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Wolfe downgrades Zions, Cullen/Frost to neutral after outperformance » 06:4711/0311/03/22
Wolfe Research analyst…
Wolfe Research analyst Bill Carcache last night downgraded both Zions Bancorp (ZION) and Cullen/Frost (CFR) to Peer Perform from Outperform without a price targets. Both banks have outperformed mid-cap peers year-to-date but are most exposed to investor sentiment shifts around tangible capital as they are running with the lowest levels of tangible common equity, Carcache tells investors in a research note. With the stocks shares hovering near his prior price targets, the analyst sees more limited upside.
Zions Bancorp downgraded to Peer Perform from Outperform at Wolfe Research » 18:1111/0211/02/22
Wolfe Research analyst…
Wolfe Research analyst Bill Carcache downgraded Zions Bancorp to Peer Perform from Outperform. The analyst cites tangible common equity "tail risks" for the downgrade.
Zions Bancorp approves Q4 share repurchase for up to $50M » 14:1510/2810/28/22
Zions Bancorporation announced that its board authorized a share repurchase for Q4 of up to $50M. The board also declared a regular quarterly dividend of 41c per common share, payable November 17, to shareholders of record at the close of business on November 10.
Zions Bancorp price target lowered to $56 from $61 at DA Davidson » 08:5110/2510/25/22
DA Davidson transferred…
DA Davidson transferred coverage of Zions Bancorp to analyst Peter Winter, who keeps a Neutral rating with a lower price target of $56, down from $61, after its Q3 earnings miss. The bank's net interest income outlook still remains positive but slowing similar to peers, with a better than peer deposit beta outcome through the rate cycle, the analyst tells investors in a research note. Winter is also cutting DA Davidson outlook for Zions FY22 EPS to $5.70 from $5.93 but raising the FY23 view to $6.86 from $6.78.
Zions Bancorp price target lowered to $50 from $61 at Wedbush » 07:3110/2510/25/22
Wedbush analyst David…
Wedbush analyst David Chiaverini lowered the firm's price target on Zions Bancorp to $50 from $61 and keeps a Neutral rating on the shares. The analyst notes the company reported a weak quarter headlined by deposit runoff, increased expenses, and higher-than-expected loan loss provision. While roughly in-line NIM expansion and loan growth were positives, they were more than offset by deposit runoff, which caused average earnings assets to decline meaningfully for the second straight quarter, Chiaverini adds.
Zions Bancorp price target lowered to $55 from $66 at Wells Fargo » 07:0610/2510/25/22
Wells Fargo analyst Mike…
Wells Fargo analyst Mike Mayo lowered the firm's price target on Zions Bancorp to $55 from $66 and keeps an Equal Weight rating on the shares. Zions reported core Q3 EPS of $1.54 versus consensus of $1.56 due to higher-than-expected loan loss reserve builds and operating expenses, offset by higher-than-expected net interest income growth, the analyst notes. The quarter highlight was positive operating leverage and good net interest income guidance leading Mayo to increase 2023-2024 EPS by 5% on average. On the other hand, book value deteriorated 18% quarter-over-quarter due in part to a $1B impact from AOCI, and this leads him to lower his target.
Zions Bancorp price target lowered to $68 from $71 at Barclays » 06:2210/2510/25/22
Barclays analyst Jason…
Barclays analyst Jason Goldberg lowered the firm's price target on Zions Bancorp to $68 from $71 and keeps an Equal Weight rating on the shares post the Q3 results. Earnings fell short as higher than expected net interest income was more than offset by higher than forecast expenses and provision, Goldberg tells investors in a research note.
Zions Bancorp price target lowered to $60 from $66 at Piper Sandler » 06:1210/2510/25/22
Piper Sandler analyst…
Piper Sandler analyst Brad Milsaps lowered the firm's price target on Zions Bancorp to $60 from $66 and keeps an Overweight rating on the shares. Zion's Q3 results were less than expected due to a larger LLP and higher expenses, which offset better net interest income versus the consensus, Milsaps tells investors in a research note.
Fly Intel: After-Hours Movers » 18:5310/2410/24/22
MEDP, XM, CLS, FLXS, SSB, CDNS, ADTN, CCK, HSII, ZION, CR, WRB, TBI, DFS, BRO
Check out this evening's…
Zions Bancorp reports Q3 EPS $1.40, consensus $1.58 » 16:1410/2410/24/22
Reports Q3 net interest…
Reports Q3 net interest margin 3.24% vs. 2.68% y/y. Reports Q3 provision for loan loss $71M vs. $41M in Q2. Harris H. Simmons, CEO, commented, "Our third quarter results continued to demonstrate the positive impact of solid loan growth and moderately higher interest rates, as our net interest margin strengthened to 3.24%, up from 2.68% a year ago, producing strong adjusted pre-provision net revenue growth and positive operating leverage. Strong PPNR growth was offset by a higher provision for credit losses. Despite material improvements in most of our credit quality metrics relative to both last quarter and last year, we boosted our loan loss reserve to reflect both loan growth and a heightened probability of economic recession in the coming year."