AustralianSuper Pty Ltd Trims Stock Position in Regions Financial Corporation $RF

AustralianSuper Pty Ltd cut its position in Regions Financial Corporation (NYSE:RF) by 70.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 434,736 shares of the bank’s stock after selling 1,026,306 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Regions Financial were worth $11,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the company. Darwin Wealth Management LLC purchased a new position in Regions Financial during the second quarter worth about $25,000. United Community Bank purchased a new position in shares of Regions Financial during the third quarter worth about $30,000. Salomon & Ludwin LLC bought a new position in shares of Regions Financial in the third quarter worth approximately $32,000. Elevation Point Wealth Partners LLC purchased a new stake in Regions Financial in the second quarter valued at approximately $33,000. Finally, Clearstead Trust LLC grew its stake in Regions Financial by 574.5% in the 2nd quarter. Clearstead Trust LLC now owns 1,430 shares of the bank’s stock worth $34,000 after buying an additional 1,218 shares in the last quarter. 79.39% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Regions Financial

In related news, EVP William D. Ritter sold 36,000 shares of the stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $28.78, for a total value of $1,036,080.00. Following the completion of the transaction, the executive vice president directly owned 17,569 shares in the company, valued at $505,635.82. This trade represents a 67.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Regions Financial Price Performance

Shares of NYSE RF opened at $27.75 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.80 and a quick ratio of 0.80. Regions Financial Corporation has a 1 year low of $17.74 and a 1 year high of $31.53. The company’s 50-day moving average is $28.69 and its 200 day moving average is $26.86. The stock has a market capitalization of $23.96 billion, a P/E ratio of 12.12, a P/E/G ratio of 0.99 and a beta of 1.02.

Regions Financial (NYSE:RF) last announced its earnings results 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 firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the prior year, the company posted $0.56 EPS. The firm’s revenue was up 5.8% on a year-over-year basis. On average, sell-side analysts expect that Regions Financial Corporation will post 2.26 earnings per share for the current year.

Regions Financial declared that its board has authorized a share buyback plan on Wednesday, December 10th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the bank to reacquire up to 12.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Regions Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, March 2nd. Regions Financial’s payout ratio is 46.29%.

Analysts Set New Price Targets

Several research analysts recently issued reports on RF shares. Truist Financial upped their target price on shares of Regions Financial from $26.00 to $29.00 and gave the stock a “hold” rating in a research report on Monday, December 22nd. Cantor Fitzgerald restated an “overweight” rating and issued a $32.00 target price on shares of Regions Financial in a research report on Tuesday. Morgan Stanley set a $31.00 price target on shares of Regions Financial in a research report on Monday, January 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Regions Financial in a research note on Monday, December 29th. Finally, UBS Group reiterated a “neutral” rating and issued a $30.00 target price on shares of Regions Financial in a research report on Wednesday, February 4th. Six research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $29.97.

Regions Financial Profile

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.