Zions Bancorporation (NASDAQ:ZION) reported better-than-expected earnings for the second quarter on Monday.
The company posted quarterly earnings of $1.63 per share which beat the analyst consensus estimate of $1.30 per share. The company reported quarterly sales of $838.00 million which beat the analyst consensus estimate of $810.38 million.
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, said, “We’re very pleased with the quarter’s strong financial results, with earnings per share up 27% over the prior year period, and adjusted pre-provision net revenue up 14%. The net interest margin continued to improve, increasing to 3.17% from 2.98% a year ago, and customer-related noninterest income rose 7%.”
Zions Bancorp shares gained 0.9% to trade at $57.07 on Tuesday.
These analysts made changes to their price targets on Zions Bancorp following earnings announcement.
- Jefferies analyst David Chiaverini upgraded Zions Bancorp from Underperform to Hold and raised the price target from $45 to $60.
- RBC Capital analyst Jon Arfstrom maintained the stock with a Sector Perform rating and raised the price target from $57 to $62.
- DA Davidson analyst Peter Winter maintained the stock with a Buy and raised the price target from $57 to $66.
- JP Morgan analyst Anthony Elian maintained Zions Bancorp with a Neutral and raised the price target from $55 to $63.
- Baird analyst David George maintained the stock with a Neutral and boosted the price target from $60 to $65.
- Morgan Stanley analyst Manan Gosalia maintained Zions Bancorp with an Equal-Weight rating and raised the price target from $60 to $66.
Considering buying ZION stock? Here’s what analysts think:
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