Bank of New York Mellon Corp Reduces Stock Position in Regions Financial Corporation $RF

Bank of New York Mellon Corp trimmed its position in Regions Financial Corporation (NYSE:RF) by 2.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,724,014 shares of the bank’s stock after selling 165,453 shares during the period. Bank of New York Mellon Corp owned about 0.64% of Regions Financial worth $150,942,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. CVA Family Office LLC raised its position in shares of Regions Financial by 163.2% in the second quarter. CVA Family Office LLC now owns 1,058 shares of the bank’s stock valued at $25,000 after buying an additional 656 shares during the last quarter. Darwin Wealth Management LLC purchased a new stake in Regions Financial in the 2nd quarter worth approximately $25,000. FNY Investment Advisers LLC acquired a new position in Regions Financial in the 2nd quarter valued at $30,000. Catalyst Capital Advisors LLC purchased a new position in shares of Regions Financial during the 2nd quarter worth $32,000. Finally, Salomon & Ludwin LLC acquired a new stake in shares of Regions Financial during the third quarter worth $32,000. 79.39% of the stock is owned by institutional investors and hedge funds.

Regions Financial Price Performance

Shares of NYSE RF opened at $28.50 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.80 and a quick ratio of 0.80. Regions Financial Corporation has a 1-year low of $17.74 and a 1-year high of $29.25. The company has a market capitalization of $24.99 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 1.01 and a beta of 1.03. The business has a 50-day moving average of $27.36 and a 200-day moving average of $26.22.

Regions Financial (NYSE:RF) last released its quarterly earnings results on Friday, January 16th. The bank reported $0.57 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.04). The company had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. Regions Financial had a return on equity of 12.55% and a net margin of 22.44%.The business’s revenue was up 5.8% on a year-over-year basis. During the same period last year, the firm posted $0.56 earnings per share. On average, equities analysts anticipate that Regions Financial Corporation will post 2.26 EPS for the current fiscal year.

Regions Financial declared that its board has approved a stock buyback program on Wednesday, December 10th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the bank to reacquire up to 12.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Regions Financial

In related news, EVP William D. Ritter sold 36,000 shares of the firm’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $28.78, for a total transaction of $1,036,080.00. Following the completion of the sale, the executive vice president directly owned 17,569 shares of the company’s stock, valued at approximately $505,635.82. This trade represents a 67.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on RF shares. Evercore ISI lowered Regions Financial from an “in-line” rating to an “underperform” rating and upped their target price for the company from $27.00 to $29.00 in a research note on Tuesday, January 6th. Truist Financial upped their price objective on shares of Regions Financial from $26.00 to $29.00 and gave the company a “hold” rating in a research note on Monday, December 22nd. Piper Sandler raised their target price on shares of Regions Financial from $29.00 to $31.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Regions Financial in a research report on Monday, December 29th. Finally, Morgan Stanley set a $31.00 price target on shares of Regions Financial in a research note on Monday, January 19th. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $29.27.

About Regions Financial

Regions Financial Corporation (NYSE: RF) is a U.S. bank holding company headquartered in Birmingham, Alabama, that provides a broad range of banking and financial services. Its primary banking subsidiary, Regions Bank, serves retail and commercial customers through a combination of branch and ATM networks, digital channels and relationship-based delivery. The company offers deposit accounts, consumer and commercial loans, mortgage origination and servicing, and payment and treasury services.

In addition to core banking, Regions offers wealth management, trust and brokerage services, insurance solutions, and capital markets capabilities to corporate and institutional clients.