Zions Bancorporation (ZION) Rating Lowered to Underperform at Robert W. Baird
Zions Bancorporation (NASDAQ:ZION) was downgraded by investment analysts at Robert W. Baird from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Monday. They currently have a $43.00 price target on the bank’s stock, down from their previous price target of $46.12. Robert W. Baird’s price target indicates a potential downside of 6.13% from the stock’s current price.
Several other equities analysts have also recently commented on the stock. BMO Capital Markets restated a “hold” rating and set a $47.00 price target on shares of Zions Bancorporation in a report on Thursday, July 27th. FIG Partners restated an “outperform” rating and set a $54.00 price target (up from $50.00) on shares of Zions Bancorporation in a report on Wednesday, July 26th. BidaskClub cut shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Keefe, Bruyette & Woods restated a “hold” rating and set a $46.00 price target on shares of Zions Bancorporation in a report on Friday, July 14th. Finally, Jefferies Group LLC restated a “buy” rating and set a $49.00 price target on shares of Zions Bancorporation in a report on Friday, July 14th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $43.52.
Zions Bancorporation (ZION) opened at 45.81 on Monday. The company has a 50-day moving average price of $44.20 and a 200-day moving average price of $42.66. The firm has a market cap of $9.26 billion, a PE ratio of 18.24 and a beta of 1.44. Zions Bancorporation has a one year low of $27.77 and a one year high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the consensus estimate of $0.62 by $0.11. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The business had revenue of $660 million for the quarter, compared to analysts’ expectations of $640.34 million. During the same period in the previous year, the company posted $0.44 EPS. Equities analysts predict that Zions Bancorporation will post $2.82 earnings per share for the current fiscal year.
Zions Bancorporation declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $465.00 million in shares. This repurchase authorization allows the bank to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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In related news, insider David E. Blackford sold 942 shares of the stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $40.44, for a total value of $38,094.48. Following the completion of the transaction, the insider now owns 29,415 shares of the company’s stock, valued at $1,189,542.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $46.38, for a total transaction of $46,380.00. Following the completion of the transaction, the general counsel now directly owns 23,484 shares of the company’s stock, valued at approximately $1,089,187.92. The disclosure for this sale can be found here. Insiders sold 26,779 shares of company stock valued at $1,128,012 in the last three months. Company insiders own 1.46% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisors Asset Management Inc. purchased a new stake in shares of Zions Bancorporation during the second quarter valued at $108,000. Global X Management Co. LLC boosted its stake in shares of Zions Bancorporation by 340.4% in the first quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock valued at $127,000 after buying an additional 2,335 shares in the last quarter. Exane Derivatives purchased a new stake in shares of Zions Bancorporation during the second quarter valued at $132,000. Segantii Capital Management Ltd purchased a new stake in shares of Zions Bancorporation during the first quarter valued at $151,000. Finally, Cypress Capital Management LLC WY purchased a new stake in shares of Zions Bancorporation during the first quarter valued at $169,000. 94.93% of the stock is owned by hedge funds and other institutional investors.
Zions Bancorporation Company Profile
Zions Bancorporation is a financial holding company. The Company conducts its banking operations through separately managed and branded segments, including Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank (NSB), Vectra Bank Colorado, The Commerce Bank of Washington (TCBW) and Other.
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