Zacks Investment Research Downgrades Zions Bancorporation (ZION) to Hold
Zions Bancorporation (NASDAQ:ZION) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “Zions’ shares have outperformed the Zacks categorized Banks-West industry over the last one year. The company has been witnessing consistent growth in loans and deposits along with easing margin pressure, indicating improvement in revenues in the quarters ahead. Moreover, with the passage of the Financial Choice Act, the company is likely to increase lending activities, which should lead to further improvement in top-line. Also, Zions’ initiatives to control expenses have been successful and are expected to aid bottom line growth in the quarters ahead. Moreover, Fed’s approval to the 2017 capital plan remains encouraging. However, a risky loan portfolio along with concentration risk could hurt the company’s financials, going forward.”
Several other research firms have also recently commented on ZION. Barclays PLC boosted their price target on Zions Bancorporation from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 25th. BMO Capital Markets reissued a “hold” rating and issued a $44.00 price objective on shares of Zions Bancorporation in a report on Thursday, June 29th. Jefferies Group LLC reissued a “buy” rating and issued a $49.00 price objective on shares of Zions Bancorporation in a report on Thursday, June 8th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $44.00 price objective on shares of Zions Bancorporation in a report on Monday, June 19th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $45.00 price objective (up from $43.00) on shares of Zions Bancorporation in a report on Monday, June 5th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $42.86.
Zions Bancorporation (NASDAQ ZION) traded up 0.73% on Friday, hitting $44.44. The stock had a trading volume of 1,476,025 shares. The company’s 50 day moving average is $41.41 and its 200 day moving average is $42.36. Zions Bancorporation has a 12-month low of $23.02 and a 12-month high of $48.33. The firm has a market cap of $9.00 billion, a PE ratio of 20.01 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings results on Monday, April 24th. The bank reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.07. Zions Bancorporation had a return on equity of 7.44% and a net margin of 20.50%. The business had revenue of $621 million for the quarter, compared to analysts’ expectations of $619.90 million. During the same quarter in the previous year, the firm posted $0.38 earnings per share. On average, equities research analysts expect that Zions Bancorporation will post $2.59 EPS for the current fiscal year.
In other news, General Counsel Thomas E. Laursen sold 860 shares of the company’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $41.16, for a total value of $35,397.60. Following the transaction, the general counsel now directly owns 25,901 shares of the company’s stock, valued at $1,066,085.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David E. Blackford sold 2,090 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $39.61, for a total transaction of $82,784.90. Following the completion of the transaction, the insider now directly owns 23,578 shares in the company, valued at $933,924.58. The disclosure for this sale can be found here. Insiders sold 46,184 shares of company stock valued at $1,880,815 in the last 90 days. Corporate insiders own 1.46% of the company’s stock.
Several institutional investors have recently bought and sold shares of ZION. Global X Management Co. LLC increased its position in Zions Bancorporation by 340.4% in the first quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock valued at $127,000 after buying an additional 2,335 shares during the last quarter. Segantii Capital Management Ltd acquired a new position in Zions Bancorporation during the first quarter valued at approximately $151,000. Cypress Capital Management LLC WY acquired a new position in Zions Bancorporation during the first quarter valued at approximately $169,000. FNY Partners Fund LP acquired a new position in Zions Bancorporation during the first quarter valued at approximately $188,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in Zions Bancorporation by 2.8% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,494 shares of the bank’s stock valued at $194,000 after buying an additional 124 shares during the last quarter. 95.42% of the stock is currently owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Zions Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zions Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.