FIG Partners Reiterates “Outperform” Rating for Zions Bancorporation (ZION)
Zions Bancorporation (NASDAQ:ZION)‘s stock had its “outperform” rating reiterated by stock analysts at FIG Partners in a note issued to investors on Wednesday. They currently have a $54.00 target price on the bank’s stock, up from their prior target price of $50.00. FIG Partners’ price target indicates a potential upside of 20.94% from the company’s previous close.
A number of other equities analysts have also recently issued reports on ZION. Compass Point upgraded 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. Jefferies Group LLC reiterated a “buy” rating and issued a $49.00 price objective on shares of Zions Bancorporation in a report on Wednesday, April 5th. Piper Jaffray Companies cut their price objective on Zions Bancorporation from $43.00 to $42.00 and set a “neutral” rating for the company in a report on Tuesday, April 11th. Keefe, Bruyette & Woods set a $44.00 price objective on Zions Bancorporation and gave the stock a “hold” rating in a report on Monday, April 17th. Finally, Barclays PLC upped their price objective on Zions Bancorporation from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, April 25th. 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 company. The stock has a consensus rating of “Hold” and an average price target of $43.41.
Shares of Zions Bancorporation (NASDAQ:ZION) traded up 2.497% during mid-day trading on Wednesday, hitting $45.765. The company had a trading volume of 3,135,908 shares. Zions Bancorporation has a one year low of $25.78 and a one year high of $48.33. The company’s 50-day moving average is $43.29 and its 200 day moving average is $42.51. The company has a market capitalization of $9.27 billion, a PE ratio of 20.606 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last posted its earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.11. Zions Bancorporation had a return on equity of 7.44% and a net margin of 20.50%. The business had revenue of $660 million during the quarter, compared to analysts’ expectations of $640.34 million. During the same period in the previous year, the business earned $0.44 earnings per share. On average, equities research analysts forecast that Zions Bancorporation will post $2.60 EPS for the current fiscal year.
Zions Bancorporation announced that its board has authorized a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
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In related news, insider David E. Blackford sold 942 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $40.44, for a total value of $38,094.48. Following the sale, the insider now owns 29,415 shares in the company, valued at approximately $1,189,542.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Thomas E. Laursen sold 860 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the general counsel now owns 25,901 shares in the company, valued at approximately $1,066,085.16. The disclosure for this sale can be found here. Insiders sold a total of 46,184 shares of company stock worth $1,880,815 in the last 90 days. 1.46% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of ZION. Exane Derivatives acquired a new stake in shares of Zions Bancorporation during the second quarter valued at approximately $132,000. Global X Management Co. LLC increased its stake in shares of 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 in the last quarter. Segantii Capital Management Ltd acquired a new stake in shares of Zions Bancorporation during the first quarter valued at approximately $151,000. Cypress Capital Management LLC WY acquired a new stake in shares of Zions Bancorporation during the first quarter valued at approximately $169,000. Finally, FNY Partners Fund LP acquired a new stake in shares of Zions Bancorporation during the first quarter valued at approximately $188,000. Institutional investors own 94.65% 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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