Zions Bancorporation, N.A. (NASDAQ:ZION) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS

by · The Cerbat Gem

Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) issued its quarterly earnings data on Monday. The bank reported $1.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.17, FiscalAI reports. Zions Bancorporation, N.A. had a return on equity of 13.90% and a net margin of 19.53%.The business had revenue of $878.00 million during the quarter, compared to analysts’ expectations of $877.44 million. During the same quarter in the previous year, the firm posted $1.63 EPS.

Here are the key takeaways from Zions Bancorporation, N.A.’s conference call:

  • Zions reported adjusted EPS of $1.74, up from $1.58 a year ago, helped by loan growth, a stable margin, fee income growth, expense discipline, and solid credit performance.
  • Net interest margin held steady at 3.27%, while management guided to moderately higher net interest income over the next year and said upside could be greater if interest rates rise as implied by the forward curve.
  • Customer-related fee income showed broad-based improvement, with capital markets fees contributing meaningfully and pipelines described as strong going into the third quarter.
  • Credit quality remained strong, with net charge-offs at 6 basis points, non-performing assets unchanged, and the allowance for credit losses described as well-positioned.
  • Management said deposit competition remains intense, but it is pushing targeted consumer and small business deposit campaigns and expects more gradual improvement as new products and marketing efforts gain traction.

Zions Bancorporation, N.A. Price Performance

ZION stock opened at $71.89 on Tuesday. The business’s fifty day moving average price is $65.96 and its 200 day moving average price is $61.92. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $10.57 billion, a PE ratio of 11.18, a P/E/G ratio of 1.73 and a beta of 0.80.

Zions Bancorporation, N.A. Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Thursday, May 14th. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is currently 27.99%.

Zions Bancorporation, N.A. announced that its Board of Directors has authorized a share buyback plan on Saturday, May 2nd that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the bank to purchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Zions Bancorporation, N.A.

In related news, EVP Jennifer Anne Smith sold 4,209 shares of Zions Bancorporation, N.A. stock in a transaction on Friday, May 8th. The stock was sold at an average price of $62.50, for a total value of $263,062.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.43% of the company’s stock.

Hedge Funds Weigh In On Zions Bancorporation, N.A.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Atlas Capital Advisors Inc. acquired a new stake in Zions Bancorporation, N.A. during the 4th quarter worth approximately $36,000. Employees Retirement System of Texas raised its stake in shares of Zions Bancorporation, N.A. by 303.7% during the third quarter. Employees Retirement System of Texas now owns 1,211 shares of the bank’s stock worth $69,000 after purchasing an additional 911 shares during the last quarter. Quarry LP lifted its holdings in shares of Zions Bancorporation, N.A. by 38.3% during the third quarter. Quarry LP now owns 1,404 shares of the bank’s stock worth $79,000 after purchasing an additional 389 shares during the period. C M Bidwell & Associates Ltd. grew its position in Zions Bancorporation, N.A. by 13.5% in the 4th quarter. C M Bidwell & Associates Ltd. now owns 1,555 shares of the bank’s stock valued at $91,000 after buying an additional 185 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Zions Bancorporation, N.A. by 52.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,816 shares of the bank’s stock valued at $94,000 after buying an additional 625 shares during the period. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ZION. Weiss Ratings upgraded Zions Bancorporation, N.A. from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Truist Financial raised their price objective on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Robert W. Baird reaffirmed a “neutral” rating and set a $68.00 target price on shares of Zions Bancorporation, N.A. in a report on Tuesday, June 23rd. Wells Fargo & Company increased their price target on shares of Zions Bancorporation, N.A. from $63.00 to $66.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Finally, DA Davidson boosted their price objective on Zions Bancorporation, N.A. from $75.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Six analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $69.12.

Read Our Latest Report on Zions Bancorporation, N.A.

About Zions Bancorporation, N.A.

(Get Free Report)

Zions Bancorporation, N.A. is a bank holding company headquartered in Salt Lake City, Utah, offering a full suite of banking and financial services to individuals, businesses and institutions. Through its primary subsidiary, Zions Bank, the company provides commercial banking, retail banking and wealth management solutions designed to serve the needs of small businesses, middle‐market firms and high‐net‐worth clients. Its service portfolio includes deposit accounts, cash‐management tools, lending products, mortgage origination, treasury services and investment advisory services.

The company’s commercial banking segment delivers custom credit and treasury management services, including working capital lines of credit, equipment financing and international trade finance.

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