Overview

• Zions Bancorp Q3 net earnings rise to $221 mln, EPS at $1.48

• Pre-provision net revenue grows 14% yr/yr, net interest margin up 25 bps

• Company reports $50 mln charge-off due to loan irregularities

Outlook

• Company did not provide specific guidance for future quarters or full year in the press release

Result Drivers

• NET INTEREST MARGIN - Co reports net interest margin increased by 25 basis points over the prior year period

• LOAN IRREGULARITIES - $50 mln charge-off due to irregularities in loans to two related companies, legal action initiated for recovery

• DEPOSIT GROWTH - Deposits excluding brokered deposits grew at an annualized rate of 7%

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 16 "hold" and 2 "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 NA is $61.50, about 19.2% above its October 17 closing price of $49.67

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nPn2JS50Ha

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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.)