Zions Bancorp Analysts Boost Their Forecasts Following Q3 Results

Zions Bancorp (NASDAQ:ZION) reported mixed results for the third quarter on Monday.

The company posted quarterly earnings of $1.78 per share which beat the analyst consensus estimate of $1.65 per share. The company reported quarterly sales of $881.000 million which missed the analyst consensus estimate of $890.469 million.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, said, “Third quarter earnings per share increased 20% to $1.78, up from $1.48 a year ago. The higher earnings were primarily a reflection of improved credit quality, as net loan charge-offs were $3 million, down from $56 million a year ago. Although an increased pace of loan payoffs, combined with a highly competitive market, produced flat loan growth compared to the second quarter, customer deposits grew nearly 10% annualized from second quarter levels.”

Zions Bancorp shares gained 2.1% to trade at $64.44 on Tuesday.

These analysts made changes to their price targets on Zions Bancorp following earnings announcement.

• Baird analyst David George maintained the stock with an Outperform rating and raised the price target from $75 to $80.
• DA Davidson analyst Peter Winter maintained the stock with a Buy and raised the price target from $79 to $80.
• JP Morgan analyst Anthony Elian maintained the stock with an Underweight rating and raised the price target from $65 to $70.

Considering buying ZION stock? Here’s what analysts think:

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