Zions Bancorp (ZION) Downgraded to “Neutral” at Piper Jaffray Cos.
Zions Bancorp (NASDAQ:ZION) was downgraded by research analysts at Piper Jaffray Cos. from an “overweight” rating to a “neutral” rating in a research note issued on Monday. They presently have a $32.00 price objective on the stock, up from their previous price objective of $30.00. Piper Jaffray Cos.’s price target points to a potential upside of 0.85% from the company’s previous close.
ZION has been the subject of a number of other research reports. Vetr upgraded shares of Zions Bancorp from a “strong sell” rating to a “sell” rating and set a $29.00 target price for the company in a research note on Monday, September 5th. Raymond James Financial Inc. boosted their target price on shares of Zions Bancorp from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, September 13th. Credit Suisse Group AG boosted their target price on shares of Zions Bancorp from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 20th. Bank of America Corp. downgraded shares of Zions Bancorp from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 29th. Finally, Zacks Investment Research upgraded shares of Zions Bancorp from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Monday, October 3rd. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $32.10.
Shares of Zions Bancorp (NASDAQ:ZION) traded up 0.25% during mid-day trading on Monday, hitting $31.81. The stock had a trading volume of 1,880,906 shares. The firm has a market cap of $6.52 billion, a PE ratio of 19.17 and a beta of 1.54. Zions Bancorp has a 12 month low of $19.65 and a 12 month high of $32.15. The stock’s 50-day moving average is $30.39 and its 200 day moving average is $27.48.
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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 the Thomson Reuters’ consensus estimate 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 period in the prior year, the business earned $0.41 earnings per share. Equities research analysts predict that Zions Bancorp will post $1.85 earnings per share for the current fiscal year.
In related news, insider David E. Blackford sold 1,620 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $27.81, for a total transaction of $45,052.20. Following the sale, the insider now owns 29,429 shares in the company, valued at $818,420.49. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark Richard Young sold 65,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $20.72, for a total transaction of $1,346,800.00. Following the sale, the insider now owns 56,245 shares in the company, valued at approximately $1,165,396.40. The disclosure for this sale can be found here. 2.06% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the company. Canada Pension Plan Investment Board raised its stake in shares of Zions Bancorp by 2.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,000 shares of the company’s stock worth $121,000 after buying an additional 100 shares during the period. Seven Eight Capital LLC increased its position in Zions Bancorp by 235.4% in the first quarter. Seven Eight Capital LLC now owns 6,412 shares of the company’s stock worth $155,000 after buying an additional 4,500 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Zions Bancorp during the second quarter worth $208,000. MAI Capital Management increased its position in Zions Bancorp by 0.3% in the second quarter. MAI Capital Management now owns 8,641 shares of the company’s stock worth $217,000 after buying an additional 27 shares in the last quarter. Finally, Parametrica Management Ltd bought a new position in Zions Bancorp during the second quarter worth $234,000. Hedge funds and other institutional investors own 87.36% 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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