SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Regions Financial Corp
Filing Type: Form 13F Information Table (Statement of Holdings)
Reporting Period: Quarter ended September 30, 2016
Context: This filing discloses the equity securities held by Regions Financial Corp (acting as an investment manager) at the end of the third quarter of 2016. The data represents holdings across various accounts, categorized by voting authority (Sole, Shared, None) and investment discretion (Discretionary, Other).
Key Financial Metrics and Holdings
Note: Form 13F filings report holdings by share count and value (in thousands), not corporate financial performance metrics like revenue or profit.
- Portfolio Composition: The portfolio is heavily diversified across sectors including Financials, Technology, Healthcare, Energy, and Consumer Staples.
- Top Holdings by Value (Selected):
- General Electric Co: ~3.8 million shares (Value: ~$3.04 billion)
- Exxon Mobil Corp: ~2.3 million shares (Value: ~$1.83 billion)
- Microsoft Corp: ~1.4 million shares (Value: ~$1.17 billion)
- Verizon Communications: ~2.2 million shares (Value: ~$1.83 billion)
- Wells Fargo & Co: ~2.3 million shares (Value: ~$1.96 billion)
- Regions Financial Corp (Self-Holding): ~4.2 million shares (Value: ~$4.16 billion)
- Significant Mutual Fund/ETF Positions: Substantial holdings in iShares and Vanguard funds, including the iShares S&P 500 ETF and various sector-specific ETFs.
Material Changes and Voting Authority
Voting Authority Breakdown:
- Sole Discretion: The majority of the reported shares are held with sole voting authority, indicating direct control over investment decisions for those specific accounts.
- Shared Discretion: A portion of holdings (e.g., in Apple, Cisco, and various financial stocks) are held with shared voting authority, suggesting co-management or client-directed accounts.
- No Discretion: Minimal holdings are reported with no voting authority.
Material Changes: As this is a snapshot of holdings at a specific date, specific quarter-over-quarter changes (buys/sells) cannot be calculated without the prior period's 13F filing. However, the presence of significant "Other" (OTR) discretion categories alongside "Discretionary" (DFND) categories indicates a mix of managed and non-managed accounts within the reported total.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management commentary, guidance, or outlook.
Risks and Contingencies:
- Concentration Risk: Significant exposure to large-cap technology and financial institutions.
- Market Risk: The portfolio value is subject to general market fluctuations as of the reporting date.
- Regulatory Note: The SEC has not reviewed the information for accuracy or completeness.
Important Facts for Investors to Verify
- Self-Holding: Verify the magnitude of Regions Financial Corp's own stock holdings (~4.2 million shares) within its managed portfolio, which may indicate internal confidence or specific fund mandates.
- Account Types: Distinguish between "Discretionary" (DFND) and "Other" (OTR) accounts to understand the true scope of the firm's active management versus passive or client-directed holdings.
- Valuation Basis: Confirm that the "Value" column represents the approximate market value at the end of the quarter (September 30, 2016) and not current market value.
- Foreign Holdings: Note the significant exposure to foreign stocks (e.g., Royal Bank of Canada, HSBC, AstraZeneca), which introduces currency and geopolitical risks.