Analysts Anticipate Zions Bancorporation (NASDAQ:ZION) to Announce $0.62 EPS
Wall Street brokerages expect that Zions Bancorporation (NASDAQ:ZION) will post earnings per share (EPS) of $0.62 for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Zions Bancorporation’s earnings. The lowest EPS estimate is $0.60 and the highest is $0.64. Zions Bancorporation reported earnings per share of $0.44 during the same quarter last year, which would suggest a positive year-over-year growth rate of 40.9%. The company is expected to report its next quarterly earnings report after the market closes on Tuesday, July 25th.
On average, analysts expect that Zions Bancorporation will report full-year earnings of $2.57 per share for the current financial year, with EPS estimates ranging from $2.45 to $2.68. For the next year, analysts expect that the firm will post earnings of $2.93 per share, with EPS estimates ranging from $2.64 to $3.09. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that cover Zions Bancorporation.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings data 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. The business had revenue of $621 million during the quarter, compared to the consensus estimate of $619.90 million. Zions Bancorporation had a return on equity of 7.44% and a net margin of 20.50%. During the same period last year, the company earned $0.38 earnings per share.
A number of analysts have commented on ZION shares. Keefe, Bruyette & Woods reissued a “hold” rating and set a $46.00 price objective on shares of Zions Bancorporation in a report on Friday, July 14th. Jefferies Group LLC reissued a “buy” rating and set a $49.00 price objective on shares of Zions Bancorporation in a report on Friday, July 14th. Zacks Investment Research lowered Zions Bancorporation from a “buy” rating to a “hold” rating in a report on Friday, July 7th. BidaskClub lowered Zions Bancorporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, BMO Capital Markets reissued a “hold” rating and set a $44.00 price objective on shares of Zions Bancorporation in a report on Thursday, June 29th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $43.23.
In related news, General Counsel Thomas E. Laursen sold 860 shares of the stock in a transaction on Monday, May 8th. The stock was sold at an average price of $41.16, for a total value of $35,397.60. Following the sale, the general counsel now owns 25,901 shares in the company, valued at $1,066,085.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Leeanne B. Linderman sold 29,078 shares of the stock in a transaction on Monday, May 8th. The stock was sold at an average price of $41.00, for a total value of $1,192,198.00. Following the completion of the sale, the insider now owns 15,746 shares in the company, valued at approximately $645,586. The disclosure for this sale can be found here. Insiders sold 46,184 shares of company stock worth $1,880,815 in the last quarter. 1.46% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of ZION. Vanguard Group Inc. increased its stake in shares of Zions Bancorporation by 3.8% in the first quarter. Vanguard Group Inc. now owns 20,363,376 shares of the bank’s stock worth $855,261,000 after buying an additional 754,639 shares during the period. BlackRock Inc. increased its stake in shares of Zions Bancorporation by 4,464.8% in the first quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock worth $493,142,000 after buying an additional 11,484,250 shares during the period. American Century Companies Inc. increased its stake in shares of Zions Bancorporation by 11.6% in the first quarter. American Century Companies Inc. now owns 6,598,091 shares of the bank’s stock worth $277,120,000 after buying an additional 684,015 shares during the period. Alliancebernstein L.P. increased its stake in shares of Zions Bancorporation by 2.9% in the first quarter. Alliancebernstein L.P. now owns 3,285,312 shares of the bank’s stock worth $137,983,000 after buying an additional 91,786 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Zions Bancorporation by 9.3% in the first quarter. Geode Capital Management LLC now owns 2,158,321 shares of the bank’s stock worth $90,556,000 after buying an additional 183,595 shares during the period. Institutional investors own 94.65% of the company’s stock.
Zions Bancorporation (ZION) opened at 44.32 on Tuesday. Zions Bancorporation has a 12-month low of $25.78 and a 12-month high of $48.33. The company has a market capitalization of $8.98 billion, a P/E ratio of 19.95 and a beta of 1.44. The company’s 50 day moving average price is $43.29 and its 200-day moving average price is $42.51.
Zions Bancorporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to repurchase $465.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 17th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date is Tuesday, August 15th. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio (DPR) is 14.41%.
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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