Zions Bancorporation (ZION) Given Hold Rating at Keefe, Bruyette & Woods
Zions Bancorporation (NASDAQ:ZION)‘s stock had its “hold” rating reissued by analysts at Keefe, Bruyette & Woods in a research note issued to investors on Tuesday. They presently have a $48.00 target price on the bank’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 2.28% from the company’s current price.
Several other analysts have also recently issued reports on ZION. Robert W. Baird cut shares of Zions Bancorporation from a “neutral” rating to an “underperform” rating and set a $43.00 price target on the stock. in a research report on Monday. Jefferies Group LLC reissued a “buy” rating and issued a $49.00 price objective on shares of Zions Bancorporation in a research note on Friday, September 15th. Sanford C. Bernstein restated a “market perform” rating and issued a $51.00 price objective on shares of Zions Bancorporation in a report on Saturday, September 16th. Bank of America Corporation upgraded shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $50.00 to $52.00 in a report on Wednesday, August 16th. Finally, Wells Fargo & Company began coverage on shares of Zions Bancorporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $56.00 target price on the stock. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $46.57.
Zions Bancorporation (ZION) traded down 0.74% during trading on Tuesday, hitting $46.93. 1,829,269 shares of the stock were exchanged. The stock’s 50 day moving average price is $44.34 and its 200 day moving average price is $42.80. Zions Bancorporation has a 12 month low of $30.07 and a 12 month high of $48.33. The stock has a market cap of $9.49 billion, a P/E ratio of 18.68 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last announced its earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating analysts’ consensus estimates 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 last year, the business posted $0.44 EPS. Analysts forecast that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
Zions Bancorporation declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to buyback $465.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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In other news, Director Roger B. Porter acquired 1,616 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was acquired at an average cost of $43.99 per share, with a total value of $71,087.84. Following the completion of the acquisition, the director now owns 42,001 shares of the company’s stock, valued at $1,847,623.99. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David E. Blackford sold 9,533 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $44.94, for a total transaction of $428,413.02. Following the transaction, the insider now owns 22,997 shares in the company, valued at $1,033,485.18. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,118 shares of company stock worth $1,222,407. 1.46% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in ZION. Toronto Dominion Bank raised its position in Zions Bancorporation by 31.0% in the 2nd quarter. Toronto Dominion Bank now owns 68,639 shares of the bank’s stock valued at $3,013,000 after purchasing an additional 16,229 shares during the last quarter. Advisory Services Network LLC boosted its stake in Zions Bancorporation by 5.9% during the 2nd quarter. Advisory Services Network LLC now owns 15,343 shares of the bank’s stock worth $674,000 after purchasing an additional 856 shares during the period. Dynamic Technology Lab Private Ltd boosted its stake in Zions Bancorporation by 4.9% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 8,080 shares of the bank’s stock worth $355,000 after purchasing an additional 380 shares during the period. Public Employees Retirement System of Ohio boosted its stake in Zions Bancorporation by 53.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 263,602 shares of the bank’s stock worth $11,575,000 after purchasing an additional 91,366 shares during the period. Finally, Colony Group LLC acquired a new stake in Zions Bancorporation during the 2nd quarter worth $308,000. 92.35% of the stock is currently owned by institutional investors and hedge funds.
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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