Short Interest in Zions Bancorporation Drops By 15.9% (ZION)
Zions Bancorporation (NASDAQ:ZION) was the target of a large decrease in short interest in the month of May. As of May 30th, there was short interest totalling 11,850,118 shares, a decrease of 15.9% from the May 15th total of 14,084,731 shares, AR Network reports. Based on an average daily volume of 1,283,400 shares, the days-to-cover ratio is presently 9.2 days. Currently, 6.5% of the company’s shares are sold short.
A number of research firms have recently commented on ZION. Analysts at Zacks reiterated a “neutral” rating on shares of Zions Bancorporation in a research note on Friday, June 6th. They now have a $31.00 price target on the stock. Separately, analysts at Sterne Agee initiated coverage on shares of Zions Bancorporation in a research note on Friday, May 30th. They set a “neutral” rating on the stock. Finally, 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. Eleven analysts have rated the stock with a hold rating and six have given a buy rating to the company. Zions Bancorporation currently has a consensus rating of “Hold” and an average target price of $31.40.
Zions Bancorporation (NASDAQ:ZION) opened at 29.18 on Tuesday. Zions Bancorporation has a 52 week low of $26.69 and a 52 week high of $33.33. The stock’s 50-day moving average is $28.89 and its 200-day moving average is $29.78. The company has a market cap of $5.395 billion and a P/E ratio of 19.60.
Zions Bancorporation (NASDAQ:ZION) last announced its earnings results on Monday, April 21st. The company reported $0.41 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.42 by $0.01. During the same quarter in the prior 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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