Zions Bancorp Q3 EPS rises 20% on improved credit quality

Zions Bancorporation, National Association

Mon 21:21

Overview
US regional bank reported Q3 EPS up 20% yr/yr to $1.78
Earnings rise driven by improved credit quality and lower net loan charge-offs
Company completed acquisition of Basis Multifamily Finance I, LLC in July

Outlook
Company expects stronger net interest income if interest rates remain elevated
Company expects continued improvement in noninterest income into next year

Result Drivers
CREDIT QUALITY - Co attributed higher earnings to improved credit quality and lower net loan charge-offs
DEPOSIT GROWTH - Customer deposits grew nearly 10% annualized from Q2 levels, offsetting flat loan growth
ACQUISITION - Co completed acquisition of Basis Multifamily Finance I, LLC, adding multifamily finance platform

Company press release: ID:nPnWqRs4a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
 
$1.78
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 11 "hold" and 4 "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Zions Bancorporation, National Association is $73.00, about 15.2% above its October 16 closing price of $63.37
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads
Oct 19 - Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition
Oct 19 - Peoples Bancorp of North Carolina Q3 net earnings rise on loan growth
Oct 19 - Cleveland-Cliffs Q3 adj EPS beats on improved pricing, sales volumes

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)