Zions Bancorp (ZION) Shares Gap Up to $23.99
Zions Bancorp (NASDAQ:ZION) gapped up before the market opened on Thursday . The stock had previously closed at $23.86, but opened at $23.99. Zions Bancorp shares last traded at $24.23, with a volume of 2,724,856 shares.
ZION has been the topic of a number of research reports. Sanford C. Bernstein increased their target price on shares of Zions Bancorp from $31.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, April 26th. Zacks Investment Research upgraded shares of Zions Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, April 20th. Raymond James Financial Inc. upgraded shares of Zions Bancorp from a “market perform” rating to a “strong-buy” rating in a report on Monday, May 9th. Piper Jaffray Cos. upgraded shares of Zions Bancorp from a “neutral” rating to an “overweight” rating and set a $29.00 target price on the stock in a report on Thursday. They noted that the move was a valuation call. Finally, FIG Partners initiated coverage on shares of Zions Bancorp in a report on Thursday. They set an “outperform” rating and a $29.00 target price on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $31.64.
The company has a market capitalization of $5.06 billion and a PE ratio of 20.45. The company’s 50 day moving average is $26.80 and its 200 day moving average is $24.93.
Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings results on Monday, April 25th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by $0.01. During the same quarter in the previous year, the business earned $0.37 EPS. On average, equities analysts forecast that Zions Bancorp will post $1.77 EPS for the current fiscal year.
In related news, insider David E. Blackford sold 4,000 shares of the company’s stock in a transaction on Thursday, April 28th. The shares were sold at an average price of $27.77, for a total value of $111,080.00. Following the sale, the insider now directly owns 37,725 shares of the company’s stock, valued at $1,047,623.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Thomas E. Laursen sold 3,500 shares of the company’s stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $28.47, for a total transaction of $99,645.00. Following the completion of the sale, the general counsel now directly owns 36,852 shares in the company, valued at $1,049,176.44. The disclosure for this sale can be found here.
Other hedge funds have modified their holdings of the company. Aberdeen Asset Management PLC UK boosted its stake in shares of Zions Bancorp by 27.6% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 39,707 shares of the company’s stock worth $1,108,000 after buying an additional 8,579 shares during the period. Trexquant Investment LP boosted its stake in shares of Zions Bancorp by 80.8% in the fourth quarter. Trexquant Investment LP now owns 51,169 shares of the company’s stock worth $1,397,000 after buying an additional 22,869 shares during the period. TCI Wealth Advisors Inc. boosted its stake in shares of Zions Bancorp by 2.3% in the fourth quarter. TCI Wealth Advisors Inc. now owns 62,471 shares of the company’s stock worth $1,705,000 after buying an additional 1,417 shares during the period. ProShare Advisors LLC boosted its stake in shares of Zions Bancorp by 20.1% in the fourth quarter. ProShare Advisors LLC now owns 74,204 shares of the company’s stock worth $2,026,000 after buying an additional 12,412 shares during the period. Finally, Twin Capital Management Inc. acquired a new stake in shares of Zions Bancorp during the fourth quarter worth $2,192,000.
Zions Bancorporation is a financial holding company. The Company operates through seven segments: Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado and The Commerce Bank of Washington. It focuses on providing community banking services and its core business lines are 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; residential mortgage servicing and lending; trust and wealth management; limited capital markets activities, including municipal finance advisory and underwriting, and investment activities.
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