Zions Bancorporation (ZION) - NASDAQ
  • Aug. 18, 2015, 10:03 AM
    • "We think the benefits associated with Zions (ZION +1.6%) opportunity to control expenses, enhance revenues, and deploy excess capital over the next few years far exceed the near-term risks tied to its energy exposure (7% of total loans), sluggish loan growth, and elevated efficiency ratio," says Barclays, upgrading to Overweight with price target boosted to $40 from $34.
    • "As the Street gains confidence its current overhangs are transitory as opposed to structural, we envision favorable EPS revisions and multiple expansion."
    • The team does cut 2015 EPS to $1.28 from $1.30, but hikes 2016 to $2.20 from $2.10 and 2017 to $2.75 from $2.45.
    | Aug. 18, 2015, 10:03 AM
  • Jul. 24, 2015, 3:31 PM
    • Goldman's (GS -1.8%) Q2 results confirmed the team's expectation of positive revisions to 2016 consensus EPS. Zions (ZION -0.7%) has "multiple catalysts" to reach improve profitability goals and EPS growth over the next three years.
    • Guggenheim's four key investment themes: 1) Names levered to improving M&A, with Goldman being the best idea, followed by Morgan Stanley (MS -1.3%); 2) Restructuring stories, with Zions the best idea, but First Horizon (FHN -1%), Ally Financial (ALLY -1.8%), and BofA (BAC -1.6%) also worth looking at; 3) Idiosyncratic growth stories like MasterCard (MA +0.7%), Visa (V +4.5%), Synchrony Financial (SYF -2.4%), and Signature Bank (SBNY -0.8%); 4) Names with a distinct M&A catalyst in the regionals group like BB&T (BBT -1.5%), CIT Group (CIT -1.6%), and Springleaf (LEAF -1.4%).
    • Mixed results from credit card companies affirm the team's preference for SYF, but the risk/reward at AmEx (AXP -1.4%) is improving. AmEx, CapOne (COF -13%), and Discover (DFS -2.7%) results show the boosted competition they face form the banks, which is slowing growth, and lifting marketing and rewards costs.
    • Source: Barron's
    • Previously: Capital One tumbles after earnings miss and trio of downgrades (July 24)
    | Jul. 24, 2015, 3:31 PM | 10 Comments
  • Jul. 21, 2015, 11:00 AM
    • The bar for Zions (ZION +3.3%) was set low after Comerica last week reported boosted loan loss provisions thanks to the crash in energy prices.
    • Thus investors are buying today after Zions reported nonaccrual energy loans as flat from the previous quarter, and total oil-and-gas related loans down 9% to $2.9B.
    • “After [Comerica’s] energy deterioration, all eyes were on the credit trends in Zions’ energy book which deteriorated less than feared,” says Evercore's John Pancari.
    • Also helping, the bank sold the rest of its CDO securities (which had helped cause a failed Fed stress test). It forced a one-time pre-tax loss of $137M, but removed a large weight from Zions' back.
    • Previously: Comerica tumbles on miss as charge-offs and provisions rise (July 17)
    • Previously: More on Zions Bancorp Q2 results (July 20)
    • Previously: Zions beats by $0.03, misses on revenue (July 20)
    | Jul. 21, 2015, 11:00 AM
  • Jul. 20, 2015, 4:44 PM
    • Q2 net income (excl. loss related to sale of CDO) of $83.4M or $0.41 per share vs. $75.3M and $0.37 in Q1.
    • Net interest income of $424M vs. $417M in Q1, with NIM of 3.18% down four basis points.
    • Noninterest income of $137M vs. $122M in Q1. Service charges and fees on deposit accounts and other service charges up 4.1% in H1 vs. H1 of 2014.
    • Noninterest expense of $404M vs. $397M in Q1. Company maintains its promise to keep noninterest expense below $1.6B this year and next.
    • Credit quality metrics generally stable with a decrease in nonaccruing loans and a slight increase in classified loans from Q1. Annualized net charge-offs off 0.11% of average loans.
    • Conference call at 5:30 ET
    • ZION -0.2% after hours.
    • Previously: Zions beats by $0.03, misses on revenue (July 20)
    | Jul. 20, 2015, 4:44 PM
  • Jul. 20, 2015, 4:13 PM
    • Zions (NASDAQ:ZION): Q2 EPS of $0.41 beats by $0.03.
    • Revenue of $424.12M (-21.6% Y/Y) misses by $108.57M.
    | Jul. 20, 2015, 4:13 PM
  • Jul. 19, 2015, 5:35 PM
    | Jul. 19, 2015, 5:35 PM | 12 Comments
  • Jul. 16, 2015, 5:46 PM
    • Zions (NASDAQ:ZION) declares $0.06/share quarterly dividend, in line with previous.
