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.

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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.

Analyst Recommendations for Zions Bancorporation (NASDAQ:ZION)

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