Zions Continues to Put Cash to Work
As expected, Zions continues to shift its portfolio away from cash and into securities and loans. We do not expect any material changes to our $28 fair value estimate or no-moat rating. In the second quarter, the company posted net interest income of $465 million, an increase of 2.6% quarter over quarter. Net interest margin increased to 3.39% from 3.35% in the first quarter.ÂCash as a percentage of deposits declined to 5.4% from 7.1% in the first quarter. Much of the decline in cash was direct...
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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