Zacks Investment Research downgraded shares of Zions Bancorporation (NASDAQ:ZION) from a buy rating to a hold rating in a report issued on Thursday, October 5th.
According to Zacks, “Zions’ shares have outperformed the industry over the past year. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in all trailing four quarters. The company has been witnessing consistent growth in loans and deposits along with easing margin pressure, indicating possibility of further improvement in revenues. Also, Zions’ initiatives to control expenses have been successful and are expected to aid bottom-line growth. However, the company’s higher exposure toward risky loan portfolios is expected to hamper its financials. Also, concentration risk remains a matter of concern for the company, going forward.”
Several other equities research analysts also recently commented on ZION. Jefferies Group LLC reissued a buy rating and issued a $49.00 price objective on shares of Zions Bancorporation in a report on Thursday, June 8th. BidaskClub upgraded Zions Bancorporation from a hold rating to a buy rating in a research note on Tuesday, June 13th. Barclays PLC restated an overweight rating and issued a $50.00 price target (up previously from $48.00) on shares of Zions Bancorporation in a research note on Friday, June 16th. Keefe, Bruyette & Woods restated a hold rating and issued a $44.00 price target on shares of Zions Bancorporation in a research note on Monday, June 19th. Finally, BMO Capital Markets restated a hold rating and issued a $44.00 price target on shares of Zions Bancorporation in a research note on Thursday, June 29th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company. Zions Bancorporation has a consensus rating of Hold and an average target price of $46.95.
Shares of Zions Bancorporation (ZION) traded down 0.43% on Thursday, hitting $46.59. 156,570 shares of the stock were exchanged. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of 18.55 and a beta of 1.44. Zions Bancorporation has a one year low of $30.47 and a one year high of $48.33. The firm’s 50 day moving average price is $45.04 and its 200 day moving average price is $43.15.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the consensus estimate of $0.62 by $0.11. The company had revenue of $660.00 million during the quarter, compared to the consensus estimate of $640.34 million. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same quarter in the prior year, the firm posted $0.44 EPS. Equities analysts anticipate that Zions Bancorporation will post $2.81 earnings per share for the current year.
Zions Bancorporation announced that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that permits the company to buyback $465.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 5.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
In other news, Director Roger B. Porter purchased 1,616 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average cost of $43.99 per share, with a total value of $71,087.84. Following the completion of the purchase, the director now owns 42,001 shares of the company’s stock, valued at approximately $1,847,623.99. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider David E. Blackford sold 9,533 shares of Zions Bancorporation stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $44.94, for a total value of $428,413.02. Following the sale, the insider now directly owns 22,997 shares in the company, valued at $1,033,485.18. The disclosure for this sale can be found here. Insiders have sold 27,118 shares of company stock worth $1,222,407 over the last three months. Insiders own 1.46% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Cadence Capital Management LLC raised its position in shares of Zions Bancorporation by 0.4% during the second quarter. Cadence Capital Management LLC now owns 8,139 shares of the bank’s stock worth $357,000 after acquiring an additional 34 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Zions Bancorporation by 0.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,054 shares of the bank’s stock worth $661,000 after acquiring an additional 39 shares during the last quarter. Contravisory Investment Management Inc. raised its position in shares of Zions Bancorporation by 0.8% during the second quarter. Contravisory Investment Management Inc. now owns 5,794 shares of the bank’s stock worth $254,000 after acquiring an additional 45 shares during the last quarter. Veritable L.P. raised its position in shares of Zions Bancorporation by 0.9% during the second quarter. Veritable L.P. now owns 5,775 shares of the bank’s stock worth $254,000 after acquiring an additional 50 shares during the last quarter. Finally, Sii Investments Inc. WI raised its position in shares of Zions Bancorporation by 0.4% during the first quarter. Sii Investments Inc. WI now owns 24,586 shares of the bank’s stock worth $1,033,000 after acquiring an additional 99 shares during the last quarter. Institutional investors own 92.30% of the company’s stock.
Zions Bancorporation 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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