Overview
- The bank posted fourth-quarter earnings of $1.76 per share versus $1.57 expected and revenue of $879.0 million versus a $862.8 million consensus.
- CEO Harris H. Simmons reported a 31% year-over-year increase in EPS and a 7.1% rise in adjusted taxable-equivalent revenue.
- Adjusted noninterest expense increased 7.7% to $548 million, reflecting a $15 million donation to the Zions Bancorporation Foundation tied to tax law changes effective Jan. 1.
- Excluding the donation, adjusted operating expenses would have risen 4.7% with 2.4% positive operating leverage and a 60.6% efficiency ratio.
- Stephens raised its price target to $65 with an Equal-Weight rating and RBC to $64 with Sector Perform, and shares traded up roughly 2.9% to $60.80.