Zions Bancorp (NASDAQ:ZION) had its price objective upped by investment analysts at Morgan Stanley from $57.00 to $58.00 in a note issued to investors on Friday. The brokerage currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s target price indicates a potential upside of 7.37% from the stock’s current price.
ZION has been the topic of a number of other reports. Jefferies Group reaffirmed a “buy” rating and set a $54.00 price objective on shares of Zions Bancorp in a research note on Thursday, October 12th. Royal Bank of Canada raised their target price on Zions Bancorp from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 24th. Wells Fargo & Co reissued an “outperform” rating and issued a $65.00 target price (up from $60.00) on shares of Zions Bancorp in a research note on Tuesday. BidaskClub cut Zions Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, December 16th. Finally, Barclays raised their target price on Zions Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $54.78.
Shares of Zions Bancorp (ZION) traded up $1.00 during trading hours on Friday, hitting $54.02. The stock had a trading volume of 1,676,676 shares, compared to its average volume of 1,990,087. Zions Bancorp has a 52-week low of $38.43 and a 52-week high of $54.88. The company has a market capitalization of $10,734.24, a PE ratio of 20.78, a P/E/G ratio of 1.63 and a beta of 1.48. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.05.
In other Zions Bancorp news, General Counsel Thomas E. Laursen sold 1,600 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $46.55, for a total value of $74,480.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Keith D. Maio sold 13,019 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $46.44, for a total transaction of $604,602.36. The disclosure for this sale can be found here. Insiders sold 43,979 shares of company stock valued at $2,057,927 over the last 90 days. 1.46% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in ZION. Steward Partners Investment Advisory LLC lifted its holdings in shares of Zions Bancorp by 2,081.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,010 shares of the bank’s stock valued at $152,000 after purchasing an additional 2,872 shares during the last quarter. Americafirst Capital Management LLC purchased a new position in shares of Zions Bancorp during the second quarter valued at approximately $175,000. RNC Capital Management LLC purchased a new position in shares of Zions Bancorp during the fourth quarter valued at approximately $203,000. Conning Inc. purchased a new position in shares of Zions Bancorp during the third quarter valued at approximately $210,000. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Zions Bancorp during the third quarter valued at approximately $212,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.
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About Zions Bancorp
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.
