Millennium Management LLC lowered its stake in Regions Financial Corp (NYSE:RF) by 38.4% in the 4th quarter, Holdings Channel reports. The firm owned 9,917,623 shares of the bank’s stock after selling 6,186,110 shares during the period. Millennium Management LLC’s holdings in Regions Financial were worth $132,698,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Macquarie Group Ltd. lifted its holdings in shares of Regions Financial by 103.9% during the third quarter. Macquarie Group Ltd. now owns 108,900 shares of the bank’s stock valued at $1,999,000 after purchasing an additional 55,500 shares in the last quarter. Independent Advisor Alliance bought a new position in Regions Financial in the third quarter valued at about $180,000. Riverhead Capital Management LLC lifted its holdings in Regions Financial by 10.7% in the third quarter. Riverhead Capital Management LLC now owns 179,044 shares of the bank’s stock valued at $3,285,000 after acquiring an additional 17,371 shares during the period. Bank of New York Mellon Corp lifted its holdings in Regions Financial by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 9,455,796 shares of the bank’s stock valued at $173,514,000 after acquiring an additional 77,341 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Regions Financial by 4.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,519,334 shares of the bank’s stock valued at $20,329,000 after acquiring an additional 67,999 shares during the period. Hedge funds and other institutional investors own 74.35% of the company’s stock.
RF traded up $0.17 during midday trading on Monday, reaching $13.70. The company had a trading volume of 522,662 shares, compared to its average volume of 13,280,428. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.87. The stock has a market cap of $13.77 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 0.91 and a beta of 1.50. Regions Financial Corp has a 1 year low of $12.39 and a 1 year high of $19.99.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 8th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Thursday, March 7th. Regions Financial’s payout ratio is 41.18%.
A number of research analysts have weighed in on RF shares. Wedbush increased their target price on Regions Financial from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, February 28th. Argus started coverage on Regions Financial in a report on Wednesday, November 28th. They issued a “buy” rating and a $19.00 target price on the stock. Barclays lowered their target price on Regions Financial from $20.00 to $17.00 and set an “underweight” rating on the stock in a report on Wednesday, January 2nd. UBS Group raised Regions Financial from a “neutral” rating to a “buy” rating in a report on Tuesday, January 8th. Finally, BMO Capital Markets started coverage on Regions Financial in a report on Tuesday, March 12th. They issued an “outperform” rating and a $17.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Regions Financial currently has an average rating of “Hold” and a consensus price target of $17.38.
Regions Financial Company Profile
Regions Financial Corporation, together with its subsidiaries, provides banking and bank-related services to individual and corporate customers in the United States. Its Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending, as well as equipment lease financing services and corresponding deposits.
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