Zions Bancorp (ZION) recently released its financial results for the first quarter according to which the net profit increased by 72 percent to $25.5 million or $0.14 per share as compared to net income of $14.8 million or earnings of $0.08 for the same period last year.
If we look at Zions’ financials, the company also paid repayment of $700 million for TARP preferred stock. Excluding the respective repayment the company earned $0.33 per share which surpassed the analysts’ forecasts of $0.26 per share.
Bank’s average loan and leases stood at $36.1 billion for the respective quarter while its key revenue source, net interest income increased to $442 million for the first quarter, 2012 as compared to net profit of $424 million last year.
Stock Performance:
Zions Bancorp. (ZION) surged 0.65% in its last trading session to close at $20.19 while for the current year it has gained 28 percent. The traded volume stood at 4.77M shares as compared to its average traded volume of 3.96M shares per day. The company’s total outstanding common stock accumulates up to 184.23M billion out of which 179.30M billion shares are floated in the stock market. Insiders hold 3.62% of the total outstanding common stock while 87.80% of outstanding shares are held by different institutions. If we analyze the price history of the last 52 weeks the share price touched it’s lowest of $13.18 while its highest was $24.71. By the end of the session the stock’s price to earnings ratio stood at 22.72 times. Its dividend yield stands at 0.20 percent.
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