Keefe, Bruyette & Woods Reiterates Outperform Rating On Zions Bancorporation

According to Keefe, Bruyette & Woods, Zions Bancorporation ZION Outperform rating is reiterated. Keefe, Bruyette & Woods said that headline beat was due almost entirely to underprovisioning as asset quality trends continue to improve meaningfully. “Outside of credit, loan growth was solid, core PTPP ROA increased to 1.84% and TIC strong at 9.3%. We are raising our '11 EPS estimate $0.20 largely for the beat; increasing '12 EPS estimate $0.05 to $1.75. We believe ZION has levers to grow earnings in a tough environment & reiterate our Outperform rating.” Zions Bancorporation closed yesterday at $22.79.