SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Regions Financial Corporation
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter Ended September 30, 2004
Submission Date: November 12, 2004
Signatory: Ronald C. Jackson, Senior Vice President and Comptroller
This filing discloses the equity securities held by Regions Financial Corporation as an institutional investment manager. The report includes holdings managed directly by Regions and one other included manager (Morgan Asset Management).
Key Financial Metrics
Total Portfolio Value: $2,611,944,000 (approx. $2.61 billion)
Total Number of Holdings: 1,342 entries
Other Included Managers: 1 (Morgan Asset Management, File No. 28-04225)
Note: As a Form 13F filing, this document reports equity holdings and voting authority. It does not contain revenue, profit, cash flow, debt, or liquidity metrics for Regions Financial Corporation itself.
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings at period end. Without prior period data in this specific text, year-over-year changes cannot be calculated. However, the portfolio composition reveals significant concentration in the following areas:
- Financial Services: Significant holdings in major banks and insurers, including Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, American International Group (AIG), and MetLife.
- Energy: Substantial positions in Exxon Mobil, Chevron Texaco, Conoco/Phillips, and BP.
- Technology: Major allocations to Microsoft, Intel, Cisco Systems, Hewlett-Packard, and IBM.
- Healthcare: Large positions in Pfizer, Johnson & Johnson, Merck, and Bristol-Myers Squibb.
- Consumer Staples: Significant holdings in Procter & Gamble, Coca-Cola, PepsiCo, and General Mills.
Self-Holding: The portfolio includes a massive position in the reporting manager's own stock, Regions Financial Corp (CUSIP 7591EP100), with a reported value of approximately $222.6 million across multiple entries.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management discussion, guidance, or outlook.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in large-cap equities across cyclical sectors (Energy, Financials) and the significant self-holding imply exposure to market volatility and the specific performance of the banking sector.
Key Facts for Investor Verification
- Portfolio Size: Verify the total asset value of ~$2.61 billion against the company's total assets to understand the scale of the investment arm relative to the bank.
- Self-Holding Concentration: Confirm the extent of the ~$222 million position in Regions Financial Corp stock and the voting authority associated with it.
- Top 10 Holdings: The portfolio is heavily weighted toward large-cap blue chips (e.g., Exxon Mobil, General Electric, Microsoft, Pfizer, JPMorgan Chase). Verify if this aligns with the company's stated investment policy.
- Other Managers: Note that Morgan Asset Management is listed as an included manager; verify if this represents a joint venture or a specific sub-account structure.
- Voting Authority: Review the "Voting Authority" columns to distinguish between shares held for discretionary management versus those held in a non-discretionary or shared capacity.