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Shares of Zions Bancorporation (ZION) of Salt Lake City closed at $18.31 Thursday, returning 13% year-to-date, after a 33% decline during 2011.
The shares trade for 0.9 times tangible book value, and for 10 times the consensus 2013 EPS estimate of $1.85. The consensus 2012 EPS estimate is $1.28.
Levin has a neutral rating on Zions Bancorporation and on Friday lowered his price target for the shares to $20 from $22, while leaving his 2012 EPS estimate of $1.30 unchanged, and lowering his 2013 estimate by five cents to $$1.75, and cutting his 2014 estimate by 15 cents to $2.25.
The analyst estimates that the company's net interest margin will decline from 3.67% this year to 3.62% in 2013, and then rise to 3.78% in 2014. Under Citi's "flat rate scenario," Levin estimates that Zions would see a 2012 net interest margin of 3.66%, followed by margins of 3.57% in 2013 and 3.64% in 2014.