Zions Bancorporation (ZION) Downgraded by Zacks Investment Research
Zions Bancorporation (NASDAQ:ZION) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Zions’ shares have outperformed the industry over the past year. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in all trailing four quarters. The company has been witnessing consistent growth in loans and deposits along with easing margin pressure, indicating possibility of further improvement in revenues. Also, Zions’ initiatives to control expenses have been successful and are expected to aid bottom-line growth. However, the company’s higher exposure toward risky loan portfolios is expected to hamper its financials. Also, concentration risk remains a matter of concern for the company, going forward.”
A number of other research analysts have also weighed in on ZION. Robert W. Baird lowered shares of Zions Bancorporation from a “neutral” rating to an “underperform” rating and set a $43.00 price objective on the stock. in a research note on Monday. Bank of America Corporation raised shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and raised their price objective for the company from $50.00 to $52.00 in a research note on Wednesday, August 16th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $49.00 price objective (up from $48.00) on shares of Zions Bancorporation in a research note on Wednesday. Wells Fargo & Company assumed coverage on shares of Zions Bancorporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Zions Bancorporation in a research note on Tuesday. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $46.71.
Shares of Zions Bancorporation (ZION) opened at 46.57 on Thursday. Zions Bancorporation has a one year low of $30.07 and a one year high of $48.33. The firm has a market capitalization of $9.42 billion, a price-to-earnings ratio of 18.54 and a beta of 1.44. The company’s 50 day moving average is $44.38 and its 200-day moving average is $42.83.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.11. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The firm had revenue of $660.00 million for the quarter, compared to analyst estimates of $640.34 million. During the same period last year, the firm earned $0.44 earnings per share. Equities analysts expect that Zions Bancorporation will post $2.82 EPS for the current year.
Zions Bancorporation declared that its board has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $465.00 million in shares. This repurchase authorization allows the bank to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
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In other news, General Counsel Thomas E. Laursen sold 1,000 shares of Zions Bancorporation stock in a transaction dated 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 in the company, valued at $1,089,187.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dianne R. James sold 1,585 shares of Zions Bancorporation stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $45.22, for a total transaction of $71,673.70. Following the completion of the transaction, the insider now owns 21,866 shares of the company’s stock, valued at approximately $988,780.52. The disclosure for this sale can be found here. Insiders sold 27,118 shares of company stock valued at $1,222,407 in the last quarter. Corporate insiders own 1.46% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. purchased a new position in shares of Zions Bancorporation in the second quarter worth about $108,000. Exane Derivatives purchased a new position in shares of Zions Bancorporation in the second quarter worth about $132,000. Global X Management Co. LLC increased its stake in shares of Zions Bancorporation by 340.4% in the first quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock worth $127,000 after purchasing an additional 2,335 shares in the last quarter. Northwest Quadrant Wealth Management LLC purchased a new position in shares of Zions Bancorporation in the fourth quarter worth about $137,000. Finally, Segantii Capital Management Ltd purchased a new position in shares of Zions Bancorporation in the first quarter worth about $151,000. 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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