08:56 AM
U.S. bank stocks face above-average risks, Citigroup says, recommending investors "remain very selective" and focus on banks "that have strong capital positions, while avoiding banks with the combination of relatively high commercial real estate exposure and questionable capital strength." Citi's choice banks: BBT, FITB, BAC, STI. Duds: ZION, RF, KEY.
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Tuesday, October 20, 2009
08:12 AMRegions Financial (RF): Q3 EPS of -$0.37 misses by $0.12. Revenue of $1.62B (-20.3%) vs. $1.58B. Allowance for credit losses +2.9% to $1.025B. Shares -1.9% premarket. (PR)
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17:24 PM
Regions Bank (RF) will pay a $1M SEC fine to settle a complaint over its part in a Latin American investment fraud. The bank provided a "false air of legitimacy" by acting as trustee to two unregistered investment brokers.
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Tuesday, September 15, 2009
15:05 PM
Regions Financial (RF) shares now up 8.9% as CEO Dowd Ritter says "absolutely not" to whether the firm needs more capital. Ritter said nonperforming loans should decline within the next several months.
4 Comments
08:53 AM
Bank of America (BAC) +4% premarket after hedge fund manager John Paulson disclosed a $2.2B position late yesterday. Other new positions include Sun Microsystems (JAVA) (74M shares); Regions Financial (RF) (35M); Marshall & Ilsley (MI) (12M); Humana (HUM) (5M); and Goldman Sachs (GS) (2M).
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07:11 AMRegions Financial (RF): Q2 EPS of -$0.28 misses by $0.06. Loan origination volume of $3.1B vs. $2.8B in Q1. Net loan charge-offs increased to $491M, or an annualized 2.06% of average loans. (PR)
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13:19 PM
Analysts expect bad news on commercial real estate from banks reporting earnings this week - Regions (RF), KeyCorp (KEY) and Zions (ZION), heavily invested in the sector, are expected to combine for more than $400M in Q2 losses. Zions reports after closing today; Regions before open tomorrow and KeyCorp on Wednesday.
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Thursday, July 16, 2009
07:45 AM
Regions Financial (RF) says its I-bank may face charges related to 'certain mutual funds' that sustained heavy mortgage-related losses after receiving a Wells notice from the SEC on July 9.
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