now directly owns 204,537 shares of the company’s stock, valued at $2,924,879.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 396,176 shares of company stock valued at $5,418,986. Company insiders own 0.88% of the company’s stock.
About Regions Financial Corp
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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