Zions Bancorp (NASDAQ:ZION) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, December 27th. The brokerage presently has a $57.00 price target on the bank’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 6.98% from the company’s current price.
According to Zacks, “Zions’ shares have significantly outperformed the industry over the past six months. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of trailing four quarters. The company has been witnessing consistent growth in loans and deposits along with easing margin pressure. Also, its initiatives to manage expenses have been successful and are expected to aid bottom-line growth. While higher exposure toward risky loan portfolios is expected to hamper the company's financials, lower corporate tax rate will likely help mitigate this adverse imapct to some extent.”
Other equities analysts also recently issued reports about the company. Morgan Stanley reaffirmed an “equal weight” rating and set a $49.00 price target (up from $48.00) on shares of Zions Bancorp in a research report on Wednesday, October 4th. BidaskClub raised Zions Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, December 6th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $51.00 price target on shares of Zions Bancorp in a research report on Saturday, September 16th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $48.00 price objective on shares of Zions Bancorp in a report on Tuesday, October 3rd. Finally, Royal Bank of Canada boosted their price objective on shares of Zions Bancorp from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company. Zions Bancorp presently has an average rating of “Buy” and an average target price of $52.12.
Zions Bancorp (ZION) opened at $53.28 on Wednesday. The stock has a market capitalization of $10,608.39, a price-to-earnings ratio of 20.03, a PEG ratio of 1.63 and a beta of 1.48. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. Zions Bancorp has a 12-month low of $38.43 and a 12-month high of $53.77.
Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). The business had revenue of $661.00 million for the quarter, compared to analyst estimates of $666.83 million. Zions Bancorp had a return on equity of 8.54% and a net margin of 22.70%. During the same period in the previous year, the company posted $0.57 earnings per share. equities research analysts anticipate that Zions Bancorp will post 2.8 EPS for the current year.
In other Zions Bancorp news, insider Joseph L. Reilly sold 23,271 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $46.70, for a total value of $1,086,755.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Thomas E. Laursen sold 1,600 shares of the company’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $46.55, for a total transaction of $74,480.00. The disclosure for this sale can be found here. Insiders have sold 43,979 shares of company stock worth $2,057,927 over the last three months. Corporate insiders own 1.46% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Zions Bancorp by 4.3% in the second quarter. Vanguard Group Inc. now owns 21,245,566 shares of the bank’s stock valued at $932,892,000 after purchasing an additional 882,190 shares during the last quarter. State Street Corp boosted its stake in shares of Zions Bancorp by 8.7% during the 2nd quarter. State Street Corp now owns 12,373,314 shares of the bank’s stock worth $543,315,000 after acquiring an additional 986,548 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Zions Bancorp by 2.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,590,330 shares of the bank’s stock worth $157,651,000 after acquiring an additional 68,904 shares in the last quarter. Balyasny Asset Management LLC boosted its stake in shares of Zions Bancorp by 705.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock worth $139,918,000 after acquiring an additional 2,791,044 shares in the last quarter. Finally, Cortland Advisers LLC boosted its stake in shares of Zions Bancorp by 49.6% during the 3rd quarter. Cortland Advisers LLC now owns 3,179,433 shares of the bank’s stock worth $150,006,000 after acquiring an additional 1,053,900 shares in the last quarter. 92.54% of the stock is currently owned by institutional investors.
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Zions Bancorp Company Profile
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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