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ZIONN - Zions Bancorporation NA News Story

$25.32 0.0  0.0%

Last Trade - 6:25pm

Sector
Financials
Size
Large Cap
Market Cap £6.78bn
Enterprise Value £8.42bn
Revenue £2.00bn
Position in Universe 964th / 6853

BUZZ-Zions shares climb after quarterly report

Tue 21st July, 2020 3:18pm
** Shares in Zions Bancorporation  ZION.O  up 1.8% roughly in
line with the bank sector index  .SPXBK , up 2.0%, after its
second quarter earnings report
    ** ZION Q2 EPS $0.34 missed average analyst expectation for
$0.38 while rev of $680 mln was below Wall St estimate of
$692.65 mln, according to IBES data from Refinitiv 
    ** But net interest income (NII) of $563 mln was 1.2% ahead
of Wall Street expectations, according to Refinitiv
    ** Jefferies analyst Ken Usdin wrote that reported NII was
boosted by paycheck protection program (PPP) loans and related
deposit adds and said ZION's outsize PPP performance should
result in some new customer growth that turns into loans and
deposits over time
    ** Shares last traded at $32.59  after hitting a high of
$33.34 earlier in the session. Volume was 0.4 times 10-DMA
    ** After the results, JPM raised its ZION price target to
$35 from $33, Piper Sandler raised its target to $38 from $35
and Wedbush pushed its target price to $40 from $39. SunTrust
cut its target to $40 from $50
    ** Jefferies' Usdin reduced his 2021 EPS view to $1.75 from
$2.60 after the report

 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))
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