Shares of Regions Financial have now returned 70% year-to-date, following a 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 nine times the consensus 2013 EPS estimate of 81 cents. The consensus 2012 EPS estimate is 72 cents. The Birmingham, Ala., lender will announce its third-quarter results on Oct. 23, with a consensus EPS estimate of 21 cents, increasing from 20 cents the previous quarter, and eight cents a year earlier. Analysts will be looking for a relatively "clean quarter" for the company, after a major transition during the first half of 2012. During the second quarter, Regions redeemed all $3.5 billion in preferred stock held by the government for bailout assistance through the Troubled Assets Relief Program, or TARP, after selling its Morgan Keegan subsidiary and raising $900 million in common equity during the first quarter. 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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