Principal Financial Group Inc. Raises Stake in Regions Financial Co. (NYSE:RF)

Posted by Defense World Staff on Aug 24th, 2023

Principal Financial Group Inc. grew its holdings in Regions Financial Co. (NYSE:RF – Free Report) by 2.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,144,355 shares of the bank’s stock after buying an additional 22,011 shares during the period. Principal Financial Group Inc. owned 0.12% of Regions Financial worth $21,239,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RF. Yousif Capital Management LLC raised its stake in shares of Regions Financial by 0.8% during the 1st quarter. Yousif Capital Management LLC now owns 149,877 shares of the bank’s stock worth $3,336,000 after buying an additional 1,249 shares in the last quarter. Vontobel Holding Ltd. raised its position in Regions Financial by 23.5% in the first quarter. Vontobel Holding Ltd. now owns 24,426 shares of the bank’s stock worth $553,000 after acquiring an additional 4,648 shares in the last quarter. Allianz Asset Management GmbH lifted its holdings in Regions Financial by 929.9% in the first quarter. Allianz Asset Management GmbH now owns 1,070,728 shares of the bank’s stock valued at $23,834,000 after acquiring an additional 966,768 shares during the period. Brown Brothers Harriman & Co. boosted its position in shares of Regions Financial by 44.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 15,715 shares of the bank’s stock worth $350,000 after purchasing an additional 4,852 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in shares of Regions Financial by 41.7% during the 1st quarter. Parkside Financial Bank & Trust now owns 2,505 shares of the bank’s stock worth $56,000 after purchasing an additional 737 shares during the period. Hedge funds and other institutional investors own 73.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. DA Davidson boosted their price objective on shares of Regions Financial from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, July 24th. Stephens restated an “equal weight” rating and issued a $20.00 price target on shares of Regions Financial in a report on Monday, August 7th. Morgan Stanley lifted their price objective on Regions Financial from $25.00 to $26.00 and gave the stock an “overweight” rating in a report on Monday, July 24th. Truist Financial boosted their price objective on shares of Regions Financial from $19.00 to $22.00 in a research report on Wednesday, July 26th. Finally, Citigroup lifted their target price on shares of Regions Financial from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $23.03.

View Our Latest Stock Analysis on RF

Insider Activity

In related news, EVP Ronald G. Smith sold 10,000 shares of Regions Financial stock in a transaction on Monday, August 7th. The shares were sold at an average price of $20.93, for a total value of $209,300.00. Following the completion of the sale, the executive vice president now owns 281,151 shares in the company, valued at $5,884,490.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.32% of the company’s stock.

Regions Financial Stock Performance

Regions Financial stock opened at $18.79 on Thursday. The firm has a market capitalization of $17.63 billion, a PE ratio of 8.03, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. Regions Financial Co. has a one year low of $13.94 and a one year high of $24.33. The stock’s 50 day moving average price is $19.14 and its 200 day moving average price is $19.22. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.83 and a current ratio of 0.84.

Regions Financial (NYSE:RF – Get Free Report) last released its quarterly earnings results on Friday, July 21st. The bank reported $0.59 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.59. Regions Financial had a net margin of 26.86% and a return on equity of 16.54%. The business had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.95 billion. During the same period last year, the business earned $0.59 EPS. The business’s revenue was up 12.0% on a year-over-year basis. As a group, sell-side analysts expect that Regions Financial Co. will post 2.36 EPS for the current fiscal year.

Regions Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 1st will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date of this dividend is Thursday, August 31st. This is a positive change from Regions Financial’s previous quarterly dividend of $0.20. Regions Financial’s dividend payout ratio (DPR) is 34.19%.

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.