Zions Bancorporation (ZION) Lowered to Hold at BidaskClub
Zions Bancorporation (NASDAQ:ZION) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
Other equities research analysts have also issued research reports about the stock. Jefferies Group LLC reissued a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a report on Wednesday, April 5th. Compass Point raised shares of Zions Bancorporation from a “neutral” rating to a “buy” rating in a report on Wednesday, March 29th. They noted that the move was a valuation call. Deutsche Bank AG raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and raised their price target for the stock from $45.00 to $46.00 in a report on Thursday, May 4th. Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Wednesday, June 28th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $45.00 price target (up previously from $43.00) on shares of Zions Bancorporation in a report on Monday, June 5th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $43.23.
Shares of Zions Bancorporation (ZION) traded down 0.23% during trading on Wednesday, hitting $43.98. 1,614,880 shares of the stock were exchanged. The firm has a market capitalization of $8.91 billion, a price-to-earnings ratio of 19.80 and a beta of 1.44. Zions Bancorporation has a 52 week low of $25.65 and a 52 week high of $48.33. The stock’s 50 day moving average price is $42.86 and its 200 day moving average price is $42.49.
Zions Bancorporation (NASDAQ:ZION) last released its earnings results on Monday, April 24th. The bank reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.07. Zions Bancorporation had a net margin of 20.50% and a return on equity of 7.44%. The company had revenue of $621 million for the quarter, compared to analyst estimates of $619.90 million. During the same quarter last year, the firm earned $0.38 EPS. On average, equities analysts predict that Zions Bancorporation will post $2.60 earnings per share for the current year.
Zions Bancorporation declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to buyback $465.00 million in shares. This buyback authorization allows the bank to repurchase up to 5.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other Zions Bancorporation news, insider Leeanne B. Linderman sold 29,078 shares of Zions Bancorporation stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $41.00, for a total value of $1,192,198.00. Following the completion of the transaction, the insider now directly owns 15,746 shares of the company’s stock, valued at $645,586. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David E. Blackford sold 2,090 shares of Zions Bancorporation stock in a transaction dated 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 of the company’s stock, valued at $933,924.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,184 shares of company stock valued at $1,880,815. 1.46% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Great West Life Assurance Co. Can boosted its position in shares of Zions Bancorporation by 3.9% in the third quarter. Great West Life Assurance Co. Can now owns 109,583 shares of the bank’s stock valued at $3,395,000 after buying an additional 4,084 shares during the period. Caxton Associates LP acquired a new stake in shares of Zions Bancorporation during the fourth quarter valued at about $4,304,000. River & Mercantile Asset Management acquired a new stake in shares of Zions Bancorporation during the fourth quarter valued at about $2,266,000. UMB Bank acquired a new stake in shares of Zions Bancorporation during the fourth quarter valued at about $3,983,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Zions Bancorporation by 1.7% in the third quarter. Bank of New York Mellon Corp now owns 1,719,397 shares of the bank’s stock valued at $53,336,000 after buying an additional 28,720 shares during the period. 94.62% of the stock is owned by institutional investors and hedge funds.
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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