Mackenzie Financial Corp Reduces Stock Position in Regions Financial Co. (NYSE:RF)

Mackenzie Financial Corp decreased its stake in Regions Financial Co. (NYSE:RF) by 6.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 110,340 shares of the bank’s stock after selling 8,032 shares during the quarter. Mackenzie Financial Corp’s holdings in Regions Financial were worth $2,138,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Whittier Trust Co. boosted its stake in shares of Regions Financial by 16.5% in the fourth quarter. Whittier Trust Co. now owns 3,881 shares of the bank’s stock worth $75,000 after buying an additional 549 shares during the last quarter. Pinnacle Financial Partners Inc raised its holdings in Regions Financial by 0.4% in the 4th quarter. Pinnacle Financial Partners Inc now owns 144,317 shares of the bank’s stock worth $2,797,000 after purchasing an additional 606 shares during the period. SG Americas Securities LLC raised its holdings in Regions Financial by 2.6% in the 4th quarter. SG Americas Securities LLC now owns 25,569 shares of the bank’s stock worth $496,000 after purchasing an additional 654 shares during the period. Bangor Savings Bank raised its holdings in Regions Financial by 1.5% in the 4th quarter. Bangor Savings Bank now owns 45,952 shares of the bank’s stock worth $891,000 after purchasing an additional 667 shares during the period. Finally, Perigon Wealth Management LLC raised its holdings in Regions Financial by 3.7% in the 4th quarter. Perigon Wealth Management LLC now owns 20,029 shares of the bank’s stock worth $388,000 after purchasing an additional 709 shares during the period. Hedge funds and other institutional investors own 79.39% of the company’s stock.

Analyst Upgrades and Downgrades

RF has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped their price target on Regions Financial from $21.00 to $22.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Jefferies Financial Group raised Regions Financial from a “hold” rating to a “buy” rating and upped their price target for the stock from $15.00 to $22.00 in a report on Tuesday, January 9th. Evercore ISI upped their price target on Regions Financial from $20.00 to $22.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. Truist Financial reduced their price target on Regions Financial from $22.00 to $20.00 and set a “hold” rating for the company in a report on Monday. Finally, Citigroup raised Regions Financial from a “neutral” rating to a “buy” rating and increased their target price for the company from $20.00 to $23.00 in a report on Monday, March 18th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $20.17.

Regions Financial Price Performance

NYSE:RF opened at $19.34 on Wednesday. Regions Financial Co. has a one year low of $13.72 and a one year high of $21.08. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market cap of $17.77 billion, a PE ratio of 10.51, a P/E/G ratio of 1.37 and a beta of 1.21. The stock has a 50 day moving average price of $19.36 and a 200 day moving average price of $18.05.

Regions Financial (NYSE:RF) last posted its quarterly earnings results on Friday, April 19th. The bank reported $0.37 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.08). Regions Financial had a net margin of 19.75% and a return on equity of 13.28%. The company had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same period in the prior year, the business posted $0.62 EPS. Regions Financial’s revenue for the quarter was down 10.5% compared to the same quarter last year. Equities research analysts expect that Regions Financial Co. will post 1.97 EPS for the current fiscal year.

Regions Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.96 annualized dividend and a yield of 4.96%. Regions Financial’s payout ratio is 52.17%.

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.