Royal Bank Of Canada Raises Zions Bancorporation (ZION) Price Target to $53.00
Zions Bancorporation (NASDAQ:ZION) had its price target upped by research analysts at Royal Bank Of Canada from $51.00 to $53.00 in a report issued on Tuesday. The brokerage presently has an “outperform” rating on the bank’s stock. Royal Bank Of Canada’s price target points to a potential upside of 14.25% from the company’s current price.
A number of other research firms have also recently weighed in on ZION. Robert W. Baird upgraded shares of Zions Bancorporation from an “underperform” rating to a “neutral” rating and set a $43.00 price objective for the company in a research report on Friday, September 8th. BMO Capital Markets restated a “hold” rating and set a $44.00 price objective on shares of Zions Bancorporation in a research report on Thursday, June 29th. Wells Fargo & Company assumed coverage on shares of Zions Bancorporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $56.00 price objective for the company. Zacks Investment Research cut shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a research report on Friday, July 7th. Finally, Bank of America Corporation upgraded shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and increased their target price for the company from $50.00 to $52.00 in a research report on Wednesday, August 16th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. Zions Bancorporation presently has an average rating of “Hold” and a consensus target price of $47.57.
Zions Bancorporation (NASDAQ ZION) opened at 46.39 on Tuesday. The stock has a market capitalization of $9.38 billion, a PE ratio of 18.47 and a beta of 1.44. Zions Bancorporation has a 1-year low of $30.85 and a 1-year high of $48.33. The company’s 50-day moving average is $45.42 and its 200 day moving average is $43.35.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings data on Monday, October 23rd. The bank reported $0.72 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.01). Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same quarter last year, the firm earned $0.57 EPS. Equities analysts predict that Zions Bancorporation will post $2.81 earnings per share for the current year.
Zions Bancorporation announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $465.00 million in outstanding shares. This repurchase authorization permits the bank to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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In other news, Director Roger B. Porter bought 1,616 shares of Zions Bancorporation stock in a transaction that occurred on Tuesday, August 22nd. The shares were purchased at an average price of $43.99 per share, with a total value of $71,087.84. Following the completion of the acquisition, the director now directly owns 42,001 shares in the company, valued at $1,847,623.99. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David E. Blackford sold 9,533 shares of the firm’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 transaction of $428,413.02. Following the completion of the sale, the insider now directly owns 22,997 shares in the company, valued at approximately $1,033,485.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,118 shares of company stock worth $1,222,407. 1.46% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of ZION. EJF Capital acquired a new stake in Zions Bancorporation in the third quarter valued at approximately $20,655,000. Janus Capital Management acquired a new stake in Zions Bancorporation in the third quarter valued at approximately $14,189,000. River & Mercantile Asset Management acquired a new stake in Zions Bancorporation in the fourth quarter valued at approximately $2,266,000. Chevy Chase Trust Holdings raised its holdings in Zions Bancorporation by 1.0% in the fourth quarter. Chevy Chase Trust Holdings now owns 165,417 shares of the bank’s stock valued at $4,516,000 after acquiring an additional 1,573 shares in the last quarter. Finally, Sarasin & Partners raised its holdings in Zions Bancorporation by 71.5% in the fourth quarter. Sarasin & Partners now owns 487,183 shares of the bank’s stock valued at $13,300,000 after acquiring an additional 203,105 shares in the last quarter. 92.28% of the stock is currently owned by hedge funds and other institutional investors.
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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