Zions Bancorp (ZION) Shares Gap Up to $27.73
Zions Bancorp (NASDAQ:ZION)’s share price gapped up prior to trading on Friday . The stock had previously closed at $27.53, but opened at $27.73. Zions Bancorp shares last traded at $28.94, with a volume of 2,016,313 shares traded.
A number of brokerages have issued reports on ZION. JPMorgan Chase & Co. reissued a “hold” rating on shares of Zions Bancorp in a report on Saturday, July 9th. Deutsche Bank AG reissued a “hold” rating on shares of Zions Bancorp in a report on Saturday, June 4th. Vetr upgraded shares of Zions Bancorp from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Wednesday, May 4th. Zacks Investment Research upgraded shares of Zions Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, April 20th. Finally, Sanford C. Bernstein raised their price target on shares of Zions Bancorp from $31.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, April 26th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Zions Bancorp presently has an average rating of “Buy” and a consensus price target of $31.21.
The company has a market cap of $5.93 billion and a price-to-earnings ratio of 17.40. The company’s 50-day moving average is $26.10 and its 200-day moving average is $25.08.
Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.03. During the same quarter in the prior year, the firm earned $0.41 EPS. On average, equities analysts predict that Zions Bancorp will post $1.84 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 25th. Shareholders of record on Thursday, August 18th will be paid a $0.08 dividend. The ex-dividend date is Tuesday, August 16th. This is a boost from Zions Bancorp’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 1.11%.
In other Zions Bancorp news, EVP Michael Morris sold 8,634 shares of the firm’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $27.87, for a total value of $240,629.58. Following the transaction, the executive vice president now directly owns 26,409 shares of the company’s stock, valued at $736,018.83. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider David E. Blackford sold 1,620 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $27.81, for a total transaction of $45,052.20. Following the completion of the transaction, the insider now directly owns 29,429 shares in the company, valued at $818,420.49. The disclosure for this sale can be found here.
A number of institutional investors have made changes to their positions in the stock. Aberdeen Asset Management PLC UK boosted its position 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 last quarter. State of Tennessee Treasury Department boosted its position in shares of Zions Bancorp by 138.5% in the fourth quarter. State of Tennessee Treasury Department now owns 75,355 shares of the company’s stock worth $2,057,000 after buying an additional 43,755 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Zions Bancorp by 171.2% in the fourth quarter. Marshall Wace LLP now owns 154,769 shares of the company’s stock worth $4,226,000 after buying an additional 97,699 shares during the last quarter. RS Investment Management Co. LLC boosted its position in shares of Zions Bancorp by 3.5% in the fourth quarter. RS Investment Management Co. LLC now owns 2,208,284 shares of the company’s stock worth $60,286,000 after buying an additional 75,480 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. boosted its position in shares of Zions Bancorp by 1.9% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 229,426 shares of the company’s stock worth $6,264,000 after buying an additional 4,282 shares during the last quarter.
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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