Zions Bancorp (ZION) Given New $36.00 Price Target at Credit Suisse Group AG
Zions Bancorp (NASDAQ:ZION) had its price target increased by Credit Suisse Group AG from $32.00 to $36.00 in a research report issued on Tuesday. The firm presently has an “outperform” rating on the stock. Credit Suisse Group AG’s target price suggests a potential upside of 20.40% from the company’s current price.
A number of other equities analysts have also recently issued reports on the company. Vetr cut Zions Bancorp from a “hold” rating to a “sell” rating and set a $26.45 target price for the company. in a report on Wednesday, July 27th. Piper Jaffray Cos. raised Zions Bancorp from a “neutral” rating to an “overweight” rating and set a $29.00 target price for the company in a report on Thursday, July 7th. They noted that the move was a valuation call. Raymond James Financial Inc. upped their target price on Zions Bancorp from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Tuesday, September 13th. FIG Partners assumed coverage on Zions Bancorp in a report on Thursday, July 7th. They issued an “outperform” rating and a $29.00 target price for the company. Finally, Zacks Investment Research cut Zions Bancorp from a “buy” rating to a “hold” rating in a report on Friday, August 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. Zions Bancorp currently has an average rating of “Hold” and a consensus target price of $31.53.
Zions Bancorp (NASDAQ:ZION) opened at 29.90 on Tuesday. The company has a market cap of $6.13 billion, a PE ratio of 18.02 and a beta of 1.64. Zions Bancorp has a 12-month low of $19.65 and a 12-month high of $31.28. The stock’s 50 day moving average price is $29.37 and its 200 day moving average price is $26.89.
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Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. Zions Bancorp had a return on equity of 5.62% and a net margin of 16.37%. During the same quarter in the previous year, the company posted $0.41 earnings per share. Equities research analysts anticipate that Zions Bancorp will post $1.85 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 18th were issued a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, August 16th. This represents a $0.32 annualized dividend and a yield of 1.07%. This is a positive change from Zions Bancorp’s previous quarterly dividend of $0.06. Zions Bancorp’s dividend payout ratio is presently 19.28%.
In other Zions Bancorp news, insider David E. Blackford sold 1,620 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $27.81, for a total value of $45,052.20. Following the transaction, the insider now owns 29,429 shares in the company, valued at $818,420.49. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Keith D. Maio sold 9,000 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $27.97, for a total value of $251,730.00. Following the completion of the transaction, the executive vice president now owns 44,072 shares in the company, valued at approximately $1,232,693.84. The disclosure for this sale can be found here. 2.06% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ZION. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Zions Bancorp during the second quarter valued at about $208,000. Kentucky Retirement Systems purchased a new position in shares of Zions Bancorp during the second quarter valued at about $437,000. Mason Street Advisors LLC purchased a new position in shares of Zions Bancorp during the second quarter valued at about $693,000. Harbour Capital Advisors LLC purchased a new position in shares of Zions Bancorp during the second quarter valued at about $657,000. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Zions Bancorp by 1.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 867,390 shares of the company’s stock valued at $21,798,000 after buying an additional 12,324 shares during the last quarter. Institutional investors and hedge funds own 87.41% of the company’s stock.
Zions Bancorp Company Profile
Zions Bancorporation is a financial holding company. The Company operates through seven segments: Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado and The Commerce Bank of Washington. It focuses on providing community banking services and its core business lines are 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; trust and wealth management; limited capital markets activities, including municipal finance advisory and underwriting, and investment activities.
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