Zions Bancorp (ZION) Downgraded by Zacks Investment Research to Hold
According to Zacks, “Zions shares have outperformed the Zacks categorized Banks-West industry over the last three months. The company’s has been witnessing a consistent growth in loans and deposits, indicates the potential for improvement in revenues in the quarters ahead. Also, it remains on track to exceed its cost savings target of $120 million in 2017. However, margin pressure is expected to continue unless there is significant improvement in rate environment. Also, concentration risk and regulatory restrictions continue to be matters of concern.”
Other analysts also recently issued research reports about the company. Raymond James Financial Inc. boosted their price objective on Zions Bancorp from $32.00 to $36.00 and gave the company a buy rating in a research report on Tuesday, September 13th. boosted their price objective on Zions Bancorp from $33.00 to $36.00 and gave the company a buy rating in a research report on Friday, September 23rd. Credit Suisse Group AG reiterated a buy rating and issued a $38.00 price objective on shares of Zions Bancorp in a research report on Tuesday, November 8th. Jefferies Group upgraded Zions Bancorp from a hold rating to a buy rating in a research report on Monday. Finally, Morgan Stanley downgraded Zions Bancorp from an overweight rating to an equal weight rating and boosted their price objective for the company from $34.00 to $38.00 in a research report on Wednesday, November 16th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. Zions Bancorp presently has a consensus rating of Hold and a consensus price target of $35.10.
Shares of Zions Bancorp (NASDAQ:ZION) opened at 38.41 on Monday. The company has a 50-day moving average of $34.02 and a 200 day moving average of $29.63. Zions Bancorp has a 52-week low of $19.65 and a 52-week high of $39.23.
Zions Bancorp (NASDAQ:ZION) last issued its earnings results on Monday, October 24th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.07. Zions Bancorp had a return on equity of 6.16% and a net margin of 17.81%. During the same period last year, the company earned $0.41 earnings per share. On average, equities research analysts anticipate that Zions Bancorp will post $1.92 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which was paid on Wednesday, November 23rd. Shareholders of record on Wednesday, November 16th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend was Monday, November 14th. Zions Bancorp’s dividend payout ratio is 17.58%.
In other news, insider Alexander Hume sold 11,571 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $38.53, for a total value of $445,830.63. Following the transaction, the insider now owns 8,270 shares of the company’s stock, valued at $318,643.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark Richard Young sold 19,893 shares of the firm’s stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $32.27, for a total value of $641,947.11. Following the completion of the transaction, the insider now directly owns 27,156 shares in the company, valued at approximately $876,324.12. The disclosure for this sale can be found here. 2.06% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of ZION. Artemis Investment Management LLP increased 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 period. The Manufacturers Life Insurance Company bought a new position in Zions Bancorp during the third quarter valued at approximately $55,995,000. RidgeWorth Capital Management LLC bought a new position in Zions Bancorp during the second quarter valued at approximately $41,969,000. Wells Fargo & Company MN increased its stake in shares of Zions Bancorp by 64.7% in the third quarter. Wells Fargo & Company MN now owns 3,658,682 shares of the company’s stock valued at $113,492,000 after buying an additional 1,437,234 shares during the period. Finally, Teachers Advisors Inc. increased its stake in shares of 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 period. 86.95% of the stock is currently owned by hedge funds and other institutional investors.
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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