Zions Bancorporation (ZION) Receives “Market Perform” Rating from Sanford C. Bernstein
Zions Bancorporation (NASDAQ:ZION)‘s stock had its “market perform” rating reissued by investment analysts at Sanford C. Bernstein in a research report issued on Saturday. They presently have a $51.00 price target on the bank’s stock. Sanford C. Bernstein’s target price points to a potential upside of 17.84% from the company’s current price.
A number of other equities analysts also recently commented on the company. Robert W. Baird upgraded Zions Bancorporation from an “underperform” rating to a “neutral” rating and set a $43.00 target price for the company in a research note on Friday, September 8th. Bank of America Corporation upgraded Zions Bancorporation from a “neutral” rating to a “buy” rating and lifted their target price for the company from $50.00 to $52.00 in a research note on Wednesday, August 16th. Wells Fargo & Company assumed coverage on Zions Bancorporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 target price for the company. BMO Capital Markets restated a “hold” rating and issued a $47.00 target price on shares of Zions Bancorporation in a research note on Thursday, July 27th. Finally, FIG Partners restated an “outperform” rating and issued a $54.00 target price (up from $50.00) on shares of Zions Bancorporation in a research note on Wednesday, July 26th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Zions Bancorporation has an average rating of “Buy” and an average price target of $46.00.
Shares of Zions Bancorporation (NASDAQ:ZION) opened at 43.28 on Friday. The stock has a market capitalization of $8.75 billion, a P/E ratio of 17.23 and a beta of 1.45. The firm’s 50-day moving average price is $44.16 and its 200 day moving average price is $42.75. Zions Bancorporation has a 1-year low of $29.63 and a 1-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, beating the Zacks’ consensus estimate of $0.62 by $0.11. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. The company had revenue of $660.00 million during the quarter, compared to the consensus estimate of $640.34 million. During the same period in the previous year, the firm posted $0.44 earnings per share. Analysts expect that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
Zions Bancorporation declared that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
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In other Zions Bancorporation news, insider David E. Blackford sold 9,533 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $44.94, for a total value of $428,413.02. Following the transaction, the insider now owns 22,997 shares of the company’s stock, valued at $1,033,485.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roger B. Porter purchased 1,616 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was bought at an average cost of $43.99 per share, for a total transaction of $71,087.84. Following the acquisition, the director now directly 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. Insiders sold 27,118 shares of company stock worth $1,222,407 in the last ninety days. 1.46% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Toronto Dominion Bank increased its holdings in shares of Zions Bancorporation by 31.0% in the second quarter. Toronto Dominion Bank now owns 68,639 shares of the bank’s stock valued at $3,013,000 after buying an additional 16,229 shares in the last quarter. Advisory Services Network LLC increased its holdings in shares of Zions Bancorporation by 5.9% in the second quarter. Advisory Services Network LLC now owns 15,343 shares of the bank’s stock valued at $674,000 after buying an additional 856 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in shares of Zions Bancorporation by 4.9% in the second quarter. Dynamic Technology Lab Private Ltd now owns 8,080 shares of the bank’s stock valued at $355,000 after buying an additional 380 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Zions Bancorporation by 53.0% in the second quarter. Public Employees Retirement System of Ohio now owns 263,602 shares of the bank’s stock valued at $11,575,000 after buying an additional 91,366 shares in the last quarter. Finally, Colony Group LLC bought a new position in shares of Zions Bancorporation in the second quarter valued at $308,000. 92.45% of the stock is currently owned by institutional investors.
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.
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