Zions Bancorp (ZION) Upgraded by Zacks Investment Research to Buy
Zions Bancorp (NASDAQ:ZION) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $35.00 price objective on the stock. Zacks Investment Research’s price target points to a potential upside of 12.83% from the stock’s current price.
According to Zacks, “Estimates have been going up ahead of Zions' third-quarter 2016 earnings release. Further, the company has a positive record of earnings surprises in recent quarters. Moreover, growth in loans and deposits indicates improvement in revenues in the quarters ahead, while stable credit quality and balance sheet restructuring will strengthen the company’s financials. Also, cost control initiatives will support bottom line. In addition, the company enjoys a robust capital position, which helped it to return capital and continue to boost investors' confidence. However, concentration risk, asset-sensitive balance sheet and regulatory restrictions continue to be matters of concern. Moreover, stress in energy sector loan portfolio adds to the woes.”
ZION has been the topic of a number of other research reports. Barclays PLC set a $31.00 target price on shares of Zions Bancorp and gave the company a “buy” rating in a report on Wednesday, July 27th. JPMorgan Chase & Co. restated a “hold” rating on shares of Zions Bancorp in a report on Saturday, July 9th. Vetr upgraded shares of Zions Bancorp from a “sell” rating to a “hold” rating and set a $26.45 price target on the stock in a research note on Tuesday, August 2nd. Credit Suisse Group AG upped their price target on shares of Zions Bancorp from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 20th. Finally, Jefferies Group upped their price target on shares of Zions Bancorp from $26.00 to $31.00 and gave the stock a “hold” rating in a research note on Wednesday, July 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. Zions Bancorp has an average rating of “Hold” and an average target price of $31.95.
Zions Bancorp (NASDAQ:ZION) traded up 0.29% during trading on Monday, hitting $31.11. 1,603,604 shares of the stock traded hands. Zions Bancorp has a 52-week low of $19.65 and a 52-week high of $31.35. The company has a market cap of $6.38 billion, a P/E ratio of 18.75 and a beta of 1.54. The firm has a 50-day moving average price of $29.97 and a 200 day moving average price of $27.25.
Zions Bancorp (NASDAQ:ZION) last announced its earnings results on Tuesday, July 26th. The company reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.03. Zions Bancorp had a net margin of 16.37% and a return on equity of 5.62%. During the same quarter in the previous year, the firm posted $0.41 EPS. On average, equities analysts expect that Zions Bancorp will post $1.85 EPS for the current year.
In other news, EVP Keith D. Maio sold 9,000 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $27.97, for a total transaction of $251,730.00. Following the completion of the transaction, the executive vice president now directly owns 44,072 shares in the company, valued at approximately $1,232,693.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark Richard Young sold 65,000 shares of the stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $20.72, for a total value of $1,346,800.00. Following the transaction, the insider now owns 56,245 shares of the company’s stock, valued at $1,165,396.40. The disclosure for this sale can be found here. 2.06% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rafferty Asset Management LLC increased its position in Zions Bancorp by 47.4% in the first quarter. Rafferty Asset Management LLC now owns 27,517 shares of the company’s stock worth $666,000 after buying an additional 8,846 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Zions Bancorp by 2.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,000 shares of the company’s stock worth $121,000 after buying an additional 100 shares in the last quarter. JPMorgan Chase & Co. increased its position in Zions Bancorp by 109.3% in the first quarter. JPMorgan Chase & Co. now owns 5,031,900 shares of the company’s stock worth $121,823,000 after buying an additional 2,628,142 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its position in Zions Bancorp by 7.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 45,426 shares of the company’s stock worth $1,100,000 after buying an additional 3,053 shares in the last quarter. Finally, Sentry Investment Management LLC purchased a new position in Zions Bancorp during the first quarter worth approximately $304,000. Hedge funds and other institutional investors own 87.36% of the company’s stock.
Zions Bancorp Company Profile
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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