Zions Bancorp (NASDAQ:ZION) has received a consensus recommendation of “Buy” from the twenty-one research firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, eight have given a hold recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $58.88.
A number of brokerages have weighed in on ZION. BidaskClub upgraded shares of Zions Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, July 19th. BMO Capital Markets reiterated a “hold” rating and set a $55.00 target price on shares of Zions Bancorp in a research report on Thursday, July 12th. Royal Bank of Canada reiterated a “buy” rating and set a $61.00 target price on shares of Zions Bancorp in a research report on Tuesday, July 24th. UBS Group downgraded shares of Zions Bancorp from a “buy” rating to a “neutral” rating in a report on Friday, September 7th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $60.00 price target on shares of Zions Bancorp in a report on Friday, July 13th.
NASDAQ:ZION traded up $0.60 on Friday, reaching $52.21. 1,735,815 shares of the company’s stock were exchanged, compared to its average volume of 1,394,161. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $10.16 billion, a PE ratio of 18.26, a P/E/G ratio of 1.43 and a beta of 1.36. Zions Bancorp has a 52 week low of $42.22 and a 52 week high of $59.19.
Zions Bancorp (NASDAQ:ZION) last issued its earnings results on Monday, July 23rd. The bank reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.03). The business had revenue of $686.00 million for the quarter, compared to the consensus estimate of $687.26 million. Zions Bancorp had a return on equity of 10.86% and a net margin of 25.03%. During the same quarter in the prior year, the business earned $0.73 EPS. analysts anticipate that Zions Bancorp will post 3.94 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 23rd. Stockholders of record on Thursday, August 16th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.30%. This is an increase from Zions Bancorp’s previous quarterly dividend of $0.24. The ex-dividend date was Wednesday, August 15th. Zions Bancorp’s dividend payout ratio is presently 41.96%.
In related news, General Counsel Thomas E. Laursen sold 945 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $52.73, for a total value of $49,829.85. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Alexander Hume sold 4,046 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $54.51, for a total transaction of $220,547.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,896 shares of company stock worth $1,016,029. Insiders own 1.60% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nomura Asset Management Co. Ltd. raised its stake in Zions Bancorp by 3.2% in the first quarter. Nomura Asset Management Co. Ltd. now owns 29,702 shares of the bank’s stock valued at $1,567,000 after purchasing an additional 933 shares in the last quarter. Xact Kapitalforvaltning AB raised its stake in Zions Bancorp by 6.1% in the first quarter. Xact Kapitalforvaltning AB now owns 19,895 shares of the bank’s stock valued at $1,049,000 after purchasing an additional 1,148 shares in the last quarter. KBC Group NV raised its stake in Zions Bancorp by 1.1% in the first quarter. KBC Group NV now owns 110,598 shares of the bank’s stock valued at $5,831,000 after purchasing an additional 1,155 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Zions Bancorp by 11.5% during the second quarter. Janney Montgomery Scott LLC now owns 11,794 shares of the bank’s stock worth $621,000 after acquiring an additional 1,215 shares in the last quarter. Finally, Financial Counselors Inc. raised its stake in shares of Zions Bancorp by 3.2% during the second quarter. Financial Counselors Inc. now owns 42,253 shares of the bank’s stock worth $2,226,000 after acquiring an additional 1,308 shares in the last quarter. 94.80% of the stock is currently owned by institutional investors and hedge funds.
About Zions Bancorp
Zions Bancorporation, a financial holding company, provides a range of banking and related services primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers community banking services, such as small and medium-sized business and corporate banking; commercial and residential development, construction, and term lending; retail banking; treasury cash management and related products and services; and residential mortgage servicing and lending.
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