Korea Investment CORP boosted its position in Regions Financial Co. (NYSE:RF) by 196.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,214,600 shares of the bank’s stock after acquiring an additional 805,400 shares during the period. Korea Investment CORP’s holdings in Regions Financial were worth $24,511,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Concord Wealth Partners lifted its stake in Regions Financial by 1,538.3% in the 1st quarter. Concord Wealth Partners now owns 1,327 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,246 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in Regions Financial during the first quarter worth approximately $33,000. E Fund Management Co. Ltd. acquired a new stake in Regions Financial during the first quarter worth approximately $35,000. Altshuler Shaham Ltd acquired a new stake in Regions Financial during the first quarter worth approximately $37,000. Finally, Baldrige Asset Management LLC acquired a new stake in Regions Financial during the second quarter worth approximately $40,000. Institutional investors and hedge funds own 73.07% of the company’s stock.
Several brokerages have issued reports on RF. Keefe, Bruyette & Woods downgraded shares of Regions Financial from an “outperform” rating to an “underperform” rating and set a $18.00 price objective for the company. in a research report on Wednesday, July 7th. Stephens downgraded shares of Regions Financial from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $23.00 to $22.00 in a research report on Wednesday, September 8th. Morgan Stanley restated an “overweight” rating and set a $19.29 price objective (down from $24.00) on shares of Regions Financial in a research report on Monday, July 26th. Citigroup initiated coverage on shares of Regions Financial in a research report on Friday, July 16th. They issued a “hold” rating and a $19.29 price target for the company. Finally, Raymond James downgraded shares of Regions Financial from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 8th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $20.84.
Regions Financial (NYSE:RF) last announced its quarterly earnings data on Thursday, July 22nd. The bank reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.24. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.55 billion. Regions Financial had a net margin of 38.28% and a return on equity of 15.63%. During the same period last year, the firm posted ($0.25) earnings per share. As a group, analysts anticipate that Regions Financial Co. will post 2.42 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Thursday, September 2nd. This is a boost from Regions Financial’s previous quarterly dividend of $0.16. Regions Financial’s payout ratio is presently 59.62%.
About Regions Financial
Regions Financial Corp. operates as a bank holding company. It provides traditional commercial, retail and mortgage banking services, as well as other financial services in the fields of investment banking, asset management, trust, mutual funds, securities brokerage, insurance and other financing. The firm operates through the following segments: Corporate Bank, Consumer Bank, and Wealth Management.
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