Principal Financial Group Inc. Has $24.20 Million Position in Regions Financial Co. (NYSE:RF)

Principal Financial Group Inc. lowered its stake in shares of Regions Financial Co. (NYSE:RF – Get Rating) by 3.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,122,344 shares of the bank’s stock after selling 41,134 shares during the period. Principal Financial Group Inc.’s holdings in Regions Financial were worth $24,198,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. CI Investments Inc. raised its position in Regions Financial by 991.2% in the third quarter. CI Investments Inc. now owns 1,244 shares of the bank’s stock worth $25,000 after purchasing an additional 1,130 shares in the last quarter. MCF Advisors LLC raised its position in Regions Financial by 2,210.5% in the fourth quarter. MCF Advisors LLC now owns 1,317 shares of the bank’s stock worth $28,000 after purchasing an additional 1,260 shares in the last quarter. Bell Investment Advisors Inc grew its stake in Regions Financial by 30.2% during the fourth quarter. Bell Investment Advisors Inc now owns 1,951 shares of the bank’s stock worth $42,000 after buying an additional 452 shares during the last quarter. McElhenny Sheffield Capital Management LLC bought a new stake in Regions Financial during the fourth quarter worth about $43,000. Finally, RE Dickinson Investment Advisors LLC bought a new stake in Regions Financial during the fourth quarter worth about $44,000. Institutional investors and hedge funds own 72.87% of the company’s stock.

Regions Financial Price Performance

Shares of RF stock opened at $16.86 on Friday. Regions Financial Co. has a 52-week low of $13.94 and a 52-week high of $24.33. The stock has a market cap of $15.82 billion, a PE ratio of 7.21, a PEG ratio of 0.70 and a beta of 1.18. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.82. The firm’s 50 day moving average price is $17.77 and its two-hundred day moving average price is $20.87.

Regions Financial (NYSE:RF – Get Rating) last announced its quarterly earnings data on Friday, April 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). Regions Financial had a net margin of 28.61% and a return on equity of 16.60%. The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same period in the previous year, the business posted $0.55 earnings per share. Regions Financial’s revenue was up 22.0% compared to the same quarter last year. As a group, analysts forecast that Regions Financial Co. will post 2.38 EPS for the current year.

Regions Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Friday, June 2nd will be issued a $0.20 dividend. The ex-dividend date is Thursday, June 1st. This represents a $0.80 annualized dividend and a yield of 4.74%. Regions Financial’s dividend payout ratio (DPR) is presently 34.19%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RF. Truist Financial cut shares of Regions Financial from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $21.00 to $20.00 in a research note on Monday, April 24th. UBS Group upped their price objective on shares of Regions Financial from $21.00 to $22.00 in a research note on Tuesday, April 25th. Citigroup decreased their price objective on shares of Regions Financial from $25.00 to $20.00 in a research note on Friday, April 21st. Royal Bank of Canada decreased their price objective on shares of Regions Financial from $25.00 to $23.00 and set an “outperform” rating on the stock in a research note on Friday, March 24th. Finally, StockNews.com assumed coverage on shares of Regions Financial in a research note on Thursday. They set a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Regions Financial has a consensus rating of “Hold” and a consensus target price of $23.50.

Insiders Place Their Bets

In other news, Director J Thomas Hill bought 11,926 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $16.78 per share, for a total transaction of $200,118.28. Following the completion of the acquisition, the director now owns 23,107 shares in the company, valued at approximately $387,735.46. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.32% of the company’s stock.

About Regions Financial

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Regions Financial Corp. operates as a bank holding company. It provides traditional commercial, retail and mortgage banking services, as well as other financial services in the fields of investment banking, asset management, trust, mutual funds, securities brokerage, insurance and other financing. The firm operates through the following segments: Corporate Bank, Consumer Bank, Wealth Management, and Other.