Zions Bancorp (ZION) Cut to “Market Perform” at FBR & Co
FBR & Co cut shares of Zions Bancorp (NASDAQ:ZION) from an outperform rating to a market perform rating in a research report sent to investors on Tuesday. They currently have $32.00 price target on the stock.
A number of other brokerages also recently issued reports on ZION. Vetr downgraded Zions Bancorp from a hold rating to a sell rating and set a $26.45 price target on the stock. in a research report on Wednesday, July 27th. Piper Jaffray Cos. raised Zions Bancorp from a neutral rating to an overweight rating and set a $29.00 price target on the stock in a research report on Thursday, July 7th. They noted that the move was a valuation call. Raymond James Financial Inc. increased their price target on Zions Bancorp from $32.00 to $36.00 and gave the stock a buy rating in a research report on Tuesday, September 13th. FIG Partners started coverage on Zions Bancorp in a research report on Thursday, July 7th. They set an outperform rating and a $29.00 price target on the stock. Finally, Zacks Investment Research downgraded Zions Bancorp from a buy rating to a hold rating in a research report on Friday, August 5th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $32.60.
Shares of Zions Bancorp (NASDAQ:ZION) opened at 30.36 on Tuesday. The stock’s 50 day moving average price is $30.60 and its 200-day moving average price is $27.64. Zions Bancorp has a 52-week low of $19.65 and a 52-week high of $32.15. The company has a market cap of $6.23 billion, a P/E ratio of 18.30 and a beta of 1.54.
Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 prior year, the company earned $0.41 EPS. 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 business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $27.97, for a total value of $251,730.00. Following the transaction, the executive vice president now owns 44,072 shares in the company, valued at approximately $1,232,693.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark Richard Young sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $20.72, for a total value of $1,346,800.00. Following the completion of the transaction, the insider now owns 56,245 shares in the company, valued at approximately $1,165,396.40. The disclosure for this sale can be found here. Company insiders own 2.06% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board increased its position in shares of 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 during the last quarter. Seven Eight Capital LLC increased its position in shares of Zions Bancorp by 235.4% in the first quarter. Seven Eight Capital LLC now owns 6,412 shares of the company’s stock worth $155,000 after buying an additional 4,500 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Zions Bancorp during the second quarter worth $208,000. MAI Capital Management increased its position in shares of 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 during the last quarter. Finally, Parametrica Management Ltd acquired a new position in shares of Zions Bancorp during the second quarter worth $234,000. 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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