Zions Bancorporation (ZION) Upgraded to Neutral at Robert W. Baird
Zions Bancorporation (NASDAQ:ZION) was upgraded by stock analysts at Robert W. Baird from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $43.00 target price on the bank’s stock. Robert W. Baird’s target price indicates a potential upside of 4.04% from the stock’s previous close.
A number of other equities analysts also recently issued reports on the stock. BMO Capital Markets reiterated a “hold” rating and set a $47.00 price objective on shares of Zions Bancorporation in a research note on Thursday, July 27th. Wells Fargo & Company initiated coverage on shares of Zions Bancorporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $56.00 price objective on the stock. Bank of America Corporation upgraded shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and increased their price objective for the company from $50.00 to $52.00 in a research note on Wednesday, August 16th. Zacks Investment Research upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Thursday, July 13th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $49.00 price objective on shares of Zions Bancorporation in a research note on Friday, July 14th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Zions Bancorporation has an average rating of “Buy” and an average target price of $45.00.
Shares of Zions Bancorporation (NASDAQ:ZION) opened at 41.33 on Friday. The firm has a 50-day moving average of $44.45 and a 200 day moving average of $42.83. The stock has a market capitalization of $8.36 billion, a price-to-earnings ratio of 16.45 and a beta of 1.45. Zions Bancorporation has a one year low of $29.63 and a one year high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last issued its earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.11. The business had revenue of $660 million for 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 period in the prior year, the firm earned $0.44 EPS. On average, equities research analysts predict that Zions Bancorporation will post $2.83 EPS for the current year.
Zions Bancorporation declared that its board has initiated a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in shares. This repurchase authorization authorizes the bank to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
COPYRIGHT VIOLATION NOTICE: “Zions Bancorporation (ZION) Upgraded to Neutral at Robert W. Baird” was originally reported by American Banking News and is the property of of American Banking News. If you are accessing this piece on another website, it was illegally copied and republished in violation of international copyright & trademark laws. The original version of this piece can be accessed at https://www.americanbankingnews.com/2017/09/08/zions-bancorporation-zion-upgraded-to-neutral-at-robert-w-baird.html.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 1,000 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $46.38, for a total value of $46,380.00. Following the completion of the transaction, the general counsel now owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Roger B. Porter purchased 1,616 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was bought at an average cost of $43.99 per share, with a total value of $71,087.84. Following the acquisition, the director now owns 42,001 shares of the company’s stock, valued at approximately $1,847,623.99. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 27,118 shares of company stock valued at $1,222,407. Corporate insiders own 1.46% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Zions Bancorporation by 4.3% in the second quarter. Vanguard Group Inc. now owns 21,245,566 shares of the bank’s stock worth $932,892,000 after acquiring an additional 882,190 shares during the period. State Street Corp increased its stake in shares of Zions Bancorporation by 8.5% in the fourth quarter. State Street Corp now owns 12,483,605 shares of the bank’s stock worth $537,303,000 after acquiring an additional 982,580 shares during the period. BlackRock Inc. increased 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 acquiring an additional 11,484,250 shares during the period. Wellington Management Group LLP increased its stake in shares of Zions Bancorporation by 4.9% in the first quarter. Wellington Management Group LLP now owns 9,115,604 shares of the bank’s stock worth $220,689,000 after acquiring an additional 429,375 shares during the period. Finally, American Century Companies Inc. increased 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 acquiring an additional 684,015 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.
Zions Bancorporation Company Profile
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.