Geode Capital Management LLC Grows Stock Position in Regions Financial Co. (NYSE:RF)

Geode Capital Management LLC grew its stake in shares of Regions Financial Co. (NYSE:RF) by 1.4% in the third quarter, HoldingsChannel reports. The fund owned 22,625,214 shares of the bank’s stock after buying an additional 315,605 shares during the quarter. Geode Capital Management LLC’s holdings in Regions Financial were worth $526,118,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. State Street Corp increased its position in Regions Financial by 16.3% during the third quarter. State Street Corp now owns 55,485,987 shares of the bank’s stock worth $1,306,813,000 after purchasing an additional 7,791,399 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Regions Financial by 575.8% during the 3rd quarter. National Bank of Canada FI now owns 1,705,273 shares of the bank’s stock valued at $39,784,000 after buying an additional 1,452,956 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Regions Financial by 13.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,625,734 shares of the bank’s stock worth $201,238,000 after buying an additional 1,014,706 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Regions Financial by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 14,252,693 shares of the bank’s stock worth $285,562,000 after buying an additional 979,597 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Regions Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 27,786,933 shares of the bank’s stock valued at $648,269,000 after acquiring an additional 816,226 shares during the last quarter. 79.39% of the stock is currently owned by hedge funds and other institutional investors.

Regions Financial Stock Performance

Regions Financial stock opened at $25.05 on Friday. Regions Financial Co. has a 52 week low of $17.18 and a 52 week high of $27.96. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.35. The stock has a market cap of $22.77 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 2.72 and a beta of 1.19. The stock has a 50 day moving average of $25.07 and a 200-day moving average of $22.47.

Regions Financial (NYSE:RF) last posted its quarterly earnings data on Friday, October 18th. The bank reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.04). The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.80 billion. Regions Financial had a net margin of 18.78% and a return on equity of 12.60%. The company’s revenue was down 3.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 earnings per share. On average, analysts expect that Regions Financial Co. will post 2.12 EPS for the current fiscal year.

Regions Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

RF has been the subject of several research analyst reports. Piper Sandler upped their price target on Regions Financial from $25.00 to $29.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Morgan Stanley restated an “equal weight” rating and issued a $32.00 price target (up previously from $28.00) on shares of Regions Financial in a report on Monday. Barclays boosted their price objective on shares of Regions Financial from $22.00 to $25.00 and gave the stock an “underweight” rating in a research note on Monday, October 21st. Compass Point raised their target price on shares of Regions Financial from $25.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods raised shares of Regions Financial from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $27.00 to $28.00 in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have issued 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 an average target price of $27.61.

Regions Financial Profile

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.