Zions Bancorporation’s (ZION) “Buy” Rating Reiterated at Jefferies Group LLC
Zions Bancorporation (NASDAQ:ZION)‘s stock had its “buy” rating reiterated by investment analysts at Jefferies Group LLC in a research note issued on Friday. They presently have a $49.00 price objective on the bank’s stock. Jefferies Group LLC’s price target indicates a potential upside of 13.22% from the company’s previous close.
ZION has been the subject of several other reports. Zacks Investment Research upgraded Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Thursday, July 13th. BidaskClub upgraded Zions Bancorporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. BMO Capital Markets restated a “hold” rating and set a $47.00 target price on shares of Zions Bancorporation in a report on Thursday, July 27th. Barclays PLC restated an “overweight” rating and set a $50.00 target price (up from $48.00) on shares of Zions Bancorporation in a report on Friday, June 16th. Finally, Goldman Sachs Group, Inc. (The) cut Zions Bancorporation from a “buy” rating to a “neutral” rating and dropped their target price for the company from $48.00 to $44.00 in a report on Wednesday, May 24th. Thirteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $46.00.
Shares of Zions Bancorporation (NASDAQ ZION) traded up 1.45% during trading on Friday, hitting $43.28. The stock had a trading volume of 3,177,247 shares. The company has a market capitalization of $8.75 billion, a PE ratio of 17.23 and a beta of 1.45. The firm has a 50-day moving average price of $44.16 and a 200 day moving average price of $42.75. Zions Bancorporation has a 52 week low of $29.63 and a 52 week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last issued its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.11. The company had revenue of $660.00 million during the quarter, compared to analysts’ expectations of $640.34 million. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same period in the prior year, the business posted $0.44 EPS. Equities analysts anticipate that Zions Bancorporation will post $2.82 earnings per share for the current year.
Zions Bancorporation declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
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In related news, Director Roger B. Porter bought 1,616 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were 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 in the company, valued at $1,847,623.99. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was 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 directly owns 23,484 shares in the company, valued at $1,089,187.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,118 shares of company stock worth $1,222,407. 1.46% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Great West Life Assurance Co. Can raised its holdings in Zions Bancorporation by 3.9% in the 3rd quarter. Great West Life Assurance Co. Can now owns 109,583 shares of the bank’s stock worth $3,395,000 after purchasing an additional 4,084 shares during the period. Caxton Associates LP bought a new position in Zions Bancorporation in the 4th quarter worth $4,304,000. River & Mercantile Asset Management bought a new position in Zions Bancorporation in the 4th quarter worth $2,266,000. UMB Bank bought a new position in Zions Bancorporation in the 4th quarter worth $3,983,000. Finally, Bank of New York Mellon Corp raised its holdings in Zions Bancorporation by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,719,397 shares of the bank’s stock worth $53,336,000 after purchasing an additional 28,720 shares during the period. 92.45% 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.
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