State of Michigan Retirement System Sells 4,900 Shares of Regions Financial Co. (NYSE:RF)

State of Michigan Retirement System decreased its holdings in shares of Regions Financial Co. (NYSE:RF) by 1.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 268,239 shares of the bank’s stock after selling 4,900 shares during the period. State of Michigan Retirement System’s holdings in Regions Financial were worth $5,376,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of RF. EntryPoint Capital LLC bought a new stake in Regions Financial during the 1st quarter valued at approximately $26,000. Laurel Wealth Advisors LLC boosted its holdings in shares of Regions Financial by 86.5% during the 4th quarter. Laurel Wealth Advisors LLC now owns 1,399 shares of the bank’s stock valued at $27,000 after buying an additional 649 shares in the last quarter. ICA Group Wealth Management LLC bought a new position in shares of Regions Financial in the 4th quarter worth about $28,000. Glassman Wealth Services lifted its position in Regions Financial by 163.3% during the 4th quarter. Glassman Wealth Services now owns 1,559 shares of the bank’s stock valued at $30,000 after acquiring an additional 967 shares during the period. Finally, MV Capital Management Inc. boosted its stake in Regions Financial by 75.6% during the first quarter. MV Capital Management Inc. now owns 1,435 shares of the bank’s stock worth $30,000 after acquiring an additional 618 shares in the last quarter. Institutional investors own 79.39% of the company’s stock.

Regions Financial Price Performance

Regions Financial stock opened at $22.75 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.33. The stock has a market cap of $20.84 billion, a P/E ratio of 12.39, a PEG ratio of 2.77 and a beta of 1.18. The company has a 50-day moving average price of $20.91 and a 200 day moving average price of $19.87. Regions Financial Co. has a 12-month low of $13.72 and a 12-month high of $23.09.

Regions Financial (NYSE:RF) last announced its earnings results on Friday, July 19th. The bank reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.03. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.76 billion. Regions Financial had a net margin of 18.91% and a return on equity of 12.64%. Regions Financial’s revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.59 earnings per share. Sell-side analysts anticipate that Regions Financial Co. will post 2 earnings per share for the current year.

Regions Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be paid a $0.25 dividend. This is a positive change from Regions Financial’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, September 3rd. This represents a $1.00 annualized dividend and a dividend yield of 4.40%. Regions Financial’s dividend payout ratio (DPR) is presently 54.35%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RF shares. Jefferies Financial Group raised their price target on Regions Financial from $22.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods dropped their target price on shares of Regions Financial from $22.00 to $21.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 9th. Evercore ISI cut their target price on Regions Financial from $22.00 to $21.00 and set an “in-line” rating on the stock in a research note on Tuesday, June 25th. Bank of America increased their price objective on Regions Financial from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Finally, Truist Financial raised their price target on shares of Regions Financial from $21.00 to $23.00 and gave the company a “hold” rating in a report on Monday, July 22nd. 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 stock. According to MarketBeat, Regions Financial 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.