Amalgamated Bank Sells 40,643 Shares of Regions Financial Co. (NYSE:RF)

Posted by Defense World Staff on Jul 28th, 2023

Amalgamated Bank trimmed its stake in Regions Financial Co. (NYSE:RF – Free Report) by 14.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 241,127 shares of the bank’s stock after selling 40,643 shares during the quarter. Amalgamated Bank’s holdings in Regions Financial were worth $4,475,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. CIBC Private Wealth Group LLC lifted its holdings in Regions Financial by 3.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 12,452 shares of the bank’s stock worth $417,000 after purchasing an additional 435 shares during the last quarter. Southeast Asset Advisors Inc. raised its holdings in Regions Financial by 0.5% in the 4th quarter. Southeast Asset Advisors Inc. now owns 98,318 shares of the bank’s stock valued at $2,120,000 after acquiring an additional 449 shares in the last quarter. Bell Investment Advisors Inc raised its holdings in Regions Financial by 30.2% in the 4th quarter. Bell Investment Advisors Inc now owns 1,951 shares of the bank’s stock valued at $42,000 after acquiring an additional 452 shares in the last quarter. Assetmark Inc. raised its holdings in Regions Financial by 5.7% in the 4th quarter. Assetmark Inc. now owns 9,362 shares of the bank’s stock valued at $202,000 after acquiring an additional 506 shares in the last quarter. Finally, Toroso Investments LLC raised its holdings in Regions Financial by 5.0% in the 4th quarter. Toroso Investments LLC now owns 10,722 shares of the bank’s stock valued at $231,000 after acquiring an additional 508 shares in the last quarter. 73.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on RF shares. Truist Financial lifted their price objective on Regions Financial from $19.00 to $22.00 in a report on Wednesday. Barclays decreased their price target on Regions Financial from $29.00 to $23.00 in a research note on Wednesday, April 12th. Wedbush reiterated an “outperform” rating and issued a $22.00 price target on shares of Regions Financial in a research note on Monday. JPMorgan Chase & Co. decreased their price target on Regions Financial from $26.00 to $23.00 in a research note on Monday, April 10th. Finally, UBS Group lifted their price target on Regions Financial from $21.00 to $22.00 in a research note on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $23.25.

Regions Financial Stock Down 1.3 %

RF stock opened at $19.96 on Friday. The stock’s 50 day simple moving average is $18.31 and its 200 day simple moving average is $19.60. Regions Financial Co. has a fifty-two week low of $13.94 and a fifty-two week high of $24.33. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market cap of $18.73 billion, a P/E ratio of 8.53, a price-to-earnings-growth ratio of 0.84 and a beta of 1.17.

Regions Financial (NYSE:RF – Get Free Report) last posted its quarterly earnings results on Friday, July 21st. The bank reported $0.59 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.59. Regions Financial had a return on equity of 16.54% and a net margin of 26.86%. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same period in the prior year, the business earned $0.59 EPS. The firm’s revenue for the quarter was up 12.0% on a year-over-year basis. On average, research analysts expect that Regions Financial Co. will post 2.35 earnings per share for the current fiscal year.

Regions Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 1st will be paid a dividend of $0.24 per share. This is an increase from Regions Financial’s previous quarterly dividend of $0.20. This represents a $0.96 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date of this dividend is Thursday, August 31st. Regions Financial’s dividend payout ratio is 41.03%.

Insiders Place Their Bets

In related news, Director J Thomas Hill acquired 11,926 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was purchased at an average cost of $16.78 per share, with a total value of $200,118.28. Following the acquisition, the director now owns 23,107 shares of the company’s stock, valued at approximately $387,735.46. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.32% of the company’s stock.

About Regions Financial

(Free Report)

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.