Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Holdings in Regions Financial Corporation $RF

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Regions Financial Corporation (NYSE:RF) by 4.8% in the third quarter, HoldingsChannel.com reports. The fund owned 1,790,275 shares of the bank’s stock after acquiring an additional 81,879 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Regions Financial were worth $47,210,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Regions Financial in the second quarter worth about $246,790,000. Arrowstreet Capital Limited Partnership increased its holdings in Regions Financial by 620.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,563,492 shares of the bank’s stock worth $60,293,000 after buying an additional 2,207,585 shares during the period. Basswood Capital Management L.L.C. acquired a new position in Regions Financial in the 2nd quarter worth approximately $24,927,000. Midwest Trust Co purchased a new position in Regions Financial during the 2nd quarter worth approximately $14,519,000. Finally, Schroder Investment Management Group lifted its stake in Regions Financial by 56.8% during the 2nd quarter. Schroder Investment Management Group now owns 1,558,174 shares of the bank’s stock valued at $36,648,000 after acquiring an additional 564,281 shares during the period. Hedge funds and other institutional investors own 79.39% of the company’s stock.

Regions Financial Stock Down 5.4%

Shares of RF opened at $27.79 on Friday. The firm has a market cap of $24.00 billion, a P/E ratio of 12.13, a PEG ratio of 0.98 and a beta of 1.04. Regions Financial Corporation has a 12 month low of $17.74 and a 12 month high of $31.53. The stock’s 50 day moving average is $28.68 and its two-hundred day moving average is $26.83. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.23.

Regions Financial (NYSE:RF) last announced its 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). Regions Financial had a net margin of 22.44% and a return on equity of 12.55%. The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter last year, the business earned $0.56 EPS. The company’s quarterly revenue was up 5.8% on a year-over-year basis. Analysts predict that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd will be given a $0.265 dividend. The ex-dividend date is Monday, March 2nd. This represents a $1.06 annualized dividend and a dividend yield of 3.8%. Regions Financial’s dividend payout ratio (DPR) is 46.29%.

Regions Financial declared that its board has authorized a stock repurchase plan on Wednesday, December 10th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the bank to buy up to 12.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Regions Financial in a research note on Monday, December 29th. Wells Fargo & Company downgraded Regions Financial from an “equal weight” rating to an “underweight” rating and set a $30.00 price target on the stock. in a research report on Friday, January 16th. UBS Group reiterated a “neutral” rating and set a $30.00 price objective on shares of Regions Financial in a research note on Wednesday, February 4th. Evercore downgraded Regions Financial from an “in-line” rating to an “underperform” rating and upped their target price for the stock from $27.00 to $29.00 in a research note on Tuesday, January 6th. Finally, Truist Financial lifted their price target on Regions Financial from $26.00 to $29.00 and gave the company a “hold” rating in a research report on Monday, December 22nd. Six analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Regions Financial presently has an average rating of “Hold” and a consensus target price of $29.84.

Insider Activity

In related news, EVP William D. Ritter sold 36,000 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $28.78, for a total value of $1,036,080.00. Following the transaction, 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 filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is currently owned by company insiders.

Regions Financial Company 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.