GRIMES & Co WEALTH MANAGEMENT LLC Reduces Stock Position in Regions Financial Corporation $RF

GRIMES & Co WEALTH MANAGEMENT LLC cut its holdings in Regions Financial Corporation (NYSE:RF) by 7.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 904,083 shares of the bank’s stock after selling 74,277 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC owned about 0.10% of Regions Financial worth $23,841,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAM Holding AG acquired a new position in Regions Financial in the third quarter valued at $1,760,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Regions Financial by 2.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 9,205,989 shares of the bank’s stock worth $241,289,000 after buying an additional 233,458 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its position in Regions Financial by 34.7% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 61,387 shares of the bank’s stock valued at $1,444,000 after acquiring an additional 15,820 shares during the period. Nordea Investment Management AB increased its position in Regions Financial by 4.9% in the 2nd quarter. Nordea Investment Management AB now owns 419,311 shares of the bank’s stock valued at $9,913,000 after acquiring an additional 19,579 shares during the period. Finally, Foster Victor Wealth Advisors LLC raised its stake in Regions Financial by 3.7% during the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 315,402 shares of the bank’s stock valued at $7,768,000 after acquiring an additional 11,391 shares during the last quarter. 79.39% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RF shares. Wall Street Zen downgraded Regions Financial from a “hold” rating to a “sell” rating in a research note on Saturday, December 13th. Keefe, Bruyette & Woods boosted their price objective on shares of Regions Financial from $30.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Truist Financial lifted their target price on shares of Regions Financial from $26.00 to $29.00 and gave the company a “hold” rating in a report on Monday, December 22nd. The Goldman Sachs Group reissued a “buy” rating and set a $32.00 price target on shares of Regions Financial in a report on Tuesday, January 6th. Finally, Barclays lifted their price objective on Regions Financial from $27.00 to $30.00 and gave the company an “underweight” rating in a report on Monday, January 5th. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Regions Financial currently has a consensus rating of “Hold” and a consensus price target of $28.93.

Regions Financial Stock Down 0.9%

RF stock opened at $28.27 on Tuesday. The company has a market cap of $24.79 billion, a P/E ratio of 12.45, a P/E/G ratio of 1.02 and a beta of 1.03. Regions Financial Corporation has a 52 week low of $17.74 and a 52 week high of $29.25. The company’s 50-day moving average price is $26.41 and its 200 day moving average price is $25.88. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 0.27.

Regions Financial (NYSE:RF) last issued its earnings results on Thursday, February 27th. The bank reported $0.39 earnings per share (EPS) for the quarter. The company had revenue of $1.81 billion during the quarter. Regions Financial had a net margin of 22.49% and a return on equity of 13.05%. On average, research analysts expect that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 1st were issued a $0.265 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $1.06 annualized dividend and a yield of 3.8%. Regions Financial’s dividend payout ratio is 46.70%.

Regions Financial announced that its board has approved a stock repurchase program on Wednesday, December 10th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the bank to repurchase up to 12.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

About Regions Financial

Regions Financial Corporation (NYSE: RF) is a U.S. bank holding company headquartered in Birmingham, Alabama, that provides a broad range of banking and financial services. Its primary banking subsidiary, Regions Bank, serves retail and commercial customers through a combination of branch and ATM networks, digital channels and relationship-based delivery. The company offers deposit accounts, consumer and commercial loans, mortgage origination and servicing, and payment and treasury services.

In addition to core banking, Regions offers wealth management, trust and brokerage services, insurance solutions, and capital markets capabilities to corporate and institutional clients.