Patten & Patten Inc. TN Trims Stake in Regions Financial Co. (NYSE:RF)

Patten & Patten Inc. TN reduced its position in shares of Regions Financial Co. (NYSE:RF) by 5.0% in the fourth quarter, Holdings Channel reports. The firm owned 84,439 shares of the bank’s stock after selling 4,425 shares during the period. Patten & Patten Inc. TN’s holdings in Regions Financial were worth $1,986,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Citigroup Inc. grew its position in Regions Financial by 20.0% during the third quarter. Citigroup Inc. now owns 1,519,299 shares of the bank’s stock worth $35,445,000 after buying an additional 253,708 shares in the last quarter. Aigen Investment Management LP purchased a new position in shares of Regions Financial during the fourth quarter worth about $1,965,000. Aprio Wealth Management LLC purchased a new position in shares of Regions Financial during the fourth quarter worth about $1,247,000. LBP AM SA grew its stake in Regions Financial by 149.4% in the 4th quarter. LBP AM SA now owns 730,614 shares of the bank’s stock worth $17,184,000 after buying an additional 437,691 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Regions Financial by 60.4% in the 4th quarter. Nordea Investment Management AB now owns 263,131 shares of the bank’s stock worth $6,220,000 after buying an additional 99,115 shares in the last quarter. 79.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on RF shares. Citigroup cut their price target on shares of Regions Financial from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday. The Goldman Sachs Group upped their target price on shares of Regions Financial from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Barclays increased their price objective on Regions Financial from $25.00 to $26.00 and gave the company an “underweight” rating in a research report on Monday, January 6th. Truist Financial boosted their target price on Regions Financial from $25.00 to $26.00 and gave the stock a “hold” rating in a research report on Tuesday, January 21st. Finally, Piper Sandler increased their price target 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 investment 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.56.

Insider Buying and Selling at Regions Financial

In other news, Director Joia M. Johnson bought 2,300 shares of Regions Financial stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $21.18 per share, for a total transaction of $48,714.00. Following the acquisition, the director now owns 17,486 shares of the company’s stock, valued at approximately $370,353.48. The trade was a 15.15 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have purchased 4,523 shares of company stock valued at $102,269. 0.29% of the stock is currently owned by company insiders.

Regions Financial Price Performance

RF stock opened at $21.45 on Friday. Regions Financial Co. has a 12-month low of $17.72 and a 12-month high of $27.96. The stock has a market capitalization of $19.42 billion, a price-to-earnings ratio of 11.05, a PEG ratio of 1.93 and a beta of 1.19. 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’s 50-day moving average price is $23.67 and its two-hundred day moving average price is $24.00.

Regions Financial (NYSE:RF) last posted its earnings results 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 return on equity of 12.83% and a net margin of 20.20%. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the firm earned $0.39 earnings per share. The business’s revenue was up .2% compared to the same quarter last year. As a group, equities analysts predict that Regions Financial Co. will post 2.26 earnings per share for the current year.

Regions Financial Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date of this dividend is Monday, March 3rd. Regions Financial’s payout ratio is currently 51.55%.

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.