Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Regions Financial Corp (NYSE:RF) by 1.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,493,561 shares of the bank’s stock after selling 15,443 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.15% of Regions Financial worth $23,628,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of the company. Nuveen Asset Management LLC grew its holdings in Regions Financial by 3,639.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 6,056,945 shares of the bank’s stock worth $90,490,000 after buying an additional 5,894,957 shares in the last quarter. Invesco Ltd. grew its holdings in Regions Financial by 68.9% in the 2nd quarter. Invesco Ltd. now owns 10,444,676 shares of the bank’s stock worth $156,043,000 after buying an additional 4,259,901 shares in the last quarter. Bank of America Corp DE grew its holdings in Regions Financial by 20.6% in the 2nd quarter. Bank of America Corp DE now owns 12,704,955 shares of the bank’s stock worth $189,812,000 after buying an additional 2,172,240 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Regions Financial in the 2nd quarter worth approximately $22,677,000. Finally, Amundi Pioneer Asset Management Inc. grew its holdings in Regions Financial by 68.7% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 2,992,292 shares of the bank’s stock worth $42,341,000 after buying an additional 1,219,011 shares in the last quarter. 71.55% of the stock is owned by institutional investors.
In other news, EVP C. Matthew Lusco sold 20,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $16.43, for a total transaction of $328,600.00. Following the completion of the sale, the executive vice president now owns 163,229 shares in the company, valued at approximately $2,681,852.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hardie B. Kimbrough, Jr. sold 7,148 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $14.68, for a total value of $104,932.64. Following the sale, the insider now owns 34,482 shares of the company’s stock, valued at approximately $506,195.76. The disclosure for this sale can be found here. Insiders sold 136,436 shares of company stock valued at $2,024,102 over the last 90 days. 0.28% of the stock is currently owned by insiders.
RF traded up $0.23 during trading on Friday, reaching $15.77. The stock had a trading volume of 13,750,149 shares, compared to its average volume of 8,829,703. The firm has a market capitalization of $15.51 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 1.54 and a beta of 1.55. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.60. Regions Financial Corp has a 1-year low of $12.39 and a 1-year high of $17.88. The stock has a 50 day moving average of $15.50 and a two-hundred day moving average of $14.98.
Regions Financial (NYSE:RF) last released its earnings results on Friday, July 19th. The bank reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.49 billion. Regions Financial had a return on equity of 10.86% and a net margin of 26.43%. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. On average, research analysts forecast that Regions Financial Corp will post 1.54 EPS for the current fiscal year.
Regions Financial announced that its Board of Directors has approved a share repurchase plan on Thursday, June 27th that authorizes the company to buyback $1.37 billion in shares. This buyback authorization authorizes the bank to reacquire up to 9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be given a $0.155 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.62 dividend on an annualized basis and a yield of 3.93%. Regions Financial’s dividend payout ratio (DPR) is 45.59%.
About Regions Financial
Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers in the United States. 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 services; corresponding deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.
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