5 Bank Stocks Wilting Under the Summer Sun
Here's a look at the five stocks that have taken the biggest hit over the past month amid a litany of negative headlines.
Only stocks with a market capitalization of greater than $1 billion have been considered.
5. Zions Bancorp
Shares of Zions Bancorp(ZION) have dropped nearly 10% over the past month. Year-to-date the stock is still up 14%.
The Salt Lake City, Utah-based bank reported first-quarter net income available to common shareholders of $25.5 million, or 14 cents a share, which came in below expectations.
But Zion's earnings routinely have a fair bit of noise , due to one-time items arising out of conversion of debt to preferred stock and the repayment of bailout money.
Excluding "the noncash effects of the discount amortization on conversion of subordinated debt and additional accretion (net of expense) on acquired loans ($15.0 million, $0.08 per share), and the accelerated amortization of discount on the $700 million redemption of Troubled Asset Relief Program ("TARP") preferred stock ($19.6 million, $0.11 per share) in the first quarter," Zions said its net operating earnings were $60.1 million or 33 cents a share.