FY2017 Earnings Estimate for Zions Bancorporation (NASDAQ:ZION) Issued By Jefferies Group
Zions Bancorporation (NASDAQ:ZION) – Equities research analysts at Jefferies Group raised their FY2017 earnings per share (EPS) estimates for shares of Zions Bancorporation in a report released on Tuesday. Jefferies Group analyst K. Usdin now expects that the bank will post earnings of $2.83 per share for the year, up from their previous forecast of $2.62. Jefferies Group currently has a “Buy” rating and a $49.00 target price on the stock. Jefferies Group also issued estimates for Zions Bancorporation’s FY2018 earnings at $3.10 EPS.
Other equities research analysts have also issued research reports about the company. Deutsche Bank AG raised Zions Bancorporation from a “hold” rating to a “buy” rating and lifted their price objective for the company from $45.00 to $46.00 in a report on Thursday, May 4th. Zacks Investment Research raised Zions Bancorporation from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a report on Wednesday, June 28th. BidaskClub raised Zions Bancorporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $45.00 price objective (up previously from $43.00) on shares of Zions Bancorporation in a report on Monday, June 5th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $44.00 price objective on shares of Zions Bancorporation in a report on Monday, June 19th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have assigned a buy rating to the stock. Zions Bancorporation has a consensus rating of “Hold” and a consensus target price of $43.55.
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Shares of Zions Bancorporation (ZION) remained flat at $45.14 during mid-day trading on Friday. The stock had a trading volume of 782,290 shares. Zions Bancorporation has a 1-year low of $25.78 and a 1-year high of $48.33. The company has a 50-day moving average of $43.70 and a 200 day moving average of $42.56. The company has a market capitalization of $9.15 billion, a price-to-earnings ratio of 20.32 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last issued its earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.11. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. The firm had revenue of $660 million for the quarter, compared to the consensus estimate of $640.34 million. During the same quarter in the prior year, the business earned $0.44 earnings per share.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, August 15th. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 1.06%. Zions Bancorporation’s payout ratio is 12.75%.
Zions Bancorporation announced that its board has approved a share repurchase program 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 programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other Zions Bancorporation news, insider Leeanne B. Linderman sold 29,078 shares of the business’s 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 transaction, the insider now directly owns 15,746 shares in the company, valued at approximately $645,586. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Thomas E. Laursen sold 860 shares of the business’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $41.16, for a total value of $35,397.60. Following the completion of the transaction, the general counsel now owns 25,901 shares of the company’s stock, valued at $1,066,085.16. The disclosure for this sale can be found here. Insiders sold a total of 46,184 shares of company stock valued at $1,880,815 over the last quarter. 1.46% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in 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 last quarter. BlackRock Inc. increased its stake in 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 last quarter. American Century Companies Inc. increased its stake in 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 last quarter. Alliancebernstein L.P. increased its stake in 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 last quarter. Finally, Geode Capital Management LLC increased its stake in 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 last quarter. Institutional investors and hedge funds 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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