Regional banking company Zions Bancorporation (NASDAQ: ZION) will be announcing earnings results this Monday afternoon. Here’s what to expect.
Zions Bancorporation met analysts’ revenue expectations last quarter, reporting revenues of $859 million, up 7.4% year on year. It was a slower quarter for the company, with a miss of analysts’ net interest income estimates and a slight miss of analysts’ tangible book value per share 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 7.5% year on year, in line with the 6.8% 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 will stay the course heading into earnings. Zions Bancorporation has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Zions Bancorporation’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. M&T Bank delivered year-on-year revenue growth of 5.5%, beating analysts’ expectations by 2.5%, and Commerce Bancshares reported revenues up 11.9%, topping estimates by 1.8%. M&T Bank traded up 5% following the results while Commerce Bancshares was also up 1.7%.
Read our full analysis of M&T Bank’s results here and Commerce Bancshares’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 6.3% on average over the last month. Zions Bancorporation is up 9.4% during the same time and is heading into earnings with an average analyst price target of $73.19 (compared to the current share price of $73.43).
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