Zions Bancorporation (ZION) Announces Quarterly Earnings Results, Beats Estimates By $0.11 EPS
Zions Bancorporation (NASDAQ:ZION) announced its earnings results on Tuesday. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.11, Bloomberg Earnings reports. Zions Bancorporation had a return on equity of 7.44% and a net margin of 20.50%. During the same quarter last year, the company posted $0.44 earnings per share.
Zions Bancorporation (ZION) traded up 0.74% during trading on Tuesday, reaching $44.65. The company’s stock had a trading volume of 2,768,028 shares. Zions Bancorporation has a one year low of $25.78 and a one year high of $48.33. The company has a 50-day moving average of $43.29 and a 200 day moving average of $42.51. The firm has a market cap of $9.05 billion, a PE ratio of 20.10 and a beta of 1.44.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.08%. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s payout ratio is 14.41%.
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Several research analysts recently issued reports on ZION shares. Barclays PLC raised their target price on Zions Bancorporation from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 25th. BMO Capital Markets reaffirmed a “hold” rating and set a $44.00 target price on shares of Zions Bancorporation in a research report on Thursday, June 29th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $44.00 target price on shares of Zions Bancorporation in a research report on Monday, June 19th. Jefferies Group LLC reaffirmed a “buy” rating and set a $49.00 target price on shares of Zions Bancorporation in a research report on Thursday, June 8th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $45.00 price target (up from $43.00) on shares of Zions Bancorporation in a report on Monday, June 5th. 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 stock. Zions Bancorporation currently has a consensus rating of “Hold” and an average price target of $43.23.
Zions Bancorporation declared that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $465.00 million in shares. This buyback authorization authorizes the bank to buy up to 5.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 860 shares of the company’s stock in a transaction dated 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 owns 25,901 shares in the company, valued at $1,066,085.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David E. Blackford sold 942 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $40.44, for a total transaction of $38,094.48. Following the completion of the sale, the insider now owns 29,415 shares in the company, valued at approximately $1,189,542.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,184 shares of company stock worth $1,880,815. Corporate insiders own 1.46% 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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