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Zions: Financial Loser

NEW YORK (TheStreet) -- Zions Bancorporation (ZION) was the winner among the largest U.S. financial names on Monday, with shares sliding 4% to close at $20.06.

The broad indexes were mixed, as investors digested some mediocre, but stale, housing data, a strong earnings report from AT&T (T), and IBM's (IBM) announcement that it would increase its quarterly dividend by a dime to 85 cents and authorized $7 billion in share buybacks. Big Blue's shares rose 1% to close at $200.00.

AT&T reported first-quarter earnings of $3.6 billion, or 60 cents a share, beating the consensus estimate of a 57-cent profit, among analysts polled by Thomson Reuters. The company's first-quarter revenue of $31.82 billion increased 2% year-over-year, but was just shy of the consensus estimate of $31.85 million. AT&T's shares rose 4% to close at $31.72.

Standard & Poor's reported that its S&P/Case-Shiller Home Price Indices "showed annual declines of 3.6% and 3.5% for the 10- and 20-City Composites, respectively," in February, which was "an improvement over the annual rates posted for the month of January, -4.1% and -3.9%, respectively."

On a brighter note, S&P said that five of the 20 surveyed metropolitan areas "saw positive annual returns, including "Denver, Detroit, Miami, Minneapolis and Phoenix."

The KBW Bank Index (I:BKX) rose 1% to close at 47.83, with all 24 index components -- except for Zions -- seeing gains.

Zions Bancorporation late on Monday reported first-quarter net income available to common shareholders of $25.5 million, or 14 cents a share, compared to $44.4 million, or 24 cents a share in the first quarter, and $14.8 million, or eight cents a share, in the first quarter of 2011.

Excluding "the noncash effects of the discount amortization on conversion of subordinated debt and additional accretion (net of expense) on acquired loans ($15.0 million, $0.08 per share), and the accelerated amortization of discount on the $700 million redemption of Troubled Asset Relief Program ("TARP") preferred stock ($19.6 million, $0.11 per share) in the first quarter," Zions said its net operating earnings were $60.1 million or 33 cents a share, beating the consensus EPS estimate of 25 cents.

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