Raymond James Financial Inc. Downgrades Zions Bancorp (ZION) to Market Perform
Zions Bancorp (NASDAQ:ZION) was downgraded by investment analysts at Raymond James Financial Inc. from a “strong-buy” rating to a “market perform” rating in a report released on Thursday.
A number of other equities analysts have also recently commented on ZION. Royal Bank Of Canada reissued a “buy” rating and set a $32.00 target price on shares of Zions Bancorp in a report on Thursday, June 16th. Deutsche Bank AG restated a “hold” rating and issued a $30.00 price target on shares of Zions Bancorp in a research report on Monday, June 27th. Bank of America Corp. lowered Zions Bancorp from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 29th. Barclays PLC restated an “overweight” rating and issued a $30.00 price target on shares of Zions Bancorp in a research report on Thursday, June 30th. Finally, TheStreet lowered Zions Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $31.95.
Shares of Zions Bancorp (NASDAQ:ZION) opened at 31.73 on Thursday. The company has a market capitalization of $6.51 billion, a price-to-earnings ratio of 19.13 and a beta of 1.54. Zions Bancorp has a 52 week low of $19.65 and a 52 week high of $32.15. The company’s 50 day moving average price is $30.39 and its 200-day moving average price is $27.48.
Zions Bancorp (NASDAQ:ZION) last announced its earnings results on Tuesday, July 26th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. Zions Bancorp had a return on equity of 5.62% and a net margin of 16.37%. During the same quarter in the previous year, the company earned $0.41 earnings per share. Analysts anticipate that Zions Bancorp will post $1.85 earnings per share for the current fiscal year.
In other Zions Bancorp news, insider David E. Blackford sold 1,620 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $27.81, for a total value of $45,052.20. Following the sale, the insider now directly owns 29,429 shares in the company, valued at $818,420.49. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark Richard Young sold 65,000 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 56,245 shares in the company, 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 have recently bought and sold shares of the stock. MAI Capital Management boosted its stake in Zions Bancorp by 0.3% in the second quarter. MAI Capital Management now owns 8,641 shares of the company’s stock worth $217,000 after buying an additional 27 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in Zions Bancorp by 0.3% in the second quarter. Neuberger Berman Group LLC now owns 18,136 shares of the company’s stock worth $456,000 after buying an additional 61 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake 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. IBM Retirement Fund boosted its stake in Zions Bancorp by 0.7% in the second quarter. IBM Retirement Fund now owns 20,336 shares of the company’s stock worth $511,000 after buying an additional 144 shares in the last quarter. Finally, Advantus Capital Management Inc boosted its stake in Zions Bancorp by 0.8% in the second quarter. Advantus Capital Management Inc now owns 19,705 shares of the company’s stock worth $495,000 after buying an additional 150 shares in the last quarter. 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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