Zions Bancorporation Stock Rating Reaffirmed by Zacks (ZION)
Zions Bancorporation (NASDAQ: ZION)‘s stock had its “neutral” rating restated by Zacks in a report issued on Monday. They currently have a $27.00 target price on the stock.
Zacks‘ analyst wrote, “Zions’ fourth-quarter 2012 earnings were substantially ahead of the Zacks Consensus Estimate. On a sequential basis, results were adversely impacted by lower top line and an increase in operating expenses. Yet, continuously improving credit quality, stable capital and profitable ratios as well as growth in deposits and loans were the positives. We believe that the company’s cost control efforts, along with loan and deposit expansion, will drive future growth. Moreover, approval of the company’s new capital plan, TARP repayment without diluting shareholder value and Moody’s ratings upgrade will enhance the company’s financial profile. However, we remain concerned about the prevailing low interest rate environment, sluggish economic growth, the company’s asset-sensitive balance sheet, losses related to its CDO exposure and regulatory restrictions.”
Shares of Zions Bancorporation (NASDAQ: ZION) traded down 1.13% during mid-day trading on Monday, hitting $25.27. Zions Bancorporation has a one year low of $17.45 and a one year high of $25.86. The stock’s 50-day moving average is currently $24.29. The company has a market cap of $4.654 billion and a P/E ratio of 26.43.
Zions Bancorporation (NASDAQ: ZION) last released its earnings data on Monday, January 28th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by $0.22. During the same quarter in the previous year, the company posted $0.30 earnings per share. Analysts expect that Zions Bancorporation will post $1.73 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Sanford C. Bernstein reiterated an “underperform” rating on shares of Zions Bancorporation in a research note to investors on Thursday. They now have a $20.00 price target on the stock. Separately, analysts at Barclays Capital reiterated an “equal weight” rating on shares of Zions Bancorporation in a research note to investors on Tuesday, March 12th. They now have a $25.00 price target on the stock. Finally, analysts at BMO Capital Markets initiated coverage on shares of Zions Bancorporation in a research note to investors on Wednesday, March 6th. They set an “outperform” rating and a $30.00 price target on the stock.
Zions Bancorporation is a financial holding company. The Company focuses on providing community banking services by continuously strengthening its core business lines of 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; trust and wealth management, and investment activities.
To view Zacks’ full report, visit www.zacks.com
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