Zions Has Decent 2Q, but We Expect Rate Cuts to Challenge Profitability
No-moat-rated Zions Bancorp reported a decent second quarter in a challenging operating environment, as the highly rate-sensitive bank prepares for interest-rate cuts. Earnings per share grew 11.2% on revenue growth of 0.9%, as share repurchases and expense controls counteracted slower top-line growth. Return on tangible equity came in at a respectable 12.7%. On the top line, strong 6.8% loan growth partially offset a 14-basis-point decline in net interest margin from the previous quarter. This ...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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