SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Regions Bank (Institutional Investment Manager)
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter ended March 31, 2013
Submission Date: May 12, 2013
Signatory: James E. Meigs, Executive Vice President
This filing discloses the equity securities held by Regions Bank at the end of the first quarter of 2013. The report includes holdings managed directly by Regions Bank and one other included manager (also Regions Bank, File No. 085-00829).
Key Financial Metrics
Note: Form 13F filings disclose portfolio holdings and do not report the operating financial performance (revenue, profit, cash flow) of the reporting manager itself.
- Total Portfolio Value: $7,239,339 (as reported in the summary table; values in the detailed schedule are in thousands).
- Total Number of Holdings: 1,767 entries.
- Asset Classes: Primarily common stocks (SH), preferred stocks (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
As this is a quarterly snapshot, specific period-over-period changes (buy/sell activity) cannot be calculated without the prior quarter's filing. However, the portfolio composition reveals significant concentration in the following areas:
- Top Holdings by Value (Selected):
- Exxon Mobil Corp: ~$151.9M (Defined) + ~$60.0M (Discretionary)
- Johnson & Johnson: ~$98.8M (Defined) + ~$26.8M (Discretionary)
- Verizon Communications: ~$80.6M (Defined) + ~$21.7M (Discretionary)
- Procter & Gamble: ~$74.6M (Defined) + ~$19.1M (Discretionary)
- Regions Financial Corp (Own Stock): ~$33.9M (Defined) + ~$15.4M (Discretionary)
- Wells Fargo & Co: ~$74.0M (Defined) + ~$10.3M (Discretionary)
- Sector Exposure: Significant exposure to Energy (Exxon, Chevron, ConocoPhillips), Healthcare (J&J, Pfizer, Merck), Financials (Wells Fargo, JPMorgan, Regions), and Technology (Microsoft, Cisco, Intel).
- Investment Discretion: Holdings are categorized as "Defined" (likely defined contribution plans) and "Def/Oth" (Discretionary/Other).
Guidance, Risks, and Contingencies
Guidance and Outlook: Not applicable. Form 13F is a historical disclosure of holdings and does not contain forward-looking guidance, management commentary, or earnings outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio's heavy concentration in large-cap equities exposes the manager to general market volatility. The inclusion of significant positions in the energy and financial sectors indicates specific sector risks.
Key Facts for Investor Verification
- Own Stock Position: Regions Bank holds a substantial position in its own parent company, Regions Financial Corp (approx. $49.4M total value), which may indicate internal confidence or plan mandates.
- Portfolio Size Discrepancy: The summary page lists a total value of $7,239,339, but the detailed schedule lists values in thousands (e.g., Exxon at 151,982). Investors should verify if the summary total is accurate or if it represents a specific subset of the portfolio, as the sum of the top holdings alone exceeds the summary total significantly.
- Concentration Risk: The top 10 holdings represent a very large percentage of the total reported value, indicating a concentrated portfolio strategy.
- Reporting Entity: Verify the relationship between "Regions Bank" and "Regions Financial Corp" to understand the scope of the investment management authority.