Harvest Portfolios Group Inc. Reduces Holdings in Regions Financial Co. (NYSE:RF)

Harvest Portfolios Group Inc. reduced its stake in shares of Regions Financial Co. (NYSE:RF - Free Report) by 10.8% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 266,769 shares of the bank's stock after selling 32,252 shares during the period. Harvest Portfolios Group Inc.'s holdings in Regions Financial were worth $6,224,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Private Advisor Group LLC grew its position in shares of Regions Financial by 1.8% during the 3rd quarter. Private Advisor Group LLC now owns 24,928 shares of the bank's stock valued at $581,000 after acquiring an additional 429 shares during the period. CWM LLC grew its position in shares of Regions Financial by 1.1% during the 3rd quarter. CWM LLC now owns 42,346 shares of the bank's stock valued at $988,000 after acquiring an additional 480 shares during the period. Resonant Capital Advisors LLC grew its position in shares of Regions Financial by 2.4% during the 3rd quarter. Resonant Capital Advisors LLC now owns 21,845 shares of the bank's stock valued at $515,000 after acquiring an additional 506 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of Regions Financial by 2.8% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 20,267 shares of the bank's stock valued at $473,000 after acquiring an additional 545 shares during the period. Finally, IFG Advisory LLC lifted its stake in Regions Financial by 1.8% in the 2nd quarter. IFG Advisory LLC now owns 30,928 shares of the bank's stock valued at $620,000 after buying an additional 546 shares in the last quarter. 79.39% of the stock is owned by institutional investors and hedge funds.

Regions Financial Stock Performance

NYSE RF traded up $2.69 during trading hours on Wednesday, hitting $26.31. The company had a trading volume of 20,750,047 shares, compared to its average volume of 7,955,910. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.83 and a current ratio of 0.84. Regions Financial Co. has a 1-year low of $14.86 and a 1-year high of $26.33. The company has a market cap of $24.08 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 2.47 and a beta of 1.16. The business has a 50 day moving average of $23.12 and a 200-day moving average of $21.24.

Regions Financial (NYSE:RF - Get Free Report) last announced its earnings results on Friday, October 18th. The bank reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.04). Regions Financial had a return on equity of 12.60% and a net margin of 18.78%. The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter last year, the company posted $0.49 EPS. Regions Financial's quarterly revenue was down 3.7% on a year-over-year basis. As a group, equities research analysts expect that Regions Financial Co. will post 2.1 EPS for the current year.

Regions Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.00 annualized dividend and a yield of 3.80%. Regions Financial's dividend payout ratio is currently 56.50%.

Analyst Upgrades and Downgrades

RF has been the topic of a number of research reports. Barclays raised their price target on shares of Regions Financial from $22.00 to $25.00 and gave the company an "underweight" rating in a research note on Monday, October 21st. Argus raised shares of Regions Financial from a "hold" rating to a "buy" rating and set a $26.00 target price on the stock in a research note on Thursday, October 24th. Morgan Stanley raised their target price on shares of Regions Financial from $25.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 30th. Royal Bank of Canada raised their target price on shares of Regions Financial from $21.00 to $23.00 and gave the stock an "outperform" rating in a research note on Monday, July 22nd. Finally, Truist Financial raised their target price on shares of Regions Financial from $25.00 to $26.00 and gave the stock a "hold" rating in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $25.45.

Regions Financial Company 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.