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.
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).CU BANCORP CA (CUNB): Free Stock Analysis
ReportPREFERRED BANK (PFBC): Free Stock Analysis
ReportTRICO BANCSHRS (TCBK): Free Stock Analysis
ReportZIONS BANCORP (ZION): Free Stock Analysis
ReportTo read this article on Zacks.com click here.Zacks Investment