Rochester,NY 8/19/2009 12:02:56 AM
Regions Financial Corp. RF stock up after billionaire buys 35M shares
Regions Financial Corp.
Regions Financial Corp.’s stocks climbed 8 percent Thursday after New York billionaire John Paulson bought 35 million shares of the Birmingham-based bank’s common stock.
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Regions (NYSE:RF) shares rose to $5.21 during afternoon trading, compared to its previous close of $4.82.Regions is the largest bank in Greater Nashville with more than $6 billion in deposits locally.Paulson, a well-known hedge fund manager, became the second-largest stakeholder of Regions after the large stock purchase. The bank’s shares have suffered amid the financial crisis, losing more than 81 percent in value within the past two years.
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