Zions Bancorporation (NASDAQ:ZION) Given Average Recommendation of “Hold” by Brokerages
Zions Bancorporation (NASDAQ:ZION) has been given an average recommendation of “Hold” by the twenty-five ratings firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation and twelve have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $44.00.
A number of equities analysts recently commented on the company. Zacks Investment Research upgraded Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Thursday, July 13th. Jefferies Group LLC reiterated a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a research note on Friday. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $46.00 price target on shares of Zions Bancorporation in a research note on Friday. Morgan Stanley reiterated an “equal weight” rating and issued a $46.00 price target (up from $45.00) on shares of Zions Bancorporation in a research note on Friday, July 7th. Finally, BidaskClub upgraded Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th.
Zions Bancorporation (NASDAQ:ZION) traded down 1.13% during midday trading on Tuesday, hitting $43.84. The company had a trading volume of 482,343 shares. Zions Bancorporation has a 52-week low of $25.62 and a 52-week high of $48.33. The firm has a market cap of $8.88 billion, a price-to-earnings ratio of 19.74 and a beta of 1.44. The stock has a 50 day moving average of $41.41 and a 200 day moving average of $42.36.
Zions Bancorporation (NASDAQ:ZION) last announced its earnings results on Monday, April 24th. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ 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 analyst estimates of $619.90 million. During the same period in the previous year, the company earned $0.38 earnings per share. On average, analysts anticipate that Zions Bancorporation will post $2.60 EPS for the current year.
Zions Bancorporation announced that its board has authorized a stock buyback program on Wednesday, June 28th that permits the company to repurchase $465.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 860 shares of the 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 sale, the general counsel now directly owns 25,901 shares in the company, valued at $1,066,085.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider David E. Blackford sold 2,090 shares of the 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 sale, the insider now owns 23,578 shares in the company, valued at $933,924.58. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,184 shares of company stock worth $1,880,815. Company insiders own 1.46% of the company’s stock.
A number of large investors have recently bought and sold shares of ZION. Sii Investments Inc. WI raised its stake in Zions Bancorporation by 0.4% in the first quarter. Sii Investments Inc. WI now owns 24,586 shares of the bank’s stock valued at $1,033,000 after buying an additional 99 shares during the period. Mason Street Advisors LLC raised its stake in shares of Zions Bancorporation by 0.4% in the first quarter. Mason Street Advisors LLC now owns 27,973 shares of the bank’s stock worth $1,175,000 after buying an additional 105 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Zions Bancorporation by 2.8% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,494 shares of the bank’s stock worth $194,000 after buying an additional 124 shares during the last quarter. Breton Hill Capital Ltd. raised its stake in shares of Zions Bancorporation by 0.6% in the first quarter. Breton Hill Capital Ltd. now owns 24,182 shares of the bank’s stock worth $1,016,000 after buying an additional 155 shares during the last quarter. Finally, Advantus Capital Management Inc raised its stake in shares of Zions Bancorporation by 0.9% in the first quarter. Advantus Capital Management Inc now owns 20,313 shares of the bank’s stock worth $853,000 after buying an additional 183 shares during the last quarter. Institutional investors own 94.62% of the company’s stock.
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Zions Bancorporation Company Profile
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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