Pitcairn Co. Purchases 1,382 Shares of Regions Financial Co. (NYSE:RF)

Pitcairn Co. grew its position in shares of Regions Financial Co. (NYSE:RF) by 9.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 16,556 shares of the bank’s stock after acquiring an additional 1,382 shares during the quarter. Pitcairn Co.’s holdings in Regions Financial were worth $348,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Laurel Wealth Advisors LLC raised its holdings in Regions Financial by 86.5% during the 4th quarter. Laurel Wealth Advisors LLC now owns 1,399 shares of the bank’s stock valued at $27,000 after buying an additional 649 shares during the period. MV Capital Management Inc. raised its holdings in Regions Financial by 75.6% during the 1st quarter. MV Capital Management Inc. now owns 1,435 shares of the bank’s stock valued at $30,000 after buying an additional 618 shares during the period. ICA Group Wealth Management LLC purchased a new stake in Regions Financial during the 4th quarter valued at $28,000. Glassman Wealth Services raised its holdings in Regions Financial by 163.3% during the 4th quarter. Glassman Wealth Services now owns 1,559 shares of the bank’s stock valued at $30,000 after buying an additional 967 shares during the period. Finally, Register Financial Advisors LLC purchased a new stake in Regions Financial during the 1st quarter valued at $46,000. 79.39% of the stock is currently owned by institutional investors.

Regions Financial Stock Up 2.0 %

NYSE RF traded up $0.44 during trading on Thursday, hitting $22.55. The company’s stock had a trading volume of 7,899,249 shares, compared to its average volume of 8,243,253. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $20.65 billion, a PE ratio of 12.20, a P/E/G ratio of 2.40 and a beta of 1.18. The business’s 50 day simple moving average is $19.73 and its 200-day simple moving average is $19.38. Regions Financial Co. has a fifty-two week low of $13.72 and a fifty-two week high of $22.85.

Regions Financial (NYSE:RF) last released its earnings results on Friday, July 19th. The bank reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. Regions Financial had a return on equity of 12.64% and a net margin of 18.91%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the company posted $0.59 earnings per share. The company’s revenue was down 11.5% compared to the same quarter last year. On average, equities analysts anticipate that Regions Financial Co. will post 1.99 EPS for the current fiscal year.

Regions Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.25 per share. This is an increase from Regions Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.43%. Regions Financial’s payout ratio is 52.17%.

Analysts Set New Price Targets

A number of analysts have weighed in on RF shares. Keefe, Bruyette & Woods reduced their target price on Regions Financial from $22.00 to $21.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 9th. Jefferies Financial Group increased their target price on Regions Financial from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Evercore ISI reduced their target price on Regions Financial from $22.00 to $21.00 and set an “in-line” rating on the stock in a research note on Tuesday, June 25th. Truist Financial increased their target price on Regions Financial from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Monday. Finally, Wells Fargo & Company raised their price target on Regions Financial from $18.00 to $22.00 and gave the company an “equal weight” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $21.32.

Insider Buying and Selling

In related news, EVP William D. Ritter sold 23,000 shares of Regions Financial stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $19.95, for a total transaction of $458,850.00. Following the completion of the sale, the executive vice president now owns 41,671 shares of the company’s stock, valued at $831,336.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.33% of the company’s stock.

About Regions Financial

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.