Keefe Bruyette analyst Jefferson Harralson upgraded Regions Financial to Market Perform from Underperform citing valuation and his now above-consensus estimates. The analyst is "impressed with the direction and the change in the company" and upped his price target for the shares to $11 from $9.50.

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"We continue to focus on the successful execution of our strategic plan, and that is reflected in our core performance," said John Turner, Chairman and CEO of Regions Financial Corp. Turner added, "Our results reflect the strength and diversity of our balance sheet, robust liquidity position, and proactive interest rate risk management practices. Our hedging strategies position us for success in a vast array of economic conditions and support our commitment to generating consistent, sustainable long-term performance as we once again generated top-quartile returns and a peer-leading net interest margin."