ZionsShares of Zions Bancorporation have returned 38% this year, following a 32% return during 2012. The shares trade for 1.3 times their reported June 30 tangible book value of 22.09, and for 15.2 times the consensus 2014 EPS estimate of $1.95. The consensus 2015 EPS estimate is $2.27. 2013 has been another year of transition for Zions, following last year's repayment of $1.4 billion in federal bailout funds received through the Troubled Assets Relief Program, or TARP. This year the company has continued to reposition its balance sheet, through the redemption of $285 billion in 8.0% Series B trust preferred shares, an announced call of $800 million in 9.5% Series preferred shares, and the redemption of $257 million in senior notes with a coupon of 7.75%. Zions has replaced some of that funding by issuing $800 million in preferred shares with a weighted average dividend rate of 6.23%.
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