    • Forward yield 0.76%
    • Payable Aug. 27; for shareholders of record Aug. 20; ex-div Aug. 18.
    | Jul. 16, 2015, 5:46 PM
  • Jul. 2, 2015, 9:48 AM
    • Raymond James downgrades Zions Bancorp (ZION -0.5%), Regions Financial (RF -0.3%), Bank of the Ozarks (OZRK -0.9%), and Everbank (EVER -1.3%) from Strong Buy to Outperform. As a group, the four have strongly outperformed the regional bank index over the last three months.
    • Downgraded to Market Perform from Outperform: Columbia Banking System (COLB -2%), Pinnacle Financial (PNFP -1.9%), and Wilshire Bancorp (WIBC -3.1%).
    | Jul. 2, 2015, 9:48 AM | 1 Comment
  • Jun. 26, 2015, 10:08 AM
    | Jun. 26, 2015, 10:08 AM
  • Jun. 5, 2015, 10:27 AM
    | Jun. 5, 2015, 10:27 AM | 34 Comments
  • Jun. 2, 2015, 9:57 AM
    • Among the changes: Consolidate seven bank charters into a single one, while maintaining local CEOs, local pricing, local credit authority, and local branding; create a Chief Banking Officer position; consolidate risk functions and various non-customer facing operations.
    • Targets include bringing the efficiency ratio into the low 60s by FY2017, increasing ROTCE to double-digit levels, maintaining noninterest expense below $1.6B this year and next (and increasing somewhat in 2017), achieving gross pre-tax savings of $120M annually by FY2017.
    • Among the management changes: President Scott McLean is now also COO; President and CEO of National Bank of Arizona Keith Maio assumes the position of EBP and Chief Banking Officer of the parent company.
    • Upgrades roll in, with CLSA and Credit Agricole boosting two notches to Buy, and Evercore ISI and Guggenheim one notch to Buy.
    • ZION +6.6%
    | Jun. 2, 2015, 9:57 AM
  • Apr. 22, 2015, 8:43 AM
    • "We view this as an opportunity to buy shares around book value with little downside should the company not achieve its targets," says analyst Paul Miller, upgrading Zions Bancorp (NASDAQ:ZION) to Outperform with $36 price target. "Our rating is predicated on a longer-term view that cost-cutting efforts, the sale of CDOs, and the redeployment of capital could improve the company’s ROTCE to ~9% from Q1's 5.3% level over the next 12 to 18 months."
    • He maintains his 2015 EPS outlook of $1.75, but boosts 2016 to $2.20 from $2, with his model not reflecting any benefit from redeployment of capital.
    • Shares +0.5% premarket
    | Apr. 22, 2015, 8:43 AM
  • Apr. 20, 2015, 4:26 PM
    • Q1 earnings of $75.3M or $0.37 per share vs. $66.8M and $0.33 in Q4.
    • Net interest income of $417M down from $430M, with NIM of 3.22% down three basis points and two fewer days in the quarter. NIM one year ago of 3.31%.
    • NPL ratio of 0.99% vs. $0.81% in Q4, 0.95% a year ago.
    • Noninterest income of $122M vs. $129M.
    • Noninterest expense of $397M vs. $423M, thanks to a litigation settlement in Q4 and lower CCAR costs after the January submission.
    • CET1 ratio of 11.81%. Tangible book value per share of $26.64 vs. $26.23 in Q4, $25.13 one year ago.
    • Conference call at 5:30 ET
    • Previously: Zions beats by $0.01, misses on revenue (April 20)
    • ZION flat premarket
    | Apr. 20, 2015, 4:26 PM
  • Apr. 20, 2015, 4:14 PM
    • Zions (NASDAQ:ZION): Q1 EPS of $0.37 beats by $0.01.
    • Revenue of $539.17M (-2.8% Y/Y) misses by $12.98M.
    | Apr. 20, 2015, 4:14 PM
  • Apr. 19, 2015, 5:35 PM
    | Apr. 19, 2015, 5:35 PM | 2 Comments
  • Apr. 17, 2015, 4:20 PM
    • Zions (NASDAQ:ZION) declares $0.06/share quarterly dividend, 50% increase from prior dividend of $0.04.
    • Forward yield 0.88%
    • Payable May 28; for shareholders of record May 21; ex-div May 19.
    | Apr. 17, 2015, 4:20 PM
Company Description
Zions Bancorp. is a financial holding company. The company, through its subsidiaries, provides a full range of banking and related services. It provides variety of commercial and retail banking and mortgage lending products and services. The company offers personal banking services to... More
Sector: Financial
Industry: Regional - Pacific Banks
Country: United States