Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Zions Bancorporation, N.A. (NASDAQ:ZION) reported upbeat earnings for its first quarter on Monday.
The company posted a first-quarter FY24 revenue decline of 11.6% year-on-year to $742 million, missing the analyst consensus estimate of $743.481 million. Adjusted EPS of $1.03 beat the analyst consensus estimate of 98 cents, according to data from Benzinga Pro.
Pre-provision net revenue (PPNR) was $226 million, a 33% decline. Loans and leases increased 3% to $58.1 billion. Nonperforming assets were $254 million, or 0.44% of loans and leases, and the total deposits increased 7% to $74.2 billion.
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “First quarter results continued to reflect the adverse impact on net interest income of the bank failures a year ago, with taxable-equivalent revenue down 11.3% from the prior year. We nevertheless saw incremental improvement in our net interest margin and earning asset growth, and adjusted operating expenses (which exclude an additional FDIC special assessment related to last year’s bank failures) increased a modest 0.4% from last year’s quarter.”
Zions Bancorporation shares rose 1.6% to trade at $41.99 on Tuesday.
These analysts made changes to their price targets on Zions Bancorporation following earnings announcement.
- RBC Capital raised the price target on Zions Bancorporation from $46 to $47. RBC Capital analyst Jon Arfstrom maintained a Sector Perform rating.
- UBS lowered the price target on Zions Bancorporation from $47 to $45. UBS analyst Erika Najarian maintained a Neutral rating.
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