Zions Bancorporation (ZION) Rating Increased to Outperform at Keefe, Bruyette & Woods
Zions Bancorporation (NASDAQ:ZION) was upgraded by equities research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued to investors on Tuesday, The Fly reports.
A number of other brokerages have also commented on ZION. Robert W. Baird raised Zions Bancorporation from an “underperform” rating to a “neutral” rating and set a $43.00 price target on the stock in a research note on Friday, September 8th. Bank of America raised 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 note on Wednesday, August 16th. Sanford C. Bernstein reissued a “market perform” rating and set a $51.00 price target on shares of Zions Bancorporation in a research note on Saturday, September 16th. BidaskClub raised Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Wednesday, December 6th. Finally, B. Riley set a $54.00 price target on Zions Bancorporation and gave the company a “buy” rating in a research note on Monday, November 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $49.84.
Zions Bancorporation (ZION) traded up $0.52 during trading on Tuesday, reaching $50.46. The company’s stock had a trading volume of 2,432,644 shares, compared to its average volume of 2,519,222. Zions Bancorporation has a 1 year low of $38.43 and a 1 year high of $52.20. The company has a market capitalization of $10,172.95, a PE ratio of 19.15, a PEG ratio of 1.96 and a beta of 1.48. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.80 and a current ratio of 0.80.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.72 EPS for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.01). Zions Bancorporation had a net margin of 22.70% and a return on equity of 8.54%. 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 business posted $0.57 earnings per share. research analysts forecast that Zions Bancorporation will post 2.8 earnings per share for the current year.
In related news, insider Joseph L. Reilly sold 23,271 shares of Zions Bancorporation stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $46.70, for a total value of $1,086,755.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Bruce K. Alexander sold 6,089 shares of Zions Bancorporation stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $47.97, for a total value of $292,089.33. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,979 shares of company stock worth $2,057,927. 1.46% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Zions Bancorporation by 4,464.8% in the first quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock valued at $493,142,000 after buying an additional 11,484,250 shares during the period. Artemis Investment Management LLP lifted its stake in Zions Bancorporation by 772.6% in the second quarter. Artemis Investment Management LLP now owns 4,122,053 shares of the bank’s stock valued at $103,567,000 after buying an additional 3,649,671 shares during the period. Balyasny Asset Management LLC lifted its stake in Zions Bancorporation by 705.8% in the second quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock valued at $139,918,000 after buying an additional 2,791,044 shares during the period. JPMorgan Chase & Co. lifted its stake in Zions Bancorporation by 109.3% in the first quarter. JPMorgan Chase & Co. now owns 5,031,900 shares of the bank’s stock valued at $121,823,000 after buying an additional 2,628,142 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new position in Zions Bancorporation in the third quarter valued at approximately $55,995,000. 92.64% of the stock is currently owned by institutional investors.
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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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