Kovitz Investment Group Partners LLC Purchases Shares of 19,417 Regions Financial Co. (NYSE:RF)

Kovitz Investment Group Partners LLC acquired a new position in shares of Regions Financial Co. (NYSE:RF) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 19,417 shares of the bank’s stock, valued at approximately $453,000.

Several other hedge funds have also modified their holdings of the stock. State Street Corp raised its position in shares of Regions Financial by 16.3% during the 3rd quarter. State Street Corp now owns 55,485,987 shares of the bank’s stock worth $1,306,813,000 after acquiring an additional 7,791,399 shares in the last quarter. Stevens Capital Management LP acquired a new stake in Regions Financial during the third quarter worth approximately $242,000. Quantinno Capital Management LP lifted its position in shares of Regions Financial by 1.5% during the 3rd quarter. Quantinno Capital Management LP now owns 341,024 shares of the bank’s stock worth $7,956,000 after buying an additional 5,109 shares during the last quarter. Quarry LP boosted its holdings in shares of Regions Financial by 29.5% in the 3rd quarter. Quarry LP now owns 1,729 shares of the bank’s stock valued at $40,000 after buying an additional 394 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Regions Financial in the 3rd quarter valued at $17,589,000. 79.39% of the stock is currently owned by institutional investors and hedge funds.

Regions Financial Stock Performance

RF opened at $25.05 on Friday. The stock’s 50 day simple moving average is $25.07 and its 200 day simple moving average is $22.47. The stock has a market cap of $22.77 billion, a P/E ratio of 14.15, a P/E/G ratio of 2.72 and a beta of 1.19. Regions Financial Co. has a 1-year low of $17.18 and a 1-year high of $27.96. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.84 and a quick ratio of 0.83.

Regions Financial (NYSE:RF) last announced its quarterly earnings results on Friday, October 18th. The bank reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.04). Regions Financial had a net margin of 18.78% and a return on equity of 12.60%. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the business earned $0.49 EPS. The company’s quarterly revenue was down 3.7% compared to the same quarter last year. As a group, equities analysts anticipate that Regions Financial Co. will post 2.12 EPS for the current fiscal year.

Regions Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend is Monday, December 2nd. Regions Financial’s payout ratio is currently 56.50%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Piper Sandler upped their price objective on shares of Regions Financial from $25.00 to $29.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Barclays raised their price target on Regions Financial from $22.00 to $25.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. Wedbush upped their price objective on Regions Financial from $28.00 to $30.00 and gave the company an “outperform” rating in a research note on Monday, October 21st. DA Davidson lifted their target price on Regions Financial from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Morgan Stanley restated an “equal weight” rating and set a $32.00 price target (up previously from $28.00) on shares of Regions Financial in a research note on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Regions Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.61.

About Regions Financial

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.