Summit Financial LLC Cuts Holdings in Regions Financial Co. (NYSE:RF)

Summit Financial LLC decreased its holdings in Regions Financial Co. (NYSE:RF) by 12.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,286 shares of the bank’s stock after selling 7,813 shares during the period. Summit Financial LLC’s holdings in Regions Financial were worth $1,362,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RF. State Street Corp increased its holdings in Regions Financial by 16.3% in the 3rd quarter. State Street Corp now owns 55,485,987 shares of the bank’s stock worth $1,306,813,000 after buying an additional 7,791,399 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Regions Financial by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 29,183,580 shares of the bank’s stock worth $686,398,000 after buying an additional 1,396,647 shares during the last quarter. Geode Capital Management LLC boosted its position in Regions Financial by 1.4% in the third quarter. Geode Capital Management LLC now owns 22,625,214 shares of the bank’s stock worth $526,118,000 after purchasing an additional 315,605 shares during the last quarter. Norges Bank bought a new stake in Regions Financial during the fourth quarter valued at approximately $279,103,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Regions Financial by 1.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 8,738,619 shares of the bank’s stock valued at $203,273,000 after acquiring an additional 112,885 shares during the period. 79.39% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RF. Morgan Stanley reissued an “equal weight” rating and issued a $32.00 price objective (up from $28.00) on shares of Regions Financial in a research note on Monday, December 9th. Truist Financial reduced their price objective on Regions Financial from $26.00 to $24.00 and set a “hold” rating on the stock in a research note on Friday, March 21st. Compass Point upped their target price on shares of Regions Financial from $25.00 to $31.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Barclays increased their price target on Regions Financial from $25.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, January 6th. Finally, Wells Fargo & Company decreased their price objective on shares of Regions Financial from $28.00 to $26.00 and set an “equal weight” rating for the company in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.17.

Insider Buying and Selling at Regions Financial

In related news, Director Joia M. Johnson bought 2,300 shares of the stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $21.18 per share, for a total transaction of $48,714.00. Following the acquisition, the director now owns 17,486 shares in the company, valued at $370,353.48. This represents a 15.15 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have bought 3,868 shares of company stock valued at $86,722. Insiders own 0.29% of the company’s stock.

Regions Financial Stock Down 0.8 %

RF opened at $21.55 on Wednesday. The stock has a market capitalization of $19.52 billion, a P/E ratio of 11.11, a price-to-earnings-growth ratio of 1.93 and a beta of 1.19. Regions Financial Co. has a one year low of $17.72 and a one year high of $27.96. The business’s 50-day simple moving average is $23.13 and its 200-day simple moving average is $23.94. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.83 and a current ratio of 0.84.

Regions Financial (NYSE:RF) last posted its quarterly earnings data on Friday, January 17th. The bank reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. Regions Financial had a net margin of 20.20% and a return on equity of 12.83%. The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period last year, the firm posted $0.39 EPS. Regions Financial’s quarterly revenue was up .2% on a year-over-year basis. Analysts anticipate that Regions Financial Co. will post 2.26 EPS for the current year.

Regions Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $1.00 dividend on an annualized basis and a yield of 4.64%. Regions Financial’s payout ratio is 51.55%.

Regions Financial Profile

Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers. It operates through three segments: Corporate Bank, Consumer Bank, and Wealth Management. The Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending; equipment lease financing; deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.