Zions Bancorporation (NASDAQ:ZION) Expected to Post Quarterly Sales of $655.80 Million
Analysts predict that Zions Bancorporation (NASDAQ:ZION) will post $655.80 million in sales for the current quarter, according to Zacks. Seven analysts have provided estimates for Zions Bancorporation’s earnings, with estimates ranging from $649.00 million to $670.00 million. Zions Bancorporation posted sales of $614.07 million in the same quarter last year, which suggests a positive year-over-year growth rate of 6.8%. The business is scheduled to issue its next earnings results on Monday, October 23rd.
On average, analysts expect that Zions Bancorporation will report full year sales of $655.80 million for the current financial year, with estimates ranging from $2.59 billion to $2.65 billion. For the next fiscal year, analysts forecast that the company will report sales of $2.77 billion per share, with estimates ranging from $2.71 billion to $2.87 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Zions Bancorporation.
Zions Bancorporation (NASDAQ:ZION) last posted its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.11. The firm had revenue of $660 million for the quarter, compared to analysts’ expectations of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.20%. During the same quarter in the previous year, the firm posted $0.44 earnings per share.
ZION has been the topic of a number of research analyst reports. Deutsche Bank AG raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and increased their price target for the stock from $45.00 to $46.00 in a report on Thursday, May 4th. 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. Morgan Stanley reissued an “equal weight” rating and issued a $46.00 price target (up previously from $45.00) on shares of Zions Bancorporation in a report on Friday, July 7th. Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Zions Bancorporation from a “buy” rating to a “neutral” rating and reduced their target price for the company from $48.00 to $44.00 in a report on Wednesday, May 24th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $43.55.
Zions Bancorporation (NASDAQ ZION) traded down 1.16% during mid-day trading on Thursday, hitting $45.14. 4,096,029 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $43.57 and its 200-day moving average price is $42.54. Zions Bancorporation has a 12 month low of $25.78 and a 12 month high of $48.33. The stock has a market cap of $9.15 billion, a PE ratio of 20.32 and a beta of 1.44.
The company also recently disclosed 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. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Tuesday, August 15th. Zions Bancorporation’s dividend payout ratio (DPR) is currently 12.75%.
Zions Bancorporation announced that its board has authorized a share repurchase plan on Wednesday, June 28th that permits the company to buyback $465.00 million in shares. This buyback authorization permits the bank to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
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In other Zions Bancorporation news, insider Leeanne B. Linderman sold 29,078 shares of the firm’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $41.00, for a total transaction of $1,192,198.00. Following the completion of the sale, the insider now directly owns 15,746 shares in the company, valued at approximately $645,586. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider David E. Blackford sold 942 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $40.44, for a total transaction of $38,094.48. Following the sale, the insider now owns 29,415 shares of the company’s stock, valued at $1,189,542.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,184 shares of company stock valued at $1,880,815. 1.46% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised 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 in the last quarter. BlackRock Inc. raised 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 in the last quarter. American Century Companies Inc. raised 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 in the last quarter. Alliancebernstein L.P. raised 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 in the last quarter. Finally, Geode Capital Management LLC raised 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 in the last quarter. Hedge funds and other 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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