Cibc World Market Inc. Increases Stock Position in Regions Financial Corporation $RF

Cibc World Market Inc. boosted its position in Regions Financial Corporation (NYSE:RF) by 347.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,135 shares of the bank’s stock after buying an additional 86,282 shares during the quarter. Cibc World Market Inc.’s holdings in Regions Financial were worth $2,931,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAM Holding AG acquired a new stake in Regions Financial in the third quarter worth $1,760,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Regions Financial by 2.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,205,989 shares of the bank’s stock worth $241,289,000 after acquiring an additional 233,458 shares during the period. First Citizens Bank & Trust Co. increased its holdings in shares of Regions Financial by 6.8% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 690,344 shares of the bank’s stock worth $18,204,000 after acquiring an additional 44,252 shares during the period. iA Global Asset Management Inc. bought a new stake in Regions Financial in the 3rd quarter valued at about $1,378,000. Finally, Teacher Retirement System of Texas boosted its stake in Regions Financial by 111.2% during the 3rd quarter. Teacher Retirement System of Texas now owns 290,563 shares of the bank’s stock valued at $7,662,000 after purchasing an additional 152,987 shares during the period. 79.39% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Regions Financial

In other news, EVP William D. Ritter sold 36,000 shares of the business’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $28.78, for a total transaction of $1,036,080.00. Following the sale, the executive vice president directly owned 17,569 shares of the company’s stock, valued at $505,635.82. The trade was a 67.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 price target on shares of Regions Financial in a report on Tuesday, January 20th. The Goldman Sachs Group restated a “buy” rating and issued a $32.00 target price on shares of Regions Financial in a research report on Tuesday, January 6th. UBS Group reiterated a “neutral” rating and set a $30.00 price target on shares of Regions Financial in a research report on Wednesday, February 4th. TD Cowen reissued a “buy” rating on shares of Regions Financial in a research note on Tuesday, October 21st. Finally, Wall Street Zen cut shares of Regions Financial from a “hold” rating to a “sell” rating in a research note on Saturday, December 13th. Six research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Regions Financial presently has an average rating of “Hold” and a consensus price target of $29.84.

Regions Financial Price Performance

Shares of Regions Financial stock opened at $29.73 on Monday. Regions Financial Corporation has a 52 week low of $17.74 and a 52 week high of $31.53. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.23. The company’s 50-day moving average price is $28.29 and its two-hundred day moving average price is $26.54. The stock has a market cap of $26.07 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.05 and a beta of 1.04.

Regions Financial (NYSE:RF) last announced its quarterly earnings data on Friday, January 16th. The bank reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.04). Regions Financial had a return on equity of 12.55% and a net margin of 22.44%.The business had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period in the prior year, the firm earned $0.56 EPS. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Regions Financial Corporation will post 2.26 EPS for the current fiscal year.

Regions Financial announced that its board has approved a share repurchase plan on Wednesday, December 10th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the bank to purchase up to 12.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Regions Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 2nd will be issued a $0.265 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $1.06 annualized dividend and a dividend yield of 3.6%. Regions Financial’s dividend payout ratio is currently 46.29%.

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.