This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

10 Banks That Still Owe TARP

Stocks in this article: RF SNV HBAN BPOP KEY FITB MI

6. Zions Bancorporation

Company Profile

Shares of Zions Bancorporation (ZION) of Salt Lake City closed at $21.06 Wednesday, returning a whopping 61% year to date, for the best price recovery among this group of 10 holding companies during 2010. The company owes $1.4 billion in TARP money.

Income Statement

Zions reported a net loss to common shareholders of $135.2 million, or 84 cents a share, for the second quarter, after a first-quarter loss of $86.5 million, or 57 cents a share, and loss of $23.8 million, or 21 cents a share, a year earlier. The decline in earnings from the first quarter reflected expenses from a security swap with Deutsche Bank (DB), which Zions said would lower its credit risk.

Balance Sheet

Total assets were $52.2 billion in total assets as of June 30, and nonperformers comprised 5.19% compared to 5.39% the previous quarter and 4.32% a year earlier. The second-quarter net charge-off ratio was 2.64% and reserves covered 4.09% of total loans as of June 30.

As of June 30, the Tier 1 leverage ratio was 11.80% and the total risk-based capital ratio was 15.25%. Zions Bancorporation's tangible common equity ratio was 6.86% according to SNL Financial. On September 21, Zions announced an offering of seven million warrants that had yet to be priced, but would each give the right purchase a common share at an exercise price of $36.63. The company also said it had raised $75 million in capital equity during the third quarter up to that point.

Stock Ratios

Shares trade at tangible book value and 46.8 times the consensus estimate of 45 cents for 2011 among analysts polled by Thomson Reuters, moving down to a far-more palatable forward P/E of 10.5 based on the consensus earnings estimate of two dollars a share for 2012..

Analyst Ratings

Among 23 analysts covering Zions Bancorporation, four have buy ratings, 18 recommend investors hold and two recommend selling the shares.

5 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,074.87 +44.66 0.25%
S&P 500 2,090.38 +8.50 0.41%
NASDAQ 4,799.6490 +26.1770 0.55%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs