Zions Bancorp (ZION) Hits New 52-Week Low at $44.55

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Zions Bancorp (NASDAQ:ZION) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $44.55 and last traded at $45.40, with a volume of 181802 shares trading hands. The stock had previously closed at $45.89.

A number of equities research analysts have issued reports on ZION shares. Morgan Stanley cut their target price on Zions Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. ValuEngine cut Zions Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 17th. Piper Jaffray Companies upgraded Zions Bancorp from a “neutral” rating to an “overweight” rating and raised their target price for the company from $54.00 to $57.00 in a research note on Tuesday, November 6th. Raymond James cut their target price on Zions Bancorp from $62.00 to $56.00 and set a “buy” rating on the stock in a research note on Tuesday, October 23rd. Finally, Zacks Investment Research upgraded Zions Bancorp from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Wednesday, October 24th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $58.57.

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market cap of $8.82 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 1.33 and a beta of 1.37.

Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings data on Monday, October 22nd. The bank reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.08. Zions Bancorp had a net margin of 26.57% and a return on equity of 11.84%. The business had revenue of $701.00 million for the quarter, compared to analysts’ expectations of $699.87 million. During the same period in the previous year, the business earned $0.72 earnings per share. Sell-side analysts forecast that Zions Bancorp will post 4.07 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 21st. Investors of record on Wednesday, November 14th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Tuesday, November 13th. Zions Bancorp’s dividend payout ratio is currently 41.96%.

In related news, insider A Scott Anderson sold 12,000 shares of Zions Bancorp stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $47.30, for a total transaction of $567,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Thomas E. Laursen sold 1,381 shares of Zions Bancorp stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $48.33, for a total transaction of $66,743.73. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,259 shares of company stock worth $1,170,272. Company insiders own 1.60% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in ZION. Legal & General Group Plc increased its stake in Zions Bancorp by 3.8% in the 3rd quarter. Legal & General Group Plc now owns 928,736 shares of the bank’s stock worth $46,576,000 after purchasing an additional 34,171 shares in the last quarter. Standard Life Aberdeen plc increased its stake in Zions Bancorp by 8.9% in the 3rd quarter. Standard Life Aberdeen plc now owns 123,165 shares of the bank’s stock worth $6,177,000 after purchasing an additional 10,035 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in Zions Bancorp by 6.4% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 3,739,554 shares of the bank’s stock worth $187,539,000 after purchasing an additional 224,892 shares in the last quarter. Kentucky Retirement Systems purchased a new position in Zions Bancorp in the 3rd quarter worth about $457,000. Finally, Captrust Financial Advisors increased its stake in Zions Bancorp by 875.3% in the 3rd quarter. Captrust Financial Advisors now owns 156,397 shares of the bank’s stock worth $7,843,000 after purchasing an additional 140,361 shares in the last quarter. 94.40% of the stock is currently owned by hedge funds and other institutional investors.

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About Zions Bancorp (NASDAQ:ZION)

Zions Bancorporation, National Association provides various 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; residential mortgage servicing and lending services; trust and wealth management services; capital markets services, including municipal finance advisory and underwriting; and investment services.

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