Salt lakes real estate

Zions Bancorp up 3.17% to $51.36 after profit loss

Zions Bancorporation NA (ZION) reported earnings below expectations for the third quarter of 2022 this afternoon.

Zions Bancorp’s earnings reached EPS of $1.4 per share, 11% below estimates for EPS of $1.57 per share. The company’s earnings are down 3% since reporting $1.45 per share in the same period a year ago. Please keep in mind that reported earnings were on an adjusted basis, so they may not be comparable to previous reports and/or analyst estimates.

Consensus revenue estimates for Zions Bancorp averaged $809.6 million, with the company managing to beat those expectations with third-quarter revenue of $828 million. The positive revenue surprise of $18.4 million (2%) led to 19% year-over-year growth as the company reported revenue of $694 million in its L2019 quarter. ‘last year. The lower profit growth relative to revenue indicates that Zions Bancorp is unable to improve its profit margin.

The stock is up 3.17% at $51.36 after the report.

Despite the increase in revenues, profits declined, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a buy that could be revised based on this new data.

InvestorsObserver gives the stock a bearish sentiment score at the moment based on recent trading.

Before the report InvestorsObserver gave the stock an overall rating of 51. Meanwhile, the average Wall Street analyst rated the stock as a buy.

Zions Bancorp NA is an American regional bank with principal operations spanning 11 states. The bank is headquartered in Salt Lake City and operates primarily in the western and southwestern United States. Zions primarily focuses on providing banking services to small and medium-sized businesses, with the majority of its lending focused on business and commercial real estate loans.

Mary Cashion

The author Mary Cashion