Zions Bancorp (ZION) Given New $36.00 Price Target at Credit Suisse Group AG
Zions Bancorp (NASDAQ:ZION) had its target price lifted by analysts at Credit Suisse Group AG from $32.00 to $36.00 in a research note issued to investors on Tuesday. The firm currently has an “outperform” rating on the stock. Credit Suisse Group AG’s target price indicates a potential upside of 20.40% from the stock’s current price.
A number of other analysts have also weighed in on ZION. Deutsche Bank AG reissued a “hold” rating on shares of Zions Bancorp in a research note on Saturday, June 4th. Susquehanna raised Zions Bancorp from a “neutral” rating to a “positive” rating and increased their price objective for the company from $25.00 to $36.00 in a research note on Tuesday, June 7th. Maxim Group raised Zions Bancorp from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 7th. TheStreet raised Zions Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, June 6th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $32.00 price objective on shares of Zions Bancorp in a research note on Thursday, June 16th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $31.53.
Shares of Zions Bancorp (NASDAQ:ZION) opened at 29.90 on Tuesday. The company has a market cap of $6.13 billion, a price-to-earnings ratio of 18.02 and a beta of 1.64. The stock has a 50 day moving average of $29.37 and a 200 day moving average of $26.89. Zions Bancorp has a 1-year low of $19.65 and a 1-year high of $31.28.
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Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. Zions Bancorp had a net margin of 16.37% and a return on equity of 5.62%. During the same quarter in the previous year, the company earned $0.41 EPS. Analysts predict that Zions Bancorp will post $1.85 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Thursday, August 18th were given a dividend of $0.08 per share. This is a boost from Zions Bancorp’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Tuesday, August 16th. Zions Bancorp’s payout ratio is presently 19.28%.
In other news, insider David E. Blackford sold 1,620 shares of Zions Bancorp stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $27.81, for a total transaction of $45,052.20. Following the transaction, the insider now directly owns 29,429 shares of the company’s stock, valued at approximately $818,420.49. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark Richard Young sold 65,000 shares of Zions Bancorp stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $20.72, for a total value of $1,346,800.00. Following the transaction, the insider now directly owns 56,245 shares in the company, valued at $1,165,396.40. The disclosure for this sale can be found here. Insiders own 2.06% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in Zions Bancorp during the fourth quarter worth $14,053,000. Chevy Chase Trust Holdings Inc. boosted its position in Zions Bancorp by 4.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 172,943 shares of the company’s stock worth $4,187,000 after buying an additional 7,526 shares during the last quarter. Exxonmobil Investment Management Inc. TX boosted its position in Zions Bancorp by 8.7% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 49,792 shares of the company’s stock worth $1,205,000 after buying an additional 4,005 shares during the last quarter. Sarasin & Partners LLP boosted its position in Zions Bancorp by 6.9% in the first quarter. Sarasin & Partners LLP now owns 520,643 shares of the company’s stock worth $12,605,000 after buying an additional 33,460 shares during the last quarter. Finally, Aperio Group LLC boosted its position in Zions Bancorp by 127.0% in the first quarter. Aperio Group LLC now owns 79,436 shares of the company’s stock worth $1,923,000 after buying an additional 44,447 shares during the last quarter. 87.41% of the stock is currently owned by hedge funds and other institutional investors.
About Zions Bancorp
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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