Maintaining Fair Value Estimate as Zions Bancorp Navigates a Slowing Interest Rate Cycle
No-moat rated Zions Bancorp reported a reasonable first quarter that fit well within our thesis for the firm. Earnings per share declined slightly to $1.04 this quarter due to a few one-time gains in first-quarter 2018. After adjusting our model to reflect changing loan yields and credit costs, we will maintain our fair value estimate of $46 per share for the company.With regards to net interest income, we think that Zions is doing all right at managing the interest rate cycle. While deposit co...
Zions is a commercial bank. The company provides a range of banking and related services, primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company provides community banking services through its main business lines of small and medium-sized business and corporate banking; commercial and residential development, construction and term lending; retail banking; treasury cash management and related products and services; residential mortgage servicing and lending; trust and wealth management; capital markets activities, including municipal finance advisory and underwriting; and investment activities.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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