Zions Bancorp (ZION) Downgraded to Hold at Zacks Investment Research

Zions Bancorp (NASDAQ:ZION) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “Zions’ shares have outperformed the industry over the past six months. The performance was supported by the company’s impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The company’s fourth-quarter 2017 results benefited from improvement in revenues, partly offset by higher adjusted non-interest expenses. The company has been witnessing consistent growth in loans and deposits along with easing margin pressure. Also, its initiatives to manage expenses have been successful. This along with lower corporate tax rates are expected to support bottom-line growth. However, increased exposure toward risky loan portfolios is expected to hamper the company's financials. Also, geographical concentration might pose a risk for the company in the near term.”

ZION has been the subject of several other reports. Royal Bank of Canada lifted their price objective on shares of Zions Bancorp from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 24th. Wells Fargo & Co reissued an “outperform” rating and issued a $65.00 price target (up from $60.00) on shares of Zions Bancorp in a research report on Tuesday, January 23rd. BidaskClub cut shares of Zions Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, December 16th. Barclays boosted their price target on shares of Zions Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $44.00 price target on shares of Zions Bancorp in a research report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. Zions Bancorp has a consensus rating of “Buy” and a consensus price target of $54.78.

Zions Bancorp (ZION) traded up $0.42 during trading on Tuesday, hitting $52.06. 2,571,300 shares of the stock traded hands, compared to its average volume of 2,482,669. The stock has a market cap of $10,200.55, a PE ratio of 20.02, a P/E/G ratio of 1.53 and a beta of 1.45. Zions Bancorp has a 1-year low of $38.43 and a 1-year high of $55.61. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05.

Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings data on Monday, January 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.07. The business had revenue of $665.00 million during the quarter, compared to analysts’ expectations of $670.55 million. Zions Bancorp had a net margin of 21.58% and a return on equity of 9.04%. During the same period in the previous year, the company earned $0.60 EPS. sell-side analysts expect that Zions Bancorp will post 3.65 earnings per share for the current year.

In other news, General Counsel Thomas E. Laursen sold 1,250 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $54.28, for a total transaction of $67,850.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joseph L. Reilly sold 23,271 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $46.70, for a total transaction of $1,086,755.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,540 shares of company stock worth $2,725,225. 1.46% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of ZION. Crewe Advisors LLC acquired a new position in shares of Zions Bancorp during the fourth quarter worth about $102,000. Tower Research Capital LLC TRC increased its stake in shares of Zions Bancorp by 1,274.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,763 shares of the bank’s stock worth $140,000 after acquiring an additional 2,562 shares during the period. Steward Partners Investment Advisory LLC increased its stake 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 worth $152,000 after acquiring an additional 2,872 shares during the period. Blue Sky Asset Management LLC acquired a new position in shares of Zions Bancorp during the fourth quarter worth about $157,000. Finally, Virtu Financial LLC acquired a new position in shares of Zions Bancorp during the fourth quarter worth about $200,000. Institutional investors and hedge funds own 93.46% of the company’s stock.

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Zions Bancorp 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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