Synovus Financial Corp Buys 134,615 Shares of Regions Financial Co. (NYSE:RF)

Synovus Financial Corp boosted its position in shares of Regions Financial Co. (NYSE:RF) by 55.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 375,572 shares of the bank’s stock after acquiring an additional 134,615 shares during the period. Synovus Financial Corp’s holdings in Regions Financial were worth $8,762,000 at the end of the most recent quarter.

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

Regions Financial Stock Up 0.2 %

Shares of RF opened at $25.10 on Friday. The business’s fifty day moving average price is $25.07 and its two-hundred day moving average price is $22.47. The firm has a market capitalization of $22.81 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 2.64 and a beta of 1.19. Regions Financial Co. has a 52 week low of $17.42 and a 52 week high of $27.96. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.83 and a current ratio of 0.84.

Regions Financial (NYSE:RF) last issued its quarterly earnings results on Friday, October 18th. The bank reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.04). The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates 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 period last year, the company earned $0.49 EPS. On average, analysts predict that Regions Financial Co. will post 2.12 earnings per share for the current year.

Regions Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Monday, December 2nd. Regions Financial’s dividend payout ratio is 56.50%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. The Goldman Sachs Group raised their target price on Regions Financial from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Stephens upgraded shares of Regions Financial from an “equal weight” rating to an “overweight” rating and set a $26.00 target price on the stock in a research note on Tuesday, October 29th. DA Davidson increased their target price on shares of Regions Financial from $27.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Barclays boosted their price target on shares of Regions Financial from $22.00 to $25.00 and gave the company an “underweight” rating in a research report on Monday, October 21st. Finally, Piper Sandler upped their price objective on shares of Regions Financial from $25.00 to $29.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Regions Financial has an average rating of “Moderate Buy” and a consensus target price of $27.61.

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.