Zions Bancorp Analysts Boost Their Forecasts After Upbeat Results

Author: Avi Kapoor | July 23, 2024 09:31am

Zions Bancorp (NASDAQ:ZION) posted better-than-expected quarterly results on Monday.

Zions Bancorp reported quarterly sales of $776.000 million which beat the analyst consensus estimate of $759.379 million. This is a 0.51% decrease over sales of $780.000 million the same period last year. GAAP EPS came in at $1.28 topping market expectations of $1.09 per share, according to data from Benzinga Pro.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Second quarter results demonstrated continued improvement in our net interest margin, effective expense management, strong credit quality as reflected in continued low loan losses, and strengthened capital. Notably, tangible book value per share has increased by 20% over the year-ago period…Subsequent to quarter end, we successfully converted our deposit accounts at Zions Bank, California Bank & Trust, and Vectra Bank Colorado to our new core processing system, TCS’s BaNCS™ platform, marking the substantive completion of our multi-year FutureCore project. The conclusion of this large-scale modernization project positions Zions Bancorporation at the forefront of the industry in our ability to post transactions in real time and to deliver exceptional experiences to our customers.”

Zions Bancorp shares gained 1% to close at $49.48 on Monday.

These analysts made changes to their price targets on Zions Bancorp following the announcement.

• Baird analyst David George maintained Zions Bancorp with a Neutral rating and raised the price target from $50 to $52.
• RBC Capital analyst Jon Arfstrom maintained the stock with a Sector Perform rating, while increasing the price target from $48 to $54.
• Wells Fargo analyst Mike Mayo maintained Zions Bancorp with an Equal-Weight rating and boosted the price target from $44 to $52.
• Keefe, Bruyette & Woods analyst Christopher Mcgratty maintained the stock with a Market Perform rating, while raising the price target from $44 to $52.
• Stephens & Co. analyst Terry McEvoy maintained Zions Bancorp with an Equal-Weight rating and raised the price target from $48 to $51.
• Goldman Sachs analyst Ryan Nash maintained the stock with a Neutral rating, while increasing the price target from $47 to $54.

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