Zions Bancorporation’s Neutral Rating Reiterated at Zacks (ZION)
Zions Bancorporation (NASDAQ:ZION)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued on Thursday. They currently have a $30.50 target price on the stock. Zacks‘s price objective points to a potential upside of 4.42% from the company’s current price.
Zacks’ analyst wrote, “Zions’ second-quarter 2014 adjusted earnings comfortably surpassed the Zacks Consensus Estimate. Prudent expense management and strong profitability ratios were the tailwinds. However, decrease in revenues, higher provisions for loan losses and deterioration in capital ratios dampened the results. We believe that the initiatives undertaken to enhance the balance sheet position will augur well for the company’s financials going forward. This, in turn, will keep the revenue momentum going. Nevertheless, we remain concerned about a still low interest-rate environment, asset-sensitive balance sheet and regulatory restrictions.”
A number of other firms have also recently commented on ZION. Analysts at Barclays reiterated an “equal weight” rating on shares of Zions Bancorporation in a research note on Monday, August 11th. They now have a $31.00 price target on the stock, down previously from $32.00. Separately, analysts at Sanford C. Bernstein upgraded shares of Zions Bancorporation from an “underperform” rating to a “market perform” rating in a research note on Tuesday, July 29th. They now have a $30.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Bernstein upgraded shares of Zions Bancorporation to a “market perform” rating in a research note on Tuesday, July 29th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Zions Bancorporation currently has an average rating of “Hold” and a consensus price target of $31.63.
Zions Bancorporation (NASDAQ:ZION) traded up 0.82% on Thursday, hitting $29.46. The stock had a trading volume of 707,392 shares. Zions Bancorporation has a one year low of $26.79 and a one year high of $33.33. The stock’s 50-day moving average is $28.73 and its 200-day moving average is $29.58. The company has a market cap of $5.974 billion and a price-to-earnings ratio of 16.42.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings results on Monday, July 21st. The company reported $0.56 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.45 by $0.11. During the same quarter last year, the company posted $0.44 earnings per share. On average, analysts predict that Zions Bancorporation will post $1.84 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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