Zions Bancorporation (ZION) Expected to Post Quarterly Sales of $670.22 Million
Wall Street brokerages forecast that Zions Bancorporation (NASDAQ:ZION) will post sales of $670.22 million for the current fiscal quarter, Zacks reports. Eight analysts have made estimates for Zions Bancorporation’s earnings. The lowest sales estimate is $661.00 million and the highest is $676.39 million. Zions Bancorporation reported sales of $608.71 million during the same quarter last year, which indicates a positive year-over-year growth rate of 10.1%. The firm is scheduled to announce its next quarterly earnings results on Monday, January 22nd.
On average, analysts expect that Zions Bancorporation will report full year sales of $670.22 million for the current financial year, with estimates ranging from $2.60 billion to $2.64 billion. For the next financial year, analysts expect that the company will post sales of $2.75 billion per share, with estimates ranging from $2.69 billion to $2.81 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Zions Bancorporation.
Zions Bancorporation (NASDAQ:ZION) last issued its earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Zions Bancorporation had a return on equity of 8.54% and a net margin of 22.70%. The firm had revenue of $661.00 million for the quarter, compared to analyst estimates of $666.83 million. During the same period in the previous year, the company earned $0.57 earnings per share.
Several equities research analysts recently weighed in on the company. BidaskClub lowered Zions Bancorporation from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Keefe, Bruyette & Woods restated a “hold” rating and set a $46.00 price target 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 lifted their price target for the company from $50.00 to $52.00 in a research report on Wednesday, August 16th. Morgan Stanley restated an “equal weight” rating and set a $49.00 price target (up from $48.00) on shares of Zions Bancorporation in a research report on Wednesday, October 4th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $47.00 price objective on shares of Zions Bancorporation in a research note on Thursday, July 27th. 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 company’s stock. Zions Bancorporation has a consensus rating of “Hold” and an average target price of $48.00.
In related news, General Counsel Thomas E. Laursen sold 1,000 shares of Zions Bancorporation stock in a transaction on Friday, August 4th. The stock was sold at an average price of $46.38, for a total value of $46,380.00. Following the completion of the sale, the general counsel now owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Edward Schreiber sold 13,000 shares of Zions Bancorporation stock in a transaction on Monday, August 14th. The stock was sold at an average price of $44.98, for a total value of $584,740.00. Following the completion of the sale, the insider now directly owns 51,517 shares of the company’s stock, valued at approximately $2,317,234.66. The disclosure for this sale can be found here. Insiders sold 17,585 shares of company stock valued at $793,994 in the last ninety days. 1.46% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Zions Bancorporation by 4.3% in the second quarter. Vanguard Group Inc. now owns 21,245,566 shares of the bank’s stock worth $932,892,000 after acquiring an additional 882,190 shares during the period. State Street Corp grew its holdings in shares of Zions Bancorporation by 8.7% in the second quarter. State Street Corp now owns 12,373,314 shares of the bank’s stock worth $543,315,000 after acquiring an additional 986,548 shares during the period. TIAA CREF Investment Management LLC grew its holdings in shares of Zions Bancorporation by 2.0% in the second quarter. TIAA CREF Investment Management LLC now owns 3,590,330 shares of the bank’s stock worth $157,651,000 after acquiring an additional 68,904 shares during the period. Balyasny Asset Management LLC grew its holdings in shares of Zions Bancorporation by 705.8% in the second quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock worth $139,918,000 after acquiring an additional 2,791,044 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Zions Bancorporation by 6.7% in the second quarter. Northern Trust Corp now owns 2,189,740 shares of the bank’s stock worth $96,152,000 after acquiring an additional 137,230 shares during the period. 92.28% of the stock is owned by institutional investors.
Shares of Zions Bancorporation (NASDAQ ZION) traded up 0.38% during trading on Friday, hitting $47.11. The stock had a trading volume of 2,395,516 shares. The stock has a market capitalization of $9.52 billion, a price-to-earnings ratio of 18.75 and a beta of 1.44. The firm has a 50 day moving average price of $45.53 and a 200-day moving average price of $43.40. Zions Bancorporation has a 52 week low of $30.85 and a 52 week high of $48.33.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, November 15th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.36%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.12. Zions Bancorporation’s payout ratio is presently 18.05%.
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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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