Zions Bancorporation National Association (NASDAQ:ZION) Shareholders Have Earned a 61% Return Over the Last Year
Zions Bancorporation National Association (NASDAQ:ZION) Shareholders Have Earned a 61% Return Over the Last Year
If you want to compound wealth in the stock market, you can do so by buying an index fund. But one can do better than that by picking better than average stocks (as part of a diversified portfolio). For example, the Zions Bancorporation, National Association (NASDAQ:ZION) share price is up 54% in the last 1 year, clearly besting the market return of around 21% (not including dividends). That's a solid performance by our standards! In contrast, the longer term returns are negative, since the share price is 19% lower than it was three years ago.
如果你想通過股票市場來進行財富複利，你可以通過購買指數基金來做到。但是，通過選擇優於平均水平的股票(作爲分散化投資組合的一部分)，你可以做得更好。例如，Zions Bancorporation，National Association（納斯達克股票代碼：ZION）的股價在過去1年中上漲了54%，顯然優於市場回報率約21%(不包括紅利)。根據我們的標準，這是一個不錯的表現。相比之下，長期的回報率是負的，因爲股價比三年前下跌了19%。
So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.
那麼，讓我們調查一下並查看公司的長期表現是否符合基本業務的進展。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
在他的文章《格雷厄姆和多德斯維爾超級投資者》中，禾倫·巴菲特描述了股票價格並不總是反映公司價值的合理方式。考慮市場對公司的看法如何發生變化的一個不完美但簡單的方法是將每股收益(EPS)的變化與股價的變動進行比較。股票價格並不總是反映公司價值的合理方式禾倫·巴菲特曾經描述過，股價並不總是理性地反映了企業的價值。評估市場對一家公司的情緒如何變化的一個有缺陷但合理的方法是將每股收益（EPS）與股價進行比較。
Over the last twelve months, Zions Bancorporation National Association actually shrank its EPS by 32%.
在過去的12個月裏，Zions Bancorporation National Association的每股收益( EPS )實際上縮水了32%。
This means it's unlikely the market is judging the company based on earnings growth. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
這意味着市場不太可能根據收益增長來判斷該公司。由於每股收益的變化似乎與股價的變化無關，因此值得關注其他指標。
Unfortunately Zions Bancorporation National Association's fell 6.0% over twelve months. So the fundamental metrics don't provide an obvious explanation for the share price gain.
不幸的是，Zions Bancorporation National Association在12個月內下跌了6.0%。因此，基本指標沒有提供股價上漲的明顯解釋。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下圖顯示了收益和營收隨時間變化的情況（如果你點擊圖像，可以看到更多細節）：
We like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. This free report showing analyst forecasts should help you form a view on Zions Bancorporation National Association
我們喜歡看到內部人士在過去的12個月中購買了股票。即便如此，未來的收益對於現有股東是否賺錢將更加重要。這份免費的報告顯示了分析師預測，應該可以幫助您形成對Zions Bancorporation National Association的看法。
What About Dividends?
那麼分紅怎麼樣呢？
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Zions Bancorporation National Association's TSR for the last 1 year was 61%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考慮投資回報時，重要的是考慮總股東回報（TSR）和股票回報之間的差異。 TSR包括任何剝離或折讓的資本籌集（基於股息被重新投資的假設），以及任何股息。因此，對於支付慷慨的股息公司而言，TSR通常比股票回報高得多。就中國神威藥業集團而言，其TSR在過去5年中達到了75％。這超過了我們之前提到的股票回報。該公司支付的股息已經提高了總股東回報。總股東回報和股票回報TSR是一個回報計算，考慮到現金紅利(假設收到的任何紅利都被再投資)的價值以及任何折價的股本增發和分拆的計算價值。因此，對於支付慷慨的紅利的公司，TSR通常比股價回報率高得多。正如事實所證明的那樣，Zions Bancorporation National Association過去1年的TSR爲61%，高於前面提到的股價回報率。毫無疑問，紅利支付在很大程度上解釋了這種差異！
A Different Perspective
不同的觀點
It's nice to see that Zions Bancorporation National Association shareholders have received a total shareholder return of 61% over the last year. That's including the dividend. That gain is better than the annual TSR over five years, which is 3%. Therefore it seems like sentiment around the company has been positive lately. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. If you want to research this stock further, the data on insider buying is an obvious place to start. You can click here to see who has been buying shares - and the price they paid.
看到Zions Bancorporation National Association的股東在過去一年中獲得了61%的總股東回報率是令人愉快的。這還包括紅利。這種收益比過去五年的年度TSR（3%）要好。因此，最近公司周圍的情感似乎是積極的。在最好的情況下，這可能暗示着一些真正的業務勢頭，這意味着現在可能是深入挖掘的好時機。如果你想進一步研究這隻股票，內部買賣股票的數據是一個明顯的起點。你可以點擊這裏查看誰買了股票和他們支付的價格。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: most of them are flying under the radar).
如果您喜歡與管理層共同購買股票，那麼您可能會喜歡這個免費的公司列表（提示：大多數公司沒有受到關注）。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意，本文所引述的市場回報反映了目前在美國交易所上市的股票的市場加權平均回報。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。