Zions Bancorporation Expected to Earn FY2017 Earnings of $2.78 Per Share (ZION)
Zions Bancorporation (NASDAQ:ZION) – Equities researchers at DA Davidson increased their FY2017 earnings per share (EPS) estimates for Zions Bancorporation in a research report issued on Tuesday. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings per share of $2.78 for the year, up from their prior forecast of $2.76. DA Davidson also issued estimates for Zions Bancorporation’s Q1 2018 earnings at $0.76 EPS, Q2 2018 earnings at $0.74 EPS, Q3 2018 earnings at $0.76 EPS, Q4 2018 earnings at $0.76 EPS and FY2018 earnings at $3.02 EPS.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.01). The firm had revenue of $661.00 million for the quarter, compared to analyst estimates of $666.83 million. Zions Bancorporation had a net margin of 22.70% and a return on equity of 8.58%. During the same period in the previous year, the firm posted $0.57 EPS.
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ZION has been the subject of a number of other reports. BidaskClub downgraded Zions Bancorporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Keefe, Bruyette & Woods restated a “hold” rating and set a $46.00 price objective on shares of Zions Bancorporation in a research report on Friday, July 14th. Bank of America Corporation upgraded Zions Bancorporation from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $50.00 to $52.00 in a research report on Wednesday, August 16th. Morgan Stanley reiterated an “equal weight” rating and set a $49.00 price target (up previously from $48.00) on shares of Zions Bancorporation in a research report on Wednesday, October 4th. Finally, Barclays PLC set a $52.00 price target on Zions Bancorporation and gave the stock an “overweight” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $48.00.
Shares of Zions Bancorporation (NASDAQ ZION) opened at 46.35 on Wednesday. Zions Bancorporation has a one year low of $30.85 and a one year high of $48.33. The company has a 50-day moving average of $45.44 and a 200 day moving average of $43.38. The stock has a market capitalization of $9.37 billion, a price-to-earnings ratio of 18.45 and a beta of 1.44.
Zions Bancorporation announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $465.00 million in shares. This buyback authorization allows the bank to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Roger B. Porter purchased 1,616 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was bought at an average price 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $46.38, for a total value of $46,380.00. Following the sale, the general counsel now owns 23,484 shares of the company’s stock, valued at approximately $1,089,187.92. The disclosure for this sale can be found here. Insiders sold 27,118 shares of company stock worth $1,222,407 in the last 90 days. Corporate insiders own 1.46% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ZION. Vanguard Group Inc. boosted its stake in Zions Bancorporation by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 21,245,566 shares of the bank’s stock valued at $932,892,000 after purchasing an additional 882,190 shares during the period. State Street Corp boosted its stake in Zions Bancorporation by 8.7% during the 2nd quarter. State Street Corp now owns 12,373,314 shares of the bank’s stock valued at $543,315,000 after purchasing an additional 986,548 shares during the period. BlackRock Inc. boosted its stake in Zions Bancorporation by 4,464.8% during the 1st quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock valued at $493,142,000 after purchasing an additional 11,484,250 shares during the period. TIAA CREF Investment Management LLC boosted its stake in Zions Bancorporation by 2.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,590,330 shares of the bank’s stock valued at $157,651,000 after purchasing an additional 68,904 shares during the period. Finally, Balyasny Asset Management LLC boosted its stake in Zions Bancorporation by 705.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock valued at $139,918,000 after purchasing an additional 2,791,044 shares during the period. Institutional investors own 92.28% of the company’s stock.
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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