SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Regions Bank (acting as Institutional Investment Manager for Regions Financial Corp)
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter ended September 30, 2010
Filing Date: November 12, 2010
Signatory: James E. Meigs, Executive Vice President
This filing discloses the equity securities held by Regions Bank at the end of the third quarter of 2010. The report includes holdings managed for the bank itself and one other included manager (Regions Bank, File No. 085-00829).
Key Financial Metrics
Note: As a Form 13F, this filing reports portfolio holdings rather than the operating financial performance (revenue, profit, cash flow) of Regions Financial Corp.
- Total Portfolio Value: $6,526,523 (as reported in the summary table)
- Total Number of Holdings: 1,976 entries
- Asset Classes: Primarily common stock (SH), preferred stock (PRN), and mutual funds/ETFs (MUT).
- Voting Authority: The manager reports Sole, Shared, and None voting authority across various positions.
Material Changes and Portfolio Composition
The filing lists specific holdings but does not provide a comparative table against the prior quarter (June 30, 2010) to calculate net purchases or sales. However, the portfolio composition reveals significant diversification across sectors:
- Financials: Significant holdings in major banks including Bank of America, J.P. Morgan Chase, Wells Fargo, Citigroup, and PNC Bank. Notably, the manager holds a substantial position in its own parent company, Regions Financial Corp (approx. $75.1M value based on line items).
- Energy: Heavy exposure to energy sector leaders such as Exxon Mobil, Chevron, ConocoPhillips, and Halliburton.
- Technology: Major positions in Microsoft, Oracle, Cisco Systems, Intel, and Apple Inc.
- Healthcare: Significant holdings in Johnson & Johnson, Pfizer, Merck, and UnitedHealth Group.
- Consumer Staples: Large positions in Procter & Gamble, Coca-Cola, PepsiCo, and Walmart.
Guidance, Outlook, and Risks
Guidance and Outlook: This filing contains no management commentary, earnings guidance, or forward-looking statements regarding the performance of Regions Financial Corp or the investment strategy.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. It is a statutory disclosure of holdings required by the Securities Exchange Act of 1934.
Unusual Items: The portfolio includes a mix of "Defined" and "Defined/Other" investment discretion. The presence of numerous mutual funds and ETFs (e.g., iShares, SPDR, Vanguard) indicates a passive or index-tracking component to the investment strategy alongside active stock picking.
Investor Verification Checklist
- Portfolio Valuation: Verify the total reported value ($6.5M) against the sum of individual line items, as the summary total may represent a subset or specific reporting category.
- Self-Holding: Confirm the size of the position in Regions Financial Corp (CUSIP 7591EP100) to understand the bank's internal investment in its own equity.
- Concentration Risk: Assess the concentration in the Financial and Energy sectors, which appear to be the largest allocations by value.
- Voting Rights: Review the "Voting Authority" columns to determine the extent of the manager's control over the reported shares (Sole vs. Shared vs. None).
- Derivatives: Note the absence of reported Put/Call options in the summary, indicating the portfolio is primarily long-only equity and fund positions.