Shares of Regions Financial of Birmingham, Ala., have now returned 76% year-to-date, following a 38% decline during 2011.
The shares trade for 1.1 times their reported June 30 tangible book value of $6.69, and for 9.3 times the consensus 2013 EPS estimate of 81 cents. The consensus 2012 EPS estimate is 72 cents.
The consensus among analysts is for the company to report third-quarter EPS of 21 cents, increasing from 20 cents the previous quarter, and eight cents a year earlier.
Regions went through a major transition during the first half of 2012. During the second quarter, the company redeemed all $3.5 billion in preferred stock held by the government for TARP assistance, after selling its Morgan Keegan subsidiary and raising $900 million in common equity during the first quarter.Jefferies analyst Ken Usdin rates Regions Financial a "Hold," with an $8.00 price target, and said on Oct. 2 that he expects the company's "pre-provision
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