Zions Bancorporation (NASDAQ:ZION) reported upbeat earnings for the fourth quarter on Tuesday.
The company posted quarterly earnings of $1.76 per share which beat the analyst consensus estimate of $1.57 per share. The company reported quarterly sales of $879.000 million which beat the analyst consensus estimate of $862.818 million.
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, said, “We’re pleased with fourth quarter results, with earnings per share rising 31% to $1.76 from the prior year’s quarterly earnings of $1.34. Adjusted taxable-equivalent revenue increased 7.1% to $879 million, while adjusted noninterest expense rose 7.7% to $548 million. The adjusted quarterly operating expense includes a $15 million donation to the Zions Bancorporation Foundation, which will be used over the coming three years to make charitable donations that we expect would otherwise have been nondeductible as a result of recent tax law changes that became effective on January 1. Excluding this donation, adjusted operating expenses would have increased 4.7%, resulting in positive operating leverage during the quarter of 2.4%, and an efficiency ratio of 60.6%.”
Zions Bancorp shares gained 2.9% to trade $60.80 on Wednesday.
These analysts made changes to their price targets on Zions Bancorp following earnings announcement.
- Stephens & Co. analyst Terry McEvoy maintained Zions Bancorp with an Equal-Weight rating and raised the price target from $63 to $65.
- RBC Capital analyst Jon G. Arfstrom maintained the stock with a Sector Perform and raised the price target from $63 to $64.
Considering buying ZION stock? Here’s what analysts think:
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