SEC Filing Summary: Regions Financial Corporation (13F-HR)
Business Context and Reporting Period
Reporting Manager: Regions Financial Corporation
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter Ended December 31, 2005
Filing Date: February 14, 2006
Context: This filing discloses the equity securities held by Regions Financial Corporation as an institutional investment manager. The report includes holdings managed solely by Regions and those managed in conjunction with other managers (specifically Morgan Asset Management).
Key Financial Metrics
Total Portfolio Value: $2,338,954,000 (approx. $2.34 billion)
Total Number of Holdings: 1,018 entries
Other Included Managers: 1 (Morgan Asset Management, File No. 28-04225)
Material Changes and Portfolio Composition
Note: As this is a quarterly snapshot, specific period-over-period changes (e.g., net buys/sells) cannot be calculated without prior quarter data. The following reflects the composition of the portfolio at period end.
- Top Holdings by Value: The portfolio is heavily weighted toward large-cap equities. Significant positions include:
- Exxon Mobil Corp: $94,023,000 (Defined) + $26,290,000 (Other) = ~$120.3M
- General Electric Co: $71,399,000 (Defined) + $26,146,000 (Other) = ~$97.5M
- Johnson & Johnson: $38,392,000 (Defined) + $9,340,000 (Other) = ~$47.7M
- Procter & Gamble Co: $38,420,000 (Defined) + $11,105,000 (Other) = ~$49.5M
- Regions Financial Corp (Self-Holding): $135,083,000 (Defined) + $74,185,000 (Other) = ~$209.3M
- Investment Authority: The report distinguishes between "Sole Discretion" (Defined) and "Shared Discretion" (Other). A significant portion of the portfolio is held under shared authority, indicating co-management or client-directed accounts.
- Sector Exposure: The holdings list indicates broad diversification across Energy (Exxon, Chevron, ConocoPhillips), Technology (Microsoft, Intel, Cisco), Healthcare (Pfizer, Merck, Medtronic), and Financials (Bank of America, Citigroup, Wells Fargo).
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings projections, or management commentary regarding future strategy.
Risks and Contingencies: This filing does not disclose specific risk factors or contingencies. However, the concentration in large-cap equities and the significant self-holding in Regions Financial stock imply exposure to general market volatility and the specific performance of the reporting manager's own stock.
Key Facts for Investor Verification
- Self-Holding Magnitude: Regions Financial Corporation holds approximately $209.3 million of its own stock (Regions Financial Corp New), representing roughly 9% of the total reported portfolio value. Investors should verify if this aligns with the company's capital management strategy.
- Co-Management Structure: The report explicitly lists Morgan Asset Management as an "Other Included Manager." Investors should verify the nature of the relationship and the split of assets under management between Regions and Morgan.
- Concentration Risk: The top 5 holdings (Exxon, GE, P&G, J&J, Regions) represent a substantial portion of the total $2.34 billion portfolio. Investors should assess the impact of these specific stocks on the overall portfolio performance.
- Reporting Completeness: The filing states that "all holdings of this reporting manager are reported in this report," confirming the $2.34 billion figure represents the total equity exposure for the period.