Norges Bank Takes Position in Regions Financial Co. (NYSE:RF)

Norges Bank bought a new stake in Regions Financial Co. (NYSE:RF - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 11,866,623 shares of the bank's stock, valued at approximately $279,103,000. Norges Bank owned approximately 1.31% of Regions Financial at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RF. State Street Corp lifted its position in Regions Financial by 16.3% during the third 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 during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Regions Financial by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 29,183,580 shares of the bank's stock valued at $686,398,000 after acquiring an additional 1,396,647 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Regions Financial by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 22,625,214 shares of the bank's stock worth $526,118,000 after acquiring an additional 315,605 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Regions Financial by 1.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 8,738,619 shares of the bank's stock worth $203,273,000 after acquiring an additional 112,885 shares during the last quarter. Finally, FMR LLC grew its holdings in Regions Financial by 8.4% in the third quarter. FMR LLC now owns 3,109,633 shares of the bank's stock valued at $72,548,000 after purchasing an additional 241,838 shares during the period. 79.39% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Insider Transactions at Regions Financial

In other news, Director Joia M. Johnson bought 2,300 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was bought at an average price of $21.18 per share, for a total transaction of $48,714.00. Following the transaction, the director now owns 17,486 shares in the company, valued at $370,353.48. The trade was a 15.15 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders purchased 3,868 shares of company stock valued at $86,722. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on RF. Citigroup cut their price target on shares of Regions Financial from $28.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, March 24th. Truist Financial reduced their target price on Regions Financial from $26.00 to $24.00 and set a "hold" rating on the stock in a report on Friday, March 21st. Wells Fargo & Company dropped their price target on 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. Morgan Stanley reaffirmed 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. Finally, Compass Point increased their target price on shares of Regions Financial from $25.00 to $31.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Regions Financial currently has a consensus rating of "Moderate Buy" and an average target price of $26.95.

Regions Financial Stock Down 8.8 %

Shares of NYSE RF traded down $1.94 during midday trading on Thursday, reaching $20.08. 2,692,274 shares of the company's stock were exchanged, compared to its average volume of 7,790,444. The stock has a market capitalization of $18.18 billion, a PE ratio of 10.35, a price-to-earnings-growth ratio of 1.93 and a beta of 1.19. Regions Financial Co. has a 52-week low of $17.72 and a 52-week high of $27.96. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.83 and a current ratio of 0.84. The business's fifty day moving average price is $23.09 and its two-hundred day moving average price is $23.93.

Regions Financial (NYSE:RF - Get Free Report) last posted its quarterly earnings data on Friday, January 17th. The bank reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.01. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.86 billion. Regions Financial had a return on equity of 12.83% and a net margin of 20.20%. Regions Financial's revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 EPS. Analysts forecast that Regions Financial Co. will post 2.26 EPS for the current year.

Regions Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.98%. The ex-dividend date of this dividend was Monday, March 3rd. Regions Financial's dividend payout ratio is currently 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.