BidaskClub upgraded shares of Zions Bancorporation (NASDAQ:ZION) from a hold rating to a buy rating in a report released on Wednesday.
A number of other equities research analysts have also weighed in on ZION. Wells Fargo & Company started coverage on Zions Bancorporation in a research note on Wednesday, August 9th. They set an outperform rating and a $56.00 price objective for the company. Bank of America raised Zions Bancorporation from a neutral rating to a buy rating and increased their target price for the stock from $50.00 to $52.00 in a report on Wednesday, August 16th. Robert W. Baird raised Zions Bancorporation from an underperform rating to a neutral rating and set a $43.00 target price on the stock in a report on Friday, September 8th. Sanford C. Bernstein reaffirmed a market perform rating and set a $51.00 target price on shares of Zions Bancorporation in a report on Saturday, September 16th. Finally, Jefferies Group reaffirmed a buy rating and set a $49.00 target price on shares of Zions Bancorporation in a report on Friday, September 15th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Zions Bancorporation presently has a consensus rating of Hold and a consensus target price of $49.84.
Shares of Zions Bancorporation (ZION) traded down $0.96 during midday trading on Wednesday, reaching $49.92. The company’s stock had a trading volume of 3,233,700 shares, compared to its average volume of 2,526,540. Zions Bancorporation has a 12-month low of $38.43 and a 12-month high of $52.20. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. The firm has a market cap of $10,162.96, a price-to-earnings ratio of 19.13, a PEG ratio of 1.96 and a beta of 1.48.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Monday, October 23rd. The bank reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Zions Bancorporation had a net margin of 22.70% and a return on equity of 8.54%. The business had revenue of $661.00 million for the quarter, compared to analyst estimates of $666.83 million. During the same quarter last year, the business earned $0.57 EPS. equities analysts anticipate that Zions Bancorporation will post 2.8 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, November 15th were issued a $0.16 dividend. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.12. The ex-dividend date was Tuesday, November 14th. This represents a $0.64 annualized dividend and a dividend yield of 1.28%. Zions Bancorporation’s dividend payout ratio (DPR) is 24.06%.
In related news, insider Bruce K. Alexander sold 6,089 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $47.97, for a total value of $292,089.33. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joseph L. Reilly sold 23,271 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $46.70, for a total value of $1,086,755.70. The disclosure for this sale can be found here. In the last three months, insiders sold 43,979 shares of company stock worth $2,057,927. Company insiders own 1.46% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Shelton Capital Management acquired a new stake in Zions Bancorporation in the 3rd quarter valued at approximately $3,337,000. Cetera Advisor Networks LLC increased its position in Zions Bancorporation by 9.4% in the 3rd quarter. Cetera Advisor Networks LLC now owns 16,597 shares of the bank’s stock valued at $784,000 after acquiring an additional 1,423 shares during the period. California Public Employees Retirement System increased its position in Zions Bancorporation by 1.1% in the 3rd quarter. California Public Employees Retirement System now owns 582,012 shares of the bank’s stock valued at $27,459,000 after acquiring an additional 6,412 shares during the period. Janney Montgomery Scott LLC acquired a new stake in Zions Bancorporation in the 3rd quarter valued at approximately $212,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Zions Bancorporation in the 3rd quarter valued at approximately $513,000. 92.64% of the stock is currently owned by institutional investors and hedge funds.
About Zions Bancorporation
Zions Bancorporation is a financial holding company. The Company conducts its banking operations through separately managed and branded segments, including Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank (NSB), Vectra Bank Colorado, The Commerce Bank of Washington (TCBW) and Other.
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