FY2018 EPS Estimates for Zions Bancorporation (ZION) Cut by Analyst
Zions Bancorporation (NASDAQ:ZION) – Equities research analysts at Jefferies Group decreased their FY2018 EPS estimates for Zions Bancorporation in a research report issued on Wednesday. Jefferies Group analyst K. Usdin now expects that the bank will earn $2.95 per share for the year, down from their prior estimate of $3.00. Jefferies Group currently has a “Buy” rating and a $49.00 target price on the stock.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Monday, April 24th. The bank reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.07. The firm had revenue of $621 million during the quarter, compared to analysts’ expectations of $619.90 million. Zions Bancorporation had a net margin of 20.50% and a return on equity of 7.44%. During the same quarter last year, the company posted $0.38 earnings per share.
Other analysts have also issued research reports about the stock. Compass Point upgraded shares of Zions Bancorporation from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 29th. They noted that the move was a valuation call. Deutsche Bank AG upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating and upped their target price for the stock from $45.00 to $46.00 in a research note on Thursday, May 4th. BidaskClub upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Zacks Investment Research upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Wednesday, June 28th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $45.00 price target (up from $43.00) on shares of Zions Bancorporation in a report on Monday, June 5th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $42.86.
Shares of Zions Bancorporation (NASDAQ ZION) traded up 0.57% during mid-day trading on Friday, reaching $44.37. 448,161 shares of the company’s stock were exchanged. Zions Bancorporation has a 52-week low of $23.02 and a 52-week high of $48.33. The company’s 50-day moving average price is $41.41 and its 200 day moving average price is $42.36. The company has a market cap of $8.99 billion, a PE ratio of 19.98 and a beta of 1.44.
In other Zions Bancorporation news, insider Leeanne B. Linderman sold 29,078 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $41.00, for a total transaction of $1,192,198.00. Following the transaction, the insider now directly owns 15,746 shares in the company, valued at $645,586. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Thomas E. Laursen sold 860 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $41.16, for a total transaction of $35,397.60. Following the transaction, the general counsel now owns 25,901 shares in the company, valued at $1,066,085.16. The disclosure for this sale can be found here. Insiders have sold 46,184 shares of company stock worth $1,880,815 over the last quarter. Company insiders own 1.46% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. River & Mercantile Asset Management LLP acquired a new position in shares of Zions Bancorporation during the fourth quarter worth approximately $5,533,000. Creative Planning boosted its position in shares of Zions Bancorporation by 5.9% in the first quarter. Creative Planning now owns 28,167 shares of the bank’s stock worth $1,183,000 after buying an additional 1,565 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Zions Bancorporation by 7.7% in the first quarter. Canada Pension Plan Investment Board now owns 9,800 shares of the bank’s stock worth $412,000 after buying an additional 700 shares during the last quarter. Sawtooth Solutions LLC boosted its position in shares of Zions Bancorporation by 31.5% in the first quarter. Sawtooth Solutions LLC now owns 7,795 shares of the bank’s stock worth $327,000 after buying an additional 1,865 shares during the last quarter. Finally, Hartford Investment Management Co. boosted its position in shares of Zions Bancorporation by 0.9% in the first quarter. Hartford Investment Management Co. now owns 51,444 shares of the bank’s stock worth $2,161,000 after buying an additional 442 shares during the last quarter. Institutional investors and hedge funds own 95.42% of the company’s stock.
About Zions Bancorporation
Zions Bancorporation is a financial holding company. The Company conducts its banking operations through separately managed and branded segments, including Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank (NSB), Vectra Bank Colorado, The Commerce Bank of Washington (TCBW) and Other.
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