AdvisorNet Financial Inc lifted its stake in shares of Regions Financial Co. (NYSE:RF – Get Rating) by 9.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 14,723 shares of the bank’s stock after acquiring an additional 1,275 shares during the period. AdvisorNet Financial Inc’s holdings in Regions Financial were worth $276,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Mystic Asset Management Inc. bought a new stake in shares of Regions Financial during the 4th quarter worth $25,000. DeDora Capital Inc. bought a new stake in shares of Regions Financial during the 1st quarter worth $27,000. Riverview Trust Co bought a new stake in Regions Financial in the first quarter worth $27,000. Delos Wealth Advisors LLC bought a new stake in Regions Financial in the fourth quarter worth $27,000. Finally, Tcwp LLC bought a new stake in Regions Financial in the first quarter worth $28,000. 73.61% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on RF. Raymond James raised shares of Regions Financial from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a research note on Thursday, July 7th. Jefferies Financial Group lowered their price target on shares of Regions Financial from $24.00 to $22.00 in a research note on Monday, July 11th. Keefe, Bruyette & Woods raised shares of Regions Financial from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $24.00 to $26.00 in a research note on Thursday, June 2nd. Morgan Stanley boosted their price target on shares of Regions Financial from $26.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, July 25th. Finally, Citigroup cut shares of Regions Financial from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $25.00 to $20.00 in a research report on Tuesday, July 12th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $24.79.
Regions Financial Price Performance
Regions Financial (NYSE:RF – Get Rating) last announced its quarterly earnings results on Friday, July 22nd. The bank reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.06. Regions Financial had a net margin of 32.85% and a return on equity of 14.07%. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter in the previous year, the company earned $0.77 earnings per share. On average, sell-side analysts expect that Regions Financial Co. will post 2.35 earnings per share for the current year.
Regions Financial Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend is Thursday, September 1st. This is a boost from Regions Financial’s previous quarterly dividend of $0.17. Regions Financial’s dividend payout ratio is 36.04%.
Regions Financial Profile
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.
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