Regions Financial Corporation $RF Shares Bought by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D raised its stake in shares of Regions Financial Corporation (NYSE:RF) by 20.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 254,103 shares of the bank’s stock after buying an additional 43,312 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Regions Financial were worth $6,701,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of RF. GAM Holding AG purchased a new stake in shares of Regions Financial in the third quarter valued at approximately $1,760,000. Allspring Global Investments Holdings LLC lifted its position in Regions Financial by 2.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 9,205,989 shares of the bank’s stock worth $241,289,000 after buying an additional 233,458 shares in the last quarter. First Citizens Bank & Trust Co. boosted its stake in Regions Financial by 6.8% during the third quarter. First Citizens Bank & Trust Co. now owns 690,344 shares of the bank’s stock worth $18,204,000 after buying an additional 44,252 shares during the last quarter. iA Global Asset Management Inc. purchased a new stake in Regions Financial in the 3rd quarter valued at $1,378,000. Finally, Teacher Retirement System of Texas increased its stake in shares of Regions Financial by 111.2% in the 3rd quarter. Teacher Retirement System of Texas now owns 290,563 shares of the bank’s stock worth $7,662,000 after acquiring an additional 152,987 shares during the last quarter. Hedge funds and other institutional investors own 79.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RF. Morgan Stanley set a $31.00 price target on shares of Regions Financial in a research report on Monday, January 19th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $31.00 price target on shares of Regions Financial in a research note on Tuesday, January 20th. The Goldman Sachs Group restated a “buy” rating and set a $32.00 price target on shares of Regions Financial in a report on Tuesday, January 6th. Truist Financial upped their price objective on Regions Financial from $26.00 to $29.00 and gave the company a “hold” rating in a report on Monday, December 22nd. Finally, UBS Group reissued a “neutral” rating and set a $30.00 target price on shares of Regions Financial in a research note on Wednesday, February 4th. Six research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $29.84.

Insiders Place Their Bets

In other Regions Financial news, EVP William D. Ritter sold 36,000 shares of the business’s stock in a transaction dated 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 sale, the executive vice president directly owned 17,569 shares in the company, valued at $505,635.82. This represents a 67.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Regions Financial Stock Performance

NYSE:RF opened at $30.11 on Thursday. Regions Financial Corporation has a fifty-two week low of $17.74 and a fifty-two week high of $31.53. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.80 and a current ratio of 0.80. The company has a 50 day moving average price of $28.48 and a 200 day moving average price of $26.63. The stock has a market capitalization of $26.40 billion, a P/E ratio of 13.15, a PEG ratio of 1.06 and a beta of 1.04.

Regions Financial (NYSE:RF) last released its quarterly earnings results on Friday, January 16th. The bank reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.04). Regions Financial had a return on equity of 12.55% and a net margin of 22.44%.The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter last year, the company earned $0.56 earnings per share. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. Equities research analysts forecast that Regions Financial Corporation 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 Wednesday, April 1st. Investors of record on Monday, March 2nd will be issued a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, March 2nd. Regions Financial’s dividend payout ratio (DPR) is 46.29%.

Regions Financial announced that its board has initiated a share buyback program on Wednesday, December 10th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the bank to purchase up to 12.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Regions Financial Profile

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.