S&P 500
7,616.80
-0.07%
Dow Jones
51,321.00
-0.10%
Nasdaq 100
30,679.00
-0.12%
Russell 2000
2,929.63
-0.12%
FTSE 100
10,384.30
-0.04%
Nikkei 225
68,659.20
+1.71%

Banking, finance, and taxes

Regions Claims Profitability, Slips A Mickey To Bears (RF)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
Regions Financial Corp. (NYSE: RF) filed its annual meeting presentation this morning in an SEC filing, and in that filing, C. Dowd Ritter, Chairman, President and CEO, announced that Regions will report a profit for the quarter ended March 31, 2009.   Regions gave preliminary information prior to the scheduled earnings announcement date, but it noted that investors should not expect future quarter guidance in advance of scheduled quarterly earnings announcement dates.

In the data it is showing at the annual meeting, the company noted how its dividend cut preserved approximately $780 million per year in capital.  Regions is also noting that the nature of the problem credits has not changed, and there is a continued focus on identification and resolution.

On its capital, Regions will tell holders that it was encouraged to take TARP money and was well capitalized before it took TARP funds.  It also plans to repay those funds as soon as possible.

So here is the notion, the ‘profitability’ is what is running shares.  We looked up earnings estimates at Thomson Reuters, and we have an estimate of -$0.42 EPS for its first quarter.  In fact, no analyst had a profitable quarter pegged for the report.  So we are not sure to what degree the profitability claim will be based on.  Maybe on operations, maybe on items.  We’ll find out when it posts earnings on April 21.

Shares are up over 25% at $6.30 on very strong volume.  Its 52-week trading range is $2.35 to $24.31.

Jon C. Ogg

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

Should Banks Exiting TARP Still Pay Dividends to Government? (COF, USB, BK, BBT, STT, GS, MS, JPM, BAC)

It is no secret that the banks that can pay the money back want out from under the Troubled Asset…

Douglas A. McIntyre |

JPMorgan’s $5 Billion Raise Swings FAS/FAZ (JPM, FAS, FAZ)

Jamie Dimon really hates the TARP and he wants out from under it.  He’s said how being forced to take…

Douglas A. McIntyre |

Treasury Reaps 8.5% Return From Companies Exiting TARP

Banks’ repayments of TARP preferred stock and warrants continue to turn a profit for the U.S. Treasury Department, according to…

JCP Investment Management, 22NW Reach Standstill Agreement With Farmer Bros. (FARM)
247patrick |

JCP Investment Management, 22NW Reach Standstill Agreement With Farmer Bros. (FARM)

JCP Investment Management has disclosed ownership of more than 5% of Farmer Brothers.

Jon C. Ogg |

10 Hidden Gems in the Regions Financial Annual Report (RF)

Regions Financial Corporation (NYSE: RF) is one of the many widely held companies which filed its annual report under form…

Jon C. Ogg |

Berkshire Hathaway Annual Meeting, Full Preview of Warren Buffett (BRK-A, BRK-B, GS, GE, LZ, COP, KO, PG, WFC, AIG)

This coming weekend will mark the one weekend that the hotels, retailers, and restaurants all look forward to in Omaha,…

Douglas A. McIntyre |

Community Banks Refusing TARP Funds (AUBN, HARL, UBCP, AMNB, KRNY)

In a time of trouble, crisis, and inability to raise capital, there are many banks out there which have decided…

Paul Ausick |

How a $536 Million Charge Will Impact Boeing Earnings

Boeing said Friday morning that it will take a charge of $536 million related to higher engineering and manufacturing costs…

Jon C. Ogg |

Conflict of Interest Almost Unavoidable in Dell’s Earnings

courtesy Dell Inc.If you believe that Michael Dell’s proposed management-led buyout of Dell Inc. (NASDAQ: DELL) aims to undervalue the…

Top Gaining Stocks

Hewlett Packard Enterprise
HPE • Vol: 153,197,465
Enphase Energy
ENPH • Vol: 8,360,053
Corning
GLW • Vol: 18,152,646
Alexandria Real Estate Equities
ARE • Vol: 4,337,015
Aptiv
APTV • Vol: 6,761,325

Top Losing Stocks

Trade Desk
TTD • Vol: 21,905,513
Intuit
INTU • Vol: 7,383,018
Coterra Energy
CTRA • Vol: 73,319,495
Cboe Global Markets
CBOE • Vol: 5,000,011
HP
HPQ • Vol: 29,259,826