Research Analysts Set Expectations for Zions Bancorporation’s Q1 2018 Earnings (ZION)
Zions Bancorporation (NASDAQ:ZION) – Jefferies Group issued their Q1 2018 earnings estimates for Zions Bancorporation in a report issued on Tuesday. Jefferies Group analyst K. Usdin anticipates that the bank will post earnings per share of $0.71 for the quarter. Jefferies Group currently has a “Buy” rating and a $54.00 price target on the stock. Jefferies Group also issued estimates for Zions Bancorporation’s Q2 2018 earnings at $0.76 EPS, Q3 2018 earnings at $0.81 EPS and Q4 2018 earnings at $0.82 EPS.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings results 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. The company had revenue of $660.00 million during the quarter, compared to the consensus estimate 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 company earned $0.44 earnings per share.
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Several other analysts have also recently commented on the company. Zacks Investment Research cut Zions Bancorporation from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. Morgan Stanley restated an “equal weight” rating and issued a $49.00 target price (up from $48.00) on shares of Zions Bancorporation in a report on Wednesday, October 4th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $48.00 target price on shares of Zions Bancorporation in a report on Tuesday, October 3rd. Robert W. Baird cut Zions Bancorporation from a “neutral” rating to an “underperform” rating and set a $43.00 target price for the company. in a report on Monday, October 2nd. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $51.00 target price on shares of Zions Bancorporation in a report on Saturday, September 16th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $46.95.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Tocqueville Asset Management L.P. lifted its stake in Zions Bancorporation by 8.6% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 8,675 shares of the bank’s stock worth $381,000 after acquiring an additional 688 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Zions Bancorporation by 11.4% during the 2nd quarter. Pacer Advisors Inc. now owns 31,429 shares of the bank’s stock worth $1,380,000 after acquiring an additional 3,223 shares in the last quarter. Bank of Nova Scotia lifted its stake in Zions Bancorporation by 48.3% during the 1st quarter. Bank of Nova Scotia now owns 97,273 shares of the bank’s stock worth $4,085,000 after acquiring an additional 31,673 shares in the last quarter. Creative Planning lifted its stake in Zions Bancorporation by 2.0% during the 2nd quarter. Creative Planning now owns 28,728 shares of the bank’s stock worth $1,261,000 after acquiring an additional 561 shares in the last quarter. Finally, Cipher Capital LP acquired a new position in Zions Bancorporation during the 2nd quarter worth about $1,665,000. 92.30% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Edward Schreiber sold 13,000 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $44.98, for a total transaction of $584,740.00. Following the transaction, the insider now owns 51,517 shares of the company’s stock, valued at approximately $2,317,234.66. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 purchased at an average cost of $43.99 per share, for a total transaction of $71,087.84. Following the purchase, the director now owns 42,001 shares in the company, valued at approximately $1,847,623.99. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 27,118 shares of company stock valued at $1,222,407. Company insiders own 1.46% of the company’s stock.
Zions Bancorporation declared that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $465.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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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