Zions Bancorporation (ZION) Lifted to “Buy” at Bank of America Corporation
Zions Bancorporation (NASDAQ:ZION) was upgraded by analysts at Bank of America Corporation from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has a $52.00 target price on the bank’s stock, up from their previous target price of $50.00. Bank of America Corporation’s price objective suggests a potential upside of 19.43% from the company’s previous close.
ZION has been the subject of a number of other research reports. Deutsche Bank AG raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and boosted their price objective for the company 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 objective on shares of Zions Bancorporation in a report on Thursday, June 8th. Morgan Stanley reissued an “equal weight” rating and issued a $46.00 price objective (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 price objective for the company in a report on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Zions Bancorporation from a “buy” rating to a “neutral” rating and cut their price objective for the company from $48.00 to $44.00 in a report on Wednesday, May 24th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $44.33.
Zions Bancorporation (NASDAQ:ZION) traded down 0.87% during midday trading on Wednesday, hitting $43.54. 1,497,055 shares of the company traded hands. The stock’s 50-day moving average price is $44.79 and its 200 day moving average price is $42.82. The company has a market capitalization of $8.80 billion, a price-to-earnings ratio of 17.33 and a beta of 1.44. Zions Bancorporation has a 12-month low of $28.75 and a 12-month high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last announced its earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping the consensus estimate of $0.62 by $0.11. The business had revenue of $660 million during the quarter, compared to the consensus estimate of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. During the same quarter in the previous year, the firm posted $0.44 EPS. On average, equities analysts forecast that Zions Bancorporation will post $2.82 EPS for the current year.
Zions Bancorporation declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $465.00 million in shares. This repurchase authorization allows the bank to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
ILLEGAL ACTIVITY WARNING: This piece was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this piece on another site, it was stolen and republished in violation of international trademark and copyright law. The original version of this piece can be viewed at https://www.americanbankingnews.com/2017/08/21/zions-bancorporation-zion-lifted-to-buy-at-bank-of-america-corporation.html.
In other news, insider David E. Blackford sold 1,242 shares of the company’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $40.73, for a total value of $50,586.66. Following the sale, the insider now directly owns 28,696 shares of the company’s stock, valued at approximately $1,168,788.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider David E. Blackford sold 2,090 shares of the company’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $39.61, for a total transaction of $82,784.90. Following the completion of the sale, the insider now directly owns 23,578 shares in the company, valued at $933,924.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,450 shares of company stock valued at $1,355,778. Corporate insiders own 1.46% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. purchased a new stake in Zions Bancorporation during the second quarter worth approximately $108,000. Global X Management Co. LLC raised its stake in Zions Bancorporation by 340.4% in the first quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock worth $127,000 after buying an additional 2,335 shares in the last quarter. Exane Derivatives purchased a new stake in Zions Bancorporation during the second quarter worth approximately $132,000. Segantii Capital Management Ltd purchased a new stake in Zions Bancorporation during the first quarter worth approximately $151,000. Finally, Cypress Capital Management LLC WY purchased a new stake in Zions Bancorporation during the first quarter worth approximately $169,000. 95.13% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Zions Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zions Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.