BidaskClub Downgrades Zions Bancorp (ZION) to Sell

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BidaskClub lowered shares of Zions Bancorp (NASDAQ:ZION) from a hold rating to a sell rating in a report issued on Tuesday, July 3rd.

Several other analysts have also recently issued reports on ZION. Piper Jaffray Companies restated a hold rating on shares of Zions Bancorp in a report on Tuesday, March 6th. Sandler O’Neill restated a buy rating and issued a $62.00 target price on shares of Zions Bancorp in a report on Friday, March 9th. UBS Group upgraded Zions Bancorp from a market perform rating to an outperform rating in a report on Thursday, March 15th. Raymond James upgraded Zions Bancorp from a market perform rating to an outperform rating and set a $61.00 target price for the company in a report on Thursday, March 15th. They noted that the move was a valuation call. Finally, Susquehanna Bancshares set a $54.00 target price on Zions Bancorp and gave the company a hold rating in a report on Monday, April 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $58.67.

Shares of ZION traded up $0.17 during trading hours on Tuesday, hitting $51.69. 2,058,700 shares of the stock were exchanged, compared to its average volume of 2,290,394. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.81 and a current ratio of 0.81. Zions Bancorp has a 12-month low of $41.22 and a 12-month high of $59.19. The stock has a market capitalization of $10.30 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 1.43 and a beta of 1.38.

Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings results on Monday, July 23rd. The bank reported $0.89 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.03). The firm had revenue of $686.00 million for the quarter, compared to analysts’ expectations of $687.26 million. Zions Bancorp had a return on equity of 10.86% and a net margin of 25.03%. During the same quarter in the previous year, the firm posted $0.73 earnings per share. analysts predict that Zions Bancorp will post 3.96 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 23rd. Stockholders of record on Thursday, August 16th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.32%. This is a positive change from Zions Bancorp’s previous quarterly dividend of $0.24. Zions Bancorp’s dividend payout ratio is 33.57%.

In related news, EVP Keith D. Maio sold 9,987 shares of the stock in a transaction dated Monday, April 30th. The stock was sold at an average price of $55.54, for a total transaction of $554,677.98. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Thomas E. Laursen sold 1,400 shares of the stock in a transaction dated Friday, April 27th. The stock was sold at an average price of $55.17, for a total value of $77,238.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,315 shares of company stock worth $2,251,849. Corporate insiders own 1.60% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC acquired a new position in Zions Bancorp during the 4th quarter worth about $200,000. Macquarie Group Ltd. increased its holdings in Zions Bancorp by 30.4% during the 4th quarter. Macquarie Group Ltd. now owns 260,031 shares of the bank’s stock worth $13,217,000 after purchasing an additional 60,578 shares during the period. American International Group Inc. increased its holdings in Zions Bancorp by 13.5% during the 4th quarter. American International Group Inc. now owns 68,405 shares of the bank’s stock worth $3,477,000 after purchasing an additional 8,128 shares during the period. MetLife Investment Advisors LLC purchased a new stake in Zions Bancorp during the 4th quarter worth about $3,141,000. Finally, Toronto Dominion Bank increased its holdings in Zions Bancorp by 22.6% during the 1st quarter. Toronto Dominion Bank now owns 108,152 shares of the bank’s stock worth $5,701,000 after purchasing an additional 19,969 shares during the period. 93.36% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorp Company Profile

Zions Bancorporation, a financial holding company, provides a range of banking and related services primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers community banking services, such as 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; and residential mortgage servicing and lending.

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Analyst Recommendations for Zions Bancorp (NASDAQ:ZION)

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