Regions Financial Co. (NYSE:RF) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System decreased its position in shares of Regions Financial Co. (NYSE:RF) by 1.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 262,339 shares of the bank’s stock after selling 4,300 shares during the period. State of Michigan Retirement System’s holdings in Regions Financial were worth $6,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Citigroup Inc. lifted its position in shares of Regions Financial by 20.0% during the 3rd quarter. Citigroup Inc. now owns 1,519,299 shares of the bank’s stock valued at $35,445,000 after buying an additional 253,708 shares in the last quarter. Aprio Wealth Management LLC purchased a new position in shares of Regions Financial during the 4th quarter valued at approximately $1,247,000. Nordea Investment Management AB lifted its position in shares of Regions Financial by 60.4% during the 4th quarter. Nordea Investment Management AB now owns 263,131 shares of the bank’s stock valued at $6,220,000 after buying an additional 99,115 shares in the last quarter. Commerce Bank lifted its holdings in Regions Financial by 392.5% in the 3rd quarter. Commerce Bank now owns 248,325 shares of the bank’s stock valued at $5,793,000 after purchasing an additional 197,900 shares in the last quarter. Finally, Vest Financial LLC lifted its holdings in Regions Financial by 20.4% in the 4th quarter. Vest Financial LLC now owns 1,479,865 shares of the bank’s stock valued at $34,806,000 after purchasing an additional 250,729 shares in the last quarter. Hedge funds and other institutional investors own 79.39% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on RF shares. Piper Sandler raised their price objective on Regions Financial from $25.00 to $29.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Barclays raised their price objective on Regions Financial from $25.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, January 6th. Citigroup raised their price objective on Regions Financial from $26.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Morgan Stanley restated an “equal weight” rating and issued a $32.00 price objective (up previously from $28.00) on shares of Regions Financial in a report on Monday, December 9th. Finally, The Goldman Sachs Group raised their price objective on Regions Financial from $29.00 to $33.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Regions Financial presently has an average rating of “Moderate Buy” and an average price target of $27.67.

Regions Financial Stock Down 0.8 %

Shares of NYSE:RF opened at $21.92 on Friday. The business has a 50-day moving average price of $23.93 and a 200 day moving average price of $24.03. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $19.84 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.93 and a beta of 1.20. Regions Financial Co. has a 12-month low of $17.72 and a 12-month high of $27.96.

Regions Financial (NYSE:RF) last issued its quarterly earnings data on Friday, January 17th. The bank reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.01. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.86 billion. Regions Financial had a return on equity of 12.83% and a net margin of 20.20%. The company’s quarterly revenue was up .2% on a year-over-year basis. During the same period last year, the company earned $0.39 EPS. Sell-side analysts expect that Regions Financial Co. will post 2.26 EPS for the current year.

Regions Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 4.56%. The ex-dividend date is Monday, March 3rd. Regions Financial’s dividend payout ratio is currently 51.55%.

Regions Financial Company 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.