Regions Financial Co. (NYSE:RF) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in Regions Financial Co. (NYSE:RF - Free Report) by 2.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,321,781 shares of the bank's stock after selling 171,944 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of Regions Financial worth $126,688,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RF. EdgeRock Capital LLC purchased a new position in shares of Regions Financial during the 2nd quarter valued at approximately $33,000. Family Firm Inc. acquired a new position in shares of Regions Financial in the second quarter worth about $56,000. TrueWealth Advisors LLC grew its position in shares of Regions Financial by 16.8% during the 2nd quarter. TrueWealth Advisors LLC now owns 22,116 shares of the bank's stock valued at $443,000 after acquiring an additional 3,187 shares during the period. My Legacy Advisors LLC purchased a new position in shares of Regions Financial in the 2nd quarter valued at about $560,000. Finally, &PARTNERS raised its holdings in Regions Financial by 35.3% in the 2nd quarter. &PARTNERS now owns 24,064 shares of the bank's stock worth $482,000 after purchasing an additional 6,281 shares during the period. 79.39% of the stock is owned by institutional investors and hedge funds.

Regions Financial Stock Down 0.1 %

Shares of Regions Financial stock traded down $0.03 during trading hours on Tuesday, reaching $22.76. 4,990,407 shares of the company were exchanged, compared to its average volume of 8,026,678. The firm has a market cap of $20.84 billion, a PE ratio of 12.37, a PEG ratio of 2.77 and a beta of 1.18. The stock's fifty day moving average is $20.98 and its 200 day moving average is $19.90. Regions Financial Co. has a 1 year low of $13.72 and a 1 year high of $23.09. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.83 and a current ratio of 0.83.

Regions Financial (NYSE:RF - Get Free Report) last announced its quarterly earnings data on Friday, July 19th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.03. Regions Financial had a return on equity of 12.64% and a net margin of 18.91%. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.76 billion. During the same quarter last year, the business posted $0.59 EPS. The business's quarterly revenue was down 11.5% compared to the same quarter last year. As a group, equities research analysts forecast that Regions Financial Co. will post 2 earnings per share for the current year.

Regions Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.39%. This is an increase from Regions Financial's previous quarterly dividend of $0.24. Regions Financial's payout ratio is presently 54.35%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RF. Royal Bank of Canada increased their target price on Regions Financial from $21.00 to $23.00 and gave the company an "outperform" rating in a research report on Monday, July 22nd. Truist Financial lifted their target price on shares of Regions Financial from $21.00 to $23.00 and gave the company a "hold" rating in a research report on Monday, July 22nd. Morgan Stanley raised their price target on shares of Regions Financial from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 30th. Wells Fargo & Company lifted their price objective on Regions Financial from $18.00 to $22.00 and gave the stock an "equal weight" rating in a report on Monday, July 22nd. Finally, Evercore ISI reduced their target price on Regions Financial from $22.00 to $21.00 and set an "in-line" rating for the company in a report on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $21.51.

About Regions Financial

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.