Zions Bancorp (ZION) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Zions Bancorp (NASDAQ:ZION) from a hold rating to a buy rating in a research note released on Friday morning. They currently have $44.00 target price on the stock.
According to Zacks, “Zion shares have outperformed the Zacks categorized Banks-West industry over the last three months. Its third-quarter 2016 earnings surpassed the Zacks Consensus Estimate on higher revenues. However, rise in expenses and provisions acted as headwinds. The company’s consistent growth in loans and deposits indicates the potential for further improvement in revenues in the quarters ahead. Also, it remains on track to exceed its cost savings target of $120 million in 2017. However, concentration risk, asset-sensitive balance sheet and regulatory restrictions continue to be matters of concern for the company.”
Other equities research analysts also recently issued research reports about the company. Raymond James Financial Inc. increased their price objective on Zions Bancorp from $32.00 to $36.00 and gave the company a buy rating in a report on Tuesday, September 13th. increased their price objective on Zions Bancorp from $33.00 to $36.00 and gave the company a buy rating in a report on Friday, September 23rd. Credit Suisse Group AG reissued a buy rating and issued a $38.00 price objective on shares of Zions Bancorp in a report on Tuesday, November 8th. Morgan Stanley downgraded Zions Bancorp from an overweight rating to an equal weight rating and increased their price objective for the company from $34.00 to $38.00 in a report on Wednesday, November 16th. They noted that the move was a valuation call. Finally, Deutsche Bank AG increased their price objective on Zions Bancorp from $30.00 to $35.00 and gave the company a hold rating in a report on Tuesday, October 11th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the stock. Zions Bancorp currently has an average rating of Hold and a consensus price target of $35.60.
Shares of Zions Bancorp (NASDAQ:ZION) opened at 39.79 on Friday. The company has a market cap of $8.11 billion, a price-to-earnings ratio of 21.86 and a beta of 1.37. The firm has a 50-day moving average of $34.02 and a 200 day moving average of $29.63. Zions Bancorp has a one year low of $19.65 and a one year high of $39.23.
Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings data on Monday, October 24th. The company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.50 by $0.07. Zions Bancorp had a return on equity of 6.16% and a net margin of 17.81%. During the same period in the prior year, the firm posted $0.41 earnings per share. Equities research analysts anticipate that Zions Bancorp will post $1.92 EPS for the current year.
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The company also recently declared a quarterly dividend, which was paid on Wednesday, November 23rd. Stockholders of record on Wednesday, November 16th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date was Monday, November 14th. Zions Bancorp’s payout ratio is 17.58%.
In related news, insider David E. Blackford sold 26,322 shares of Zions Bancorp stock in a transaction that occurred on Tuesday, November 29th. The stock was sold at an average price of $38.53, for a total value of $1,014,186.66. Following the transaction, the insider now directly owns 40,340 shares of the company’s stock, valued at $1,554,300.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Alexander Hume sold 11,571 shares of Zions Bancorp stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $38.53, for a total value of $445,830.63. Following the completion of the transaction, the insider now directly owns 8,270 shares in the company, valued at $318,643.10. The disclosure for this sale can be found here. Insiders own 2.06% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Toronto Dominion Bank bought a new position in Zions Bancorp during the third quarter worth approximately $131,000. Jacobus Wealth Management Inc. raised its position in Zions Bancorp by 12.2% in the third quarter. Jacobus Wealth Management Inc. now owns 4,600 shares of the company’s stock worth $143,000 after buying an additional 500 shares in the last quarter. SRB Corp bought a new position in Zions Bancorp during the third quarter worth approximately $173,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Zions Bancorp by 13.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,293 shares of the company’s stock worth $195,000 after buying an additional 748 shares in the last quarter. Finally, Seven Eight Capital LLC raised its position in Zions Bancorp by 235.4% in the first quarter. Seven Eight Capital LLC now owns 6,412 shares of the company’s stock worth $155,000 after buying an additional 4,500 shares in the last quarter. 86.95% of the stock is currently owned by institutional investors.
Zions Bancorp Company Profile
Zions Bancorporation is a financial holding company. The Company operates through seven segments: Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado and The Commerce Bank of Washington. It focuses on providing community banking services and its core business lines are small and medium-sized business and corporate banking; commercial and residential development, construction and term lending; retail banking; treasury cash management and related products and services; residential mortgage servicing and lending; trust and wealth management; limited capital markets activities, including municipal finance advisory and underwriting, and investment activities.
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