Zions Bancorp: S&P Intraday Gainer

NEW YORK ( TheStreet) -- Following the Federal Reserve's stress test results released Tuesday afternoon, Zions Bancorporation ( ZION) was the best-performing stock in the S&P 500 intraday Wednesday.

The S&P 500 gained 2.62 points, or 0.19%, to 1,398.57 in trading early Wednesday.

Shares of Zions rose 8.04% to $21.10. The bank passed the stress test and is working toward repaying the $1.4 billion of bailout money it received by issuing $600 million in senior debt, according to Bloomberg.

Zions has an estimated price-to-earnings ratio for next year of 11.43 times; the average for banks is 14.47. For comparison, both Huntington Bancshares ( HBAN) and First Niagara Financial Group ( FNFG) have lower forward P/Es of 9.51 and 8.66, respectively.

Sixteen of the 30 analysts who cover Zions rated it hold. Twelve analysts gave the stock a buy rating and two rated it sell.

TheStreet Ratings gives Zions a C grade and hold rating. The stock has risen 29.64% year to date.

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-- Written by Alexandra Zendrian

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