Insider Selling: Thomas E. Laursen Sells 1,000 Shares of Zions Bancorporation Stock (ZION)
Zions Bancorporation (NASDAQ:ZION) VP Thomas E. Laursen unloaded 1,000 shares of Zions Bancorporation stock on the open market in a transaction dated Thursday, May 29th. The stock was sold at an average price of $28.54, for a total transaction of $28,540.00. Following the completion of the sale, the vice president now directly owns 31,396 shares in the company, valued at approximately $896,042. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
A number of research firms have recently commented on ZION. Analysts at Sterne Agee initiated coverage on shares of Zions Bancorporation in a research note on Friday. They set a “neutral” rating on the stock. Separately, analysts at Evercore Partners downgraded shares of Zions Bancorporation from an “overweight” rating to an “equal weight” rating in a research note on Friday, May 16th. They now have a $28.00 price target on the stock, down previously from $33.00. Finally, analysts at Evercore Partners downgraded shares of Zions Bancorporation from an “overweight” rating to an “equal weight” rating in a research note on Thursday, May 8th. They now have a $28.00 price target on the stock, down previously from $33.00. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $31.50.
Shares of Zions Bancorporation (NASDAQ:ZION) traded down 0.03% during mid-day trading on Friday, hitting $28.59. The stock had a trading volume of 876,821 shares. Zions Bancorporation has a 52 week low of $26.39 and a 52 week high of $33.33. The stock has a 50-day moving average of $28.93 and a 200-day moving average of $29.7. The company has a market cap of $5.286 billion and a P/E ratio of 18.93. Zions Bancorporation also was the recipient of a large decline in short interest in the month of May. As of May 15th, there was short interest totalling 14,084,731 shares, a decline of 10.7% from the April 30th total of 15,776,960 shares. Based on an average daily volume of 2,527,610 shares, the short-interest ratio is presently 5.6 days. Currently, 7.8% of the company’s shares are short sold.
Zions Bancorporation (NASDAQ:ZION) last released its earnings data on Monday, April 21st. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by $0.01. During the same quarter in the previous year, the company posted $0.48 earnings per share. On average, analysts predict that Zions Bancorporation will post $1.78 earnings per share for the current fiscal year.
Zions Bancorporation is a financial holding company. The Company focuses on providing community banking services by its core business lines of 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; trust and wealth management, and investment activities.
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