On Friday, Shares of Regions Financial Corporation (NYSE:RF), gained 0.47% to $10.62.
Regions Insurance, Inc., a partner of Regions Insurance Group, Inc. and an associate of Regions Bank, declared the acquisition of The A.I. Group, Inc., with offices in Greater Atlanta and Athens, Georgia.
The A.I. Group provides employee benefits consulting and insurance brokerage services focused on mid-sized and large employers throughout the United States. Managing Partners Dave Woodruff and Dan Murphy, along with 39 associates of The A.I. Group, have joined Regions Insurance. Woodruff and Murphy will facilitate the firm’s integration activities and both will play key roles in the ongoing employee benefits operations in Georgia.
The acquisition of The A.I. Group builds on the recent expansion of Regions Insurance. Under the leadership of Mike Breedlove, CEO for Regions Insurance of Georgia/South Carolina, the first Regions Insurance office in Georgia was established in Atlanta in November 2012, followed by expansion into South Carolina in 2013. With the addition of The A.I. Group, the Regions Insurance Georgia/South Carolina operations will exceed 100 associates with expertise in property, casualty, employee benefits and captive insurance.
Regions Financial Corporation, together with its auxiliaries, provides banking and bank-related services to individual and corporate customers in the United States. Its Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending, in addition to equipment lease financing services.
Shares of National Oilwell Varco, Inc. (NYSE:NOV), declined -2.14% to $39.73, during its last trading session, hitting its lowest level.
National Oilwell Varco stated that for its second quarter ended June 30, 2015, it earned net income of $289 million, or $0.74 per fully diluted share, contrast to first quarter ended March 31, 2015 net income of $310 million, or $0.76 per fully diluted share. Not taking into account other items and non-recurring charges from all periods, second quarter net income was $301 million, or $0.77 per fully diluted share, contrast to $1.14 in the first quarter of 2015 and $1.47 in the second quarter of 2014. Second quarter 2015 other items were $17 million in pre-tax severance and facility closure charges.
Revenues for the second quarter of 2015 were $3.91 billion, a decrease of 19 percent from the first quarter of 2015 and a decrease of 26 percent from the second quarter of 2014. Operating profit for the quarter, not taking into account the other items, was $455 million, or 11.6 percent of sales. EBITDA, not taking into account other items, was $627 million, or 16.0 percent of sales, down 45 percent from the preceding year.
During the second quarter of 2015, the Company repurchased and stepped down 8.6 million shares of its common stock at an average price of $51.73 per share for a total purchase price of $447 million. Since initiating a share buyback program in September 2014, the Company repurchased 44.7 million shares through the end of the second quarter, or 10.4 percent of its shares outstanding, at an average price of $57.12 per share.
National Oilwell Varco, Inc. designs, manufactures, and sells equipment and components used in oil and gas drilling, completion, and production; and provides oilfield services to the upstream oil and gas industry worldwide. The company’s Rig Systems segment offers land rigs; offshore drilling equipment packages; and drilling rig components.
Finally, Southern Company (NYSE:SO), ended its last trade with 1.04% gain, and closed at $45.53.
Georgia Power declared the completion of the installation of Automatic Fault Location, Isolation and Service Restoration (FLISR) distribution technology on circuits serving more than 1.1 million customers across the state. The technology automatically isolates a trouble area and restores service to remaining customers by transferring them to other nearby sources. A continued focus on investments that improve reliability and service for customers, such as FLISR, has assisted position Georgia Power as an industry leader in customer satisfaction.
The improved technology assists crews locate trouble spots more quickly and reduces overall outage durations for customers. So far this year, the company has avoided more than 9.2 million customer outage minutes due to the successful FLISR operations. Georgia Power plans to continue enhancing its infrastructure and expand the technology to an additional 150,000 customers by the end of the year.
Georgia Power is the largest partner of Southern Company (SO), one of the nation’s largest generators of electricity.
The Southern Company, together with its auxiliaries, operates as a public electric utility company. It is involved in the generation, transmission, and distribution of electricity through coal, nuclear, oil and gas, and hydro resources in the states of Alabama, Georgia, Florida, and Mississippi.
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