Thornburg Investment Management Inc. Boosts Stock Position in Regions Financial Corporation $RF

Thornburg Investment Management Inc. raised its position in shares of Regions Financial Corporation (NYSE:RF) by 0.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,624,765 shares of the bank’s stock after buying an additional 28,669 shares during the quarter. Regions Financial comprises about 1.6% of Thornburg Investment Management Inc.’s investment portfolio, making the stock its 16th largest holding. Thornburg Investment Management Inc.’s holdings in Regions Financial were worth $121,955,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Darwin Wealth Management LLC bought a new position in shares of Regions Financial during the 2nd quarter worth approximately $25,000. United Community Bank purchased a new position in Regions Financial in the third quarter worth $30,000. Salomon & Ludwin LLC acquired a new position in shares of Regions Financial during the third quarter worth $32,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Regions Financial during the 2nd quarter valued at $33,000. Finally, Clearstead Trust LLC boosted its position in shares of Regions Financial by 574.5% in the 2nd quarter. Clearstead Trust LLC now owns 1,430 shares of the bank’s stock worth $34,000 after purchasing an additional 1,218 shares in the last quarter. 79.39% of the stock is currently owned by institutional investors.

Regions Financial Trading Up 2.1%

Regions Financial stock opened at $29.03 on Thursday. Regions Financial Corporation has a 52 week low of $17.74 and a 52 week high of $31.53. The stock has a 50-day moving average price of $28.64 and a 200 day moving average price of $26.78. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $25.46 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 1.01 and a beta of 1.04.

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

Regions Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 2nd will be issued a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Monday, March 2nd. Regions Financial’s dividend payout ratio is presently 46.29%.

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

Analysts Set New Price Targets

RF has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 target price on shares of Regions Financial in a research report on Tuesday, January 20th. JPMorgan Chase & Co. boosted their price target on Regions Financial from $29.00 to $31.50 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Wells Fargo & Company downgraded shares of Regions Financial from an “equal weight” rating to an “underweight” rating and set a $30.00 price objective on the stock. in a report on Friday, January 16th. Piper Sandler lifted their target price on shares of Regions Financial from $29.00 to $31.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 20th. Finally, UBS Group restated a “neutral” rating and set a $30.00 price target on shares of Regions Financial in a research note on Wednesday, February 4th. Six investment 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. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $29.84.

Insiders Place Their Bets

In other Regions Financial news, EVP William D. Ritter sold 36,000 shares of the stock in a transaction dated Thursday, January 22nd. The stock was 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 of the company’s stock, valued at approximately $505,635.82. This trade represents a 67.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

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.