Wrapmanager Inc. Purchases Shares of 43,033 Regions Financial Corp (NYSE:RF)
Wrapmanager Inc. purchased a new stake in shares of Regions Financial Corp (NYSE:RF) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 43,033 shares of the bank’s stock, valued at approximately $643,000.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Buffington Mohr McNeal bought a new stake in shares of Regions Financial in the first quarter valued at about $28,000. Mcmillion Capital Management Inc. acquired a new position in shares of Regions Financial during the 2nd quarter worth about $40,000. Wealthcare Advisory Partners LLC increased its stake in shares of Regions Financial by 101.4% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 3,305 shares of the bank’s stock worth $49,000 after purchasing an additional 1,664 shares during the last quarter. Private Ocean LLC acquired a new position in shares of Regions Financial during the 2nd quarter worth about $52,000. Finally, FinTrust Capital Advisors LLC increased its stake in shares of Regions Financial by 28.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 4,173 shares of the bank’s stock worth $59,000 after purchasing an additional 913 shares during the last quarter. Institutional investors own 71.89% of the company’s stock.
NYSE RF traded down $0.55 during trading hours on Wednesday, reaching $13.72. 555,880 shares of the company were exchanged, compared to its average volume of 12,201,321. Regions Financial Corp has a 1 year low of $12.39 and a 1 year high of $19.99. The firm has a 50 day simple moving average of $15.11. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.60. The company has a market cap of $14.64 billion, a PE ratio of 10.00, a P/E/G ratio of 1.36 and a beta of 1.49.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 4.52%. This is an increase from Regions Financial’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, September 5th. Regions Financial’s payout ratio is presently 41.18%.
Regions Financial declared that its Board of Directors has initiated a share buyback plan on Thursday, June 27th that authorizes the company to buyback $1.37 billion in outstanding shares. This buyback authorization authorizes the bank to purchase up to 9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Several research analysts have recently weighed in on RF shares. Wedbush upgraded shares of Regions Financial from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $15.00 to $17.00 in a research note on Monday, July 22nd. Raymond James dropped their price objective on shares of Regions Financial from $19.50 to $18.00 and set a “strong-buy” rating for the company in a research note on Monday, April 22nd. Bank of America downgraded shares of Regions Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $18.00 to $16.00 in a research note on Thursday, July 11th. Macquarie downgraded shares of Regions Financial from a “neutral” rating to an “underperform” rating in a research note on Tuesday, April 23rd. Finally, ValuEngine raised shares of Regions Financial from a “strong sell” rating to a “sell” rating in a research note on Thursday, April 18th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $17.33.
In other Regions Financial news, insider Hardie B. Kimbrough, Jr. sold 7,148 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $14.68, for a total transaction of $104,932.64. Following the transaction, the insider now directly owns 34,482 shares of the company’s stock, valued at approximately $506,195.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO John B. Owen sold 40,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $14.63, for a total transaction of $585,200.00. Following the transaction, the chief operating officer now directly owns 87,152 shares in the company, valued at $1,275,033.76. The disclosure for this sale can be found here. 0.28% of the stock is owned by insiders.
About Regions Financial
Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers in the United States. 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 services; corresponding deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.
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