Cornercap Investment Counsel Inc. Decreases Stock Position in Regions Financial Co. (NYSE:RF)

Cornercap Investment Counsel Inc. trimmed its position in shares of Regions Financial Co. (NYSE:RF) by 3.1% in the 4th quarter, Holdings Channel reports. The firm owned 74,849 shares of the bank’s stock after selling 2,366 shares during the period. Regions Financial accounts for approximately 0.6% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 20th largest position. Cornercap Investment Counsel Inc.’s holdings in Regions Financial were worth $1,760,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Y.D. More Investments Ltd grew its holdings in shares of Regions Financial by 122.9% during the fourth quarter. Y.D. More Investments Ltd now owns 1,150 shares of the bank’s stock worth $27,000 after buying an additional 634 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Regions Financial during the 4th quarter valued at about $28,000. Picton Mahoney Asset Management raised its holdings in Regions Financial by 2,354.9% in the 4th quarter. Picton Mahoney Asset Management now owns 1,252 shares of the bank’s stock valued at $29,000 after acquiring an additional 1,201 shares during the last quarter. Millstone Evans Group LLC purchased a new position in Regions Financial in the 4th quarter worth approximately $32,000. Finally, Legacy Investment Solutions LLC purchased a new stake in shares of Regions Financial in the third quarter valued at approximately $37,000. 79.39% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Regions Financial news, Director Joia M. Johnson bought 2,300 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was acquired at an average price of $21.18 per share, for a total transaction of $48,714.00. Following the completion of the purchase, the director now owns 17,486 shares of the company’s stock, valued at approximately $370,353.48. This represents a 15.15 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders bought 3,993 shares of company stock valued at $89,682. 0.29% of the stock is currently owned by company insiders.

Regions Financial Stock Down 2.3 %

Shares of NYSE:RF opened at $21.42 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.37. The firm has a 50 day simple moving average of $23.25 and a 200-day simple moving average of $23.92. The company has a market capitalization of $19.39 billion, a PE ratio of 11.04, a P/E/G ratio of 1.93 and a beta of 1.19. Regions Financial Co. has a twelve month low of $17.72 and a twelve month high of $27.96.

Regions Financial (NYSE:RF) last released its quarterly earnings data on Friday, January 17th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.01. Regions Financial had a net margin of 20.20% and a return on equity of 12.83%. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. Regions Financial’s revenue for the quarter was up .2% on a year-over-year basis. On average, equities analysts predict that Regions Financial Co. will post 2.26 EPS for the current fiscal year.

Regions Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.67%. The ex-dividend date of this dividend is Monday, March 3rd. Regions Financial’s dividend payout ratio (DPR) is 51.55%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RF. Wells Fargo & Company reduced their price objective on Regions Financial from $28.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Friday. Compass Point boosted their target price on shares of Regions Financial from $25.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. 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 report on Monday, December 9th. Citigroup decreased their price objective on Regions Financial from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, Piper Sandler upped their target price on shares of Regions Financial from $25.00 to $29.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $27.17.

Regions Financial Company 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.