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 March 31, 2006
Submission Date: May 10, 2006
Signatory: Ronald C. Jackson, Senior Vice President and Comptroller
Other Included Managers: Morgan Asset Management (File No. 28-04225)
Key Financial Metrics
Note: As a Form 13F filing, this document reports equity holdings and voting authority rather than the operating financial performance (revenue, profit, cash flow) of Regions Financial Corporation itself.
- Total Portfolio Value: $2,339,061,000 (Reported in thousands)
- Total Number of Holdings: 1,019 entries
- Top Holdings by Value (Selected):
- Regions Financial Corp (Own Stock): $209,268,000
- Exxon Mobil Corp: $120,313,000
- General Electric Co: $97,545,000
- Johnson & Johnson: $47,732,000
- Procter & Gamble Co: $49,525,000
- Microsoft Corp: $28,600,000
- Voting Authority: The filing details Sole, Shared, and None voting authority for each position, with significant "Sole" discretion noted in major positions like Regions Financial Corp and Exxon Mobil.
Material Changes and Portfolio Composition
Comparison to Prior Period: The filing text provided does not contain data for the prior quarter (December 31, 2005); therefore, specific material changes in holdings or values cannot be calculated from this document alone.
Portfolio Composition:
- Financial Sector: Significant exposure to regional and national banks (e.g., Bank of America, Wells Fargo, Wachovia, SunTrust) and insurance companies (e.g., AIG, MetLife, Prudential).
- Energy Sector: Heavy weighting in energy companies including Exxon Mobil, Chevron, ConocoPhillips, and Apache Corp.
- Technology: Major holdings in Microsoft, Intel, Cisco Systems, and Dell.
- Consumer Staples: Substantial positions in Coca-Cola, PepsiCo, and Procter & Gamble.
- Self-Holding: The manager holds a significant position in its own stock (Regions Financial Corp), split between "Defined" and "Other" investment discretion.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory reports of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies:
- Concentration Risk: The portfolio shows high concentration in large-cap U.S. equities, particularly in the Energy and Financial sectors.
- Regulatory Compliance: The filing represents a declaration that all information is true and correct; failure to report accurately carries regulatory risk.
- Market Exposure: The portfolio is heavily weighted toward domestic equities, with limited exposure to international markets relative to the total value (e.g., holdings in DaimlerChrysler, UBS, and Royal Dutch Shell).
Investor Verification Checklist
- Verify the total portfolio value of $2.34 billion against the company's total assets to determine the percentage of assets under management represented by this report.
- Confirm the breakdown of "Defined" vs. "Other" investment discretion to understand the scope of the manager's control over the reported assets.
- Review the specific holdings in the Energy and Financial sectors to assess sector-specific risk exposure for the quarter.
- Compare the "Other Included Managers" (Morgan Asset Management) to ensure no double-counting of assets if analyzing consolidated data.
- Note that this filing does not disclose debt levels, liquidity ratios, or operating margins for Regions Financial Corporation; refer to Form 10-Q for those metrics.