Cornercap Investment Counsel Inc. Sells 2,366 Shares of Regions Financial Co. (NYSE:RF)

Cornercap Investment Counsel Inc. cut its holdings in Regions Financial Co. (NYSE:RF) by 3.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 74,849 shares of the bank’s stock after selling 2,366 shares during the period. Regions Financial comprises 0.6% of Cornercap Investment Counsel Inc.’s holdings, making the stock its 20th largest holding. Cornercap Investment Counsel Inc.’s holdings in Regions Financial were worth $1,760,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP grew its holdings in Regions Financial by 29.5% during the 3rd quarter. Quarry LP now owns 1,729 shares of the bank’s stock valued at $40,000 after purchasing an additional 394 shares during the last quarter. Ballentine Partners LLC grew its stake in shares of Regions Financial by 2.5% during the fourth quarter. Ballentine Partners LLC now owns 17,458 shares of the bank’s stock valued at $411,000 after buying an additional 420 shares during the last quarter. Prossimo Advisors LLC raised its holdings in shares of Regions Financial by 2.3% in the fourth quarter. Prossimo Advisors LLC now owns 19,270 shares of the bank’s stock worth $453,000 after buying an additional 430 shares during the period. Greenleaf Trust lifted its stake in shares of Regions Financial by 1.8% during the 4th quarter. Greenleaf Trust now owns 24,382 shares of the bank’s stock worth $573,000 after acquiring an additional 436 shares during the last quarter. Finally, Lake Street Advisors Group LLC boosted its holdings in Regions Financial by 2.3% during the 4th quarter. Lake Street Advisors Group LLC now owns 19,173 shares of the bank’s stock valued at $456,000 after acquiring an additional 436 shares during the period. 79.39% of the stock is currently owned by hedge funds and other institutional investors.

Regions Financial Stock Down 2.3 %

RF stock opened at $21.42 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.37. Regions Financial Co. has a 52 week low of $17.72 and a 52 week high of $27.96. The stock has a market capitalization of $19.39 billion, a PE ratio of 11.04, a price-to-earnings-growth ratio of 1.93 and a beta of 1.19. The firm has a 50 day moving average of $23.25 and a 200 day moving average of $23.92.

Regions Financial (NYSE:RF) last announced its quarterly earnings data on Friday, January 17th. The bank reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.86 billion. Regions Financial had a net margin of 20.20% and a return on equity of 12.83%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.39 earnings per share. Sell-side analysts forecast that Regions Financial Co. will post 2.26 earnings per share for the current year.

Regions Financial Announces Dividend

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

Analyst Ratings Changes

A number of analysts have weighed in on the company. Barclays increased their target price on Regions Financial from $25.00 to $26.00 and gave the stock an “underweight” rating in a research note on Monday, January 6th. Morgan Stanley reiterated an “equal weight” rating and set a $32.00 price objective (up previously from $28.00) on shares of Regions Financial in a report on Monday, December 9th. Compass Point upped their target price on shares of Regions Financial from $25.00 to $31.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Citigroup decreased their price target on shares of Regions Financial from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Finally, Piper Sandler upped their target price on Regions Financial from $25.00 to $29.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.17.

Insiders Place Their Bets

In related news, Director Joia M. Johnson bought 2,300 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average cost of $21.18 per share, with a total value of $48,714.00. Following the completion of the acquisition, the director now directly owns 17,486 shares in the company, valued at approximately $370,353.48. The trade was a 15.15 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders acquired 3,993 shares of company stock valued at $89,682. 0.29% of the stock is owned by insiders.

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.