Zions Bancorp (ZION) Shares Gap Up to $27.73
Zions Bancorp (NASDAQ:ZION) gapped up before the market opened on Friday . The stock had previously closed at $27.53, but opened at $27.73. Zions Bancorp shares last traded at $28.94, with a volume of 2,016,313 shares trading hands.
Several equities research analysts recently weighed in on ZION shares. Credit Suisse Group AG restated a “buy” rating on shares of Zions Bancorp in a research report on Monday, April 18th. Raymond James Financial Inc. upgraded Zions Bancorp from a “market perform” rating to a “strong-buy” rating in a research report on Monday, May 9th. Jefferies Group dropped their price target on Zions Bancorp from $28.00 to $27.00 and set a “hold” rating on the stock in a research report on Tuesday, April 12th. Vetr lowered Zions Bancorp from a “buy” rating to a “hold” rating and set a $27.20 price target on the stock. in a research report on Tuesday, April 19th. Finally, Bank of America Corp. lowered Zions Bancorp from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $31.48.
The company has a market capitalization of $5.93 billion and a price-to-earnings ratio of 17.40. The stock’s 50 day moving average is $26.10 and its 200-day moving average is $25.08.
Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.03. During the same period last year, the firm posted $0.41 earnings per share. On average, equities research analysts expect that Zions Bancorp will post $1.84 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 25th. Stockholders of record on Thursday, August 18th will be given a $0.08 dividend. The ex-dividend date is Tuesday, August 16th. This is a boost from Zions Bancorp’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.11%.
In other news, insider Steven Dan Stephens sold 10,000 shares of the firm’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $27.09, for a total value of $270,900.00. Following the completion of the sale, the insider now owns 93,756 shares of the company’s stock, valued at approximately $2,539,850.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Keith D. Maio sold 9,000 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now directly 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.
Several hedge funds have bought and sold shares of the company. Aberdeen Asset Management PLC UK boosted its stake in Zions Bancorp by 27.6% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 39,707 shares of the company’s stock worth $1,108,000 after buying an additional 8,579 shares during the last quarter. State of Tennessee Treasury Department boosted its stake in Zions Bancorp by 138.5% in the fourth quarter. State of Tennessee Treasury Department now owns 75,355 shares of the company’s stock worth $2,057,000 after buying an additional 43,755 shares during the last quarter. Marshall Wace LLP boosted its stake in Zions Bancorp by 171.2% in the fourth quarter. Marshall Wace LLP now owns 154,769 shares of the company’s stock worth $4,226,000 after buying an additional 97,699 shares during the last quarter. RS Investment Management Co. LLC boosted its stake in Zions Bancorp by 3.5% in the fourth quarter. RS Investment Management Co. LLC now owns 2,208,284 shares of the company’s stock worth $60,286,000 after buying an additional 75,480 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. boosted its stake in Zions Bancorp by 1.9% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 229,426 shares of the company’s stock worth $6,264,000 after buying an additional 4,282 shares during the last quarter.
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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