Regional banking company Zions Bancorporation (NASDAQ: ZION) will be reporting earnings this Monday after market hours. Here’s what investors should know.
Zions Bancorporation beat analysts’ revenue expectations last quarter, reporting revenues of $879 million, up 7.1% year on year. It was a mixed quarter for the company, with a narrow beat of analysts’ tangible book value per share estimates but net interest income in line with analysts’ estimates.
Is Zions Bancorporation a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Zions Bancorporation’s revenue to grow 7.6% year on year, improving from the 6.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Zions Bancorporation rarely misses Wall Street’s revenue estimates.
Looking at Zions Bancorporation’s peers in the regional banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. BancFirst delivered year-on-year revenue growth of 7.8%, beating analysts’ expectations by 1%, and KeyCorp reported revenues up 10.2%, topping estimates by 0.7%. BancFirst traded up 3.6% following the results while KeyCorp was also up 1.1%.
Read our full analysis of BancFirst’s results here and KeyCorp’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 12% on average over the last month. Zions Bancorporation is up 15.9% during the same time and is heading into earnings with an average analyst price target of $65.60 (compared to the current share price of $62.67).
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