Sound Income Strategies LLC Grows Stock Position in Regions Financial Co. (NYSE:RF)

Sound Income Strategies LLC boosted its stake in shares of Regions Financial Co. (NYSE:RF) by 86.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,448 shares of the bank’s stock after purchasing an additional 1,602 shares during the quarter. Sound Income Strategies LLC’s holdings in Regions Financial were worth $80,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Exchange Traded Concepts LLC raised its holdings in shares of Regions Financial by 7,751.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 114,393 shares of the bank’s stock valued at $2,669,000 after purchasing an additional 112,936 shares in the last quarter. Ritholtz Wealth Management increased its holdings in Regions Financial by 4.0% in the third quarter. Ritholtz Wealth Management now owns 17,926 shares of the bank’s stock valued at $418,000 after buying an additional 697 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its stake in Regions Financial by 445.2% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 9,062 shares of the bank’s stock valued at $211,000 after buying an additional 7,400 shares in the last quarter. LVW Advisors LLC purchased a new stake in Regions Financial during the 3rd quarter worth about $215,000. Finally, Contravisory Investment Management Inc. acquired a new position in shares of Regions Financial during the 3rd quarter worth about $528,000. Institutional investors and hedge funds own 79.39% of the company’s stock.

Regions Financial Stock Up 0.8 %

RF opened at $23.88 on Tuesday. The business has a 50 day simple moving average of $22.39 and a 200-day simple moving average of $20.79. The stock has a market capitalization of $21.87 billion, a P/E ratio of 12.98, a P/E/G ratio of 2.80 and a beta of 1.17. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.83 and a quick ratio of 0.83. Regions Financial Co. has a 12 month low of $13.72 and a 12 month high of $23.97.

Regions Financial (NYSE:RF) last announced its earnings results on Friday, July 19th. The bank reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Regions Financial had a net margin of 18.91% and a return on equity of 12.64%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.59 earnings per share. On average, equities analysts anticipate that Regions Financial Co. will post 2.02 earnings per share for the current fiscal year.

Regions Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd were given a $0.25 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.19%. This is an increase from Regions Financial’s previous quarterly dividend of $0.24. Regions Financial’s payout ratio is currently 54.35%.

Wall Street Analysts Forecast Growth

RF has been the topic of several research analyst reports. Evercore ISI raised their target price on Regions Financial from $24.50 to $26.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Citigroup upped their target price on shares of Regions Financial from $25.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Morgan Stanley lifted their price target on shares of Regions Financial from $25.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Truist Financial raised their price objective on Regions Financial from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Finally, Keefe, Bruyette & Woods reduced their target price on Regions Financial from $22.00 to $21.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $22.86.

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.