U.S. Markets open in 2 hrs 18 mins

Zions Hits New 52-Week High

Zacks Equity Research

Zions Hits New 52-Week High

Shares of Zions Bancorp. (ZION) crafted a new 52-week high, touching $26.15 in the second half of the trading session on May 7, 2013. The closing price of this financial holding company represents a solid year-to-date return of 18.1%. The trading volume over the last 3 months was 2.0 million shares.

Despite hitting its 52-week high, this Zacks Rank #2 (Buy) stock has plenty of upside left given its strong estimate revisions over the last 30 days and expected year-over-year earnings growth of 44.52% for 2013.

Growth Drivers

Impressive first-quarter 2013 results – including an earnings surprise of 23.08% – and a 300% hike in its quarterly cash dividend have been the primary growth drivers.

On Apr 22, 2013, Zions reported adjusted first-quarter 2013 earnings of 49 cents per share, surpassing the Zacks Consensus Estimate of 39 cents. This was also significantly ahead of the prior-quarter earnings of 21 cents. Better-than-expected results were aided by growth in fee income and a decline in operating expenses, partially offset by a fall in net interest income.

Moreover, the company has delivered positive earnings surprises in the 3 of the last 4 quarters with an average beat of 6.89%.

Estimate Revisions Show Potency

Over the last 30 days, 13 out of 19 estimates for 2013 have been revised upward, lifting the Zacks Consensus Estimate by 3.5% to $1.76 per share. For 2014, 7 out of 18 estimates moved higher over the same time frame, helping the Zacks Consensus Estimate advance 1.1% to $1.92 per share.  

Other banks that are also worth considering include CU Bancorp (CUNB), Preferred Bank (PFBC) and TriCo Bancshares (TCBK). All these carry a Zacks Rank #1 (Strong Buy).

Read the Full Research Report on ZION

Read the Full Research Report on PFBC

Read the Full Research Report on TCBK

Read the Full Research Report on CUNB

Zacks Investment Research

More From Zacks.com