Zions Bancorporation (NASDAQ:ZION) reported mixed results for the first quarter on Monday.
The company posted quarterly earnings of $1.56 per share which beat the analyst consensus estimate of $1.42 per share. The company reported quarterly sales of $849.000 million which missed the analyst consensus estimate of $854.612 million.
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Our first quarter results were solid, with diluted earnings per share rising 38% to $1.56 from $1.13 in the same quarter last year. Adjusted pre-tax pre-provision net revenue increased 13%, as adjusted taxable-equivalent revenue rose 7.4% and adjusted operating expenses increased 4.7%, resulting in positive operating leverage of 2.7%. We were particularly pleased to achieve broad-based strong growth in customer-related noninterest income, which increased 9% over the same quarter last year. Credit quality was strong, with net loan losses to average loans of a mere 0.03% annualized, and a 19% decrease in classified loans over the past year.”
Zions Bancorp shares closed at $63.05 on Monday.
These analysts made changes to their price targets on Zions Bancorp following earnings announcement.
- Baird analyst David George maintained Zions Bancorp with an Outperform rating and raised the price target from $65 to $68.
- Truist Securities analyst Jennifer Demba maintained the stock with a Hold and raised the price target from $64 to $66.
Considering buying ZION stock? Here’s what analysts think:
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