FBR & Co Downgrades Zions Bancorp (ZION) to Market Perform
Zions Bancorp (NASDAQ:ZION) was downgraded by research analysts at FBR & Co from an “outperform” rating to a “market perform” rating in a research report issued on Tuesday. They currently have a $32.00 price objective on the stock. FBR & Co’s price target would indicate a potential upside of 0.60% from the company’s current price.
A number of other analysts have also recently commented on the stock. Piper Jaffray Cos. cut shares of Zions Bancorp from an “overweight” rating to a “neutral” rating and increased their price target for the company from $30.00 to $32.00 in a research note on Monday. Raymond James Financial Inc. cut shares of Zions Bancorp from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, October 6th. 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. Credit Agricole SA raised their target price on shares of Zions Bancorp from $33.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, September 23rd. Finally, Credit Suisse Group AG raised 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. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $32.10.
Shares of Zions Bancorp (NASDAQ:ZION) opened at 31.81 on Tuesday. The company has a market capitalization of $6.52 billion, a PE ratio of 19.17 and a beta of 1.54. The firm’s 50-day moving average is $30.46 and its 200 day moving average is $27.56. Zions Bancorp has a 52 week low of $19.65 and a 52 week high of $32.15.
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Zions Bancorp (NASDAQ:ZION) last announced 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 period in the previous year, the company earned $0.41 earnings per share. On average, analysts anticipate that Zions Bancorp will post $1.85 earnings per share for the current fiscal year.
In other news, EVP Keith D. Maio sold 9,000 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $27.97, for a total value of $251,730.00. Following the transaction, the executive vice president now owns 44,072 shares in the company, valued at approximately $1,232,693.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark Richard Young sold 65,000 shares of the business’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 completion of the transaction, 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.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP increased its position in shares of Zions Bancorp by 4.9% in the first quarter. Wellington Management Group LLP now owns 9,115,604 shares of the company’s stock worth $220,689,000 after buying an additional 429,375 shares during the period. Endeavour Capital Advisors Inc. increased its position in shares of Zions Bancorp by 32.3% in the first quarter. Endeavour Capital Advisors Inc. now owns 1,811,553 shares of the company’s stock worth $43,858,000 after buying an additional 442,737 shares during the period. Geode Capital Management LLC increased its position in shares of Zions Bancorp by 1.9% in the first quarter. Geode Capital Management LLC now owns 1,757,949 shares of the company’s stock worth $42,495,000 after buying an additional 32,076 shares during the period. Artemis Investment Management LLP increased its position in shares of Zions Bancorp by 772.6% in the second quarter. Artemis Investment Management LLP now owns 4,122,053 shares of the company’s stock worth $103,567,000 after buying an additional 3,649,671 shares during the period. Finally, Riverhead Capital Management LLC increased its position in shares of Zions Bancorp by 42.2% in the first quarter. Riverhead Capital Management LLC now owns 118,032 shares of the company’s stock worth $2,857,000 after buying an additional 35,046 shares during the period. Hedge funds and other institutional investors own 87.36% of the company’s stock.
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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