Zions Bancorporation (ZION) Receives “Equal Weight” Rating from Morgan Stanley
Zions Bancorporation (NASDAQ:ZION)‘s stock had its “equal weight” rating reissued by equities researchers at Morgan Stanley in a note issued to investors on Wednesday. They presently have a $49.00 target price on the bank’s stock, up from their previous target price of $48.00. Morgan Stanley’s price objective would indicate a potential upside of 4.95% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the company. Jefferies Group LLC reiterated a “buy” rating and set a $49.00 price target on shares of Zions Bancorporation in a research report on Thursday, June 8th. BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Barclays PLC restated an “overweight” rating and issued a $50.00 price objective (up from $48.00) on shares of Zions Bancorporation in a research report on Friday, June 16th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $44.00 price objective on shares of Zions Bancorporation in a research report on Monday, June 19th. Finally, Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Wednesday, June 28th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the stock. Zions Bancorporation has an average rating of “Hold” and a consensus price target of $46.71.
Shares of Zions Bancorporation (NASDAQ:ZION) traded down 0.51% on Wednesday, hitting $46.69. 1,018,929 shares of the stock traded hands. The stock has a market cap of $9.44 billion, a price-to-earnings ratio of 18.59 and a beta of 1.44. The stock has a 50 day moving average price of $44.34 and a 200-day moving average price of $42.80. Zions Bancorporation has a 52 week low of $30.07 and a 52 week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.11. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. The business had revenue of $660.00 million for the quarter, compared to analysts’ expectations of $640.34 million. During the same quarter in the prior year, the firm posted $0.44 EPS. On average, equities research analysts forecast that Zions Bancorporation will post $2.82 EPS for the current year.
Zions Bancorporation announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $465.00 million in shares. This buyback authorization authorizes the bank to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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In related news, Director Roger B. Porter acquired 1,616 shares of the stock in a transaction on Tuesday, August 22nd. The stock was purchased at an average price of $43.99 per share, for a total transaction of $71,087.84. Following the completion of the transaction, the director now owns 42,001 shares of the company’s stock, valued at approximately $1,847,623.99. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider David E. Blackford sold 9,533 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $44.94, for a total value of $428,413.02. Following the completion of the sale, the insider now owns 22,997 shares of the company’s stock, valued at approximately $1,033,485.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,118 shares of company stock worth $1,222,407. 1.46% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Tocqueville Asset Management L.P. increased its stake in shares of Zions Bancorporation by 8.6% in the second quarter. Tocqueville Asset Management L.P. now owns 8,675 shares of the bank’s stock worth $381,000 after buying an additional 688 shares during the period. Pacer Advisors Inc. raised its holdings in Zions Bancorporation by 11.4% during the 2nd quarter. Pacer Advisors Inc. now owns 31,429 shares of the bank’s stock valued at $1,380,000 after buying an additional 3,223 shares during the last quarter. Bank of Nova Scotia raised its holdings in Zions Bancorporation by 48.3% during the 1st quarter. Bank of Nova Scotia now owns 97,273 shares of the bank’s stock valued at $4,085,000 after buying an additional 31,673 shares during the last quarter. Creative Planning raised its holdings in Zions Bancorporation by 2.0% during the 2nd quarter. Creative Planning now owns 28,728 shares of the bank’s stock valued at $1,261,000 after buying an additional 561 shares during the last quarter. Finally, Cipher Capital LP bought a new stake in Zions Bancorporation during the 2nd quarter valued at $1,665,000. Hedge funds and other institutional investors own 92.35% of the company’s stock.
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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