Zions Bancorp (ZION) Stock Rating Lowered by Piper Jaffray Cos.
Zions Bancorp (NASDAQ:ZION) was downgraded by stock analysts at Piper Jaffray Cos. from an “overweight” rating to a “neutral” rating in a note issued to investors on Monday. They presently have a $32.00 price objective on the stock, up from their prior price objective of $30.00. Piper Jaffray Cos.’s target price would suggest a potential upside of 2.24% from the stock’s current price.
Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Zions Bancorp in a research report on Saturday, July 9th. Vetr upgraded shares of Zions Bancorp from a “sell” rating to a “hold” rating and set a $26.45 target price on the stock in a research report on Tuesday, August 2nd. Credit Suisse Group AG reiterated an “outperform” rating on shares of Zions Bancorp in a research report on Thursday, August 18th. Zacks Investment Research downgraded shares of Zions Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. Finally, FIG Partners started coverage on shares of Zions Bancorp in a research report on Thursday, July 7th. They set an “outperform” rating and a $29.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $32.60.
Zions Bancorp (NASDAQ:ZION) opened at 31.30 on Monday. Zions Bancorp has a 12-month low of $19.65 and a 12-month high of $32.15. The company has a market cap of $6.42 billion, a PE ratio of 18.87 and a beta of 1.54. The firm has a 50 day moving average price of $30.52 and a 200 day moving average price of $27.59.
Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings data 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 period last year, the company posted $0.41 EPS. On average, analysts anticipate that Zions Bancorp will post $1.85 earnings per share for the current fiscal year.
In related news, insider Mark Richard Young sold 65,000 shares of the stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $20.72, for a total transaction of $1,346,800.00. Following the completion of the transaction, the insider now owns 56,245 shares in the company, valued at $1,165,396.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Keith D. Maio sold 9,000 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $27.97, for a total transaction of $251,730.00. Following the transaction, the executive vice president now owns 44,072 shares of the company’s stock, valued at approximately $1,232,693.84. The disclosure for this sale can be found here. Corporate insiders own 2.06% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Artemis Investment Management LLP raised its position in Zions Bancorp by 772.6% in the second quarter. Artemis Investment Management LLP now owns 4,122,053 shares of the company’s stock valued at $103,567,000 after buying an additional 3,649,671 shares during the last quarter. JPMorgan Chase & Co. raised 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 valued at $121,823,000 after buying an additional 2,628,142 shares during the last quarter. RidgeWorth Capital Management LLC bought a new position in Zions Bancorp during the second quarter valued at $41,969,000. Teachers Advisors Inc. raised its position in Zions Bancorp by 36.9% in the second quarter. Teachers Advisors Inc. now owns 3,418,035 shares of the company’s stock valued at $85,895,000 after buying an additional 921,928 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in Zions Bancorp by 34.5% in the second quarter. TIAA CREF Investment Management LLC now owns 2,987,238 shares of the company’s stock valued at $75,069,000 after buying an additional 765,692 shares during the last quarter. Institutional investors own 87.36% of the company’s stock.
About Zions Bancorp
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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