Zions Bancorporation (NASDAQ:ZION) Receives Average Rating of “Hold” from Analysts
Zions Bancorporation (NASDAQ:ZION) has been assigned a consensus rating of “Hold” from the twenty-seven ratings firms that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $44.90.
A number of equities research analysts recently commented on ZION shares. Deutsche Bank AG upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating and raised their price objective for the stock from $45.00 to $46.00 in a report on Thursday, May 4th. Jefferies Group LLC restated a “buy” rating and set a $49.00 price objective on shares of Zions Bancorporation in a report on Thursday, June 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $46.00 price target (up from $45.00) on shares of Zions Bancorporation in a research note on Friday, July 7th. Zacks Investment Research upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Zions Bancorporation from a “buy” rating to a “neutral” rating and lowered their price target for the company from $48.00 to $44.00 in a research note on Wednesday, May 24th.
Zions Bancorporation (NASDAQ ZION) traded down 0.74% during trading on Friday, hitting $44.11. 1,898,145 shares of the stock traded hands. The company has a market capitalization of $8.92 billion, a P/E ratio of 17.56 and a beta of 1.44. Zions Bancorporation has a one year low of $28.08 and a one year high of $48.33. The company’s 50 day moving average is $44.52 and its 200 day moving average is $42.76.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $640.34 million. During the same period last year, the business posted $0.44 earnings per share. On average, equities analysts forecast that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 17th will be issued a dividend of $0.12 per share. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. The ex-dividend date is Tuesday, August 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. Zions Bancorporation’s payout ratio is presently 12.75%.
Zions Bancorporation announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $465.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In related news, insider David E. Blackford sold 942 shares of Zions Bancorporation stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $40.44, for a total transaction of $38,094.48. Following the completion of the sale, the insider now owns 29,415 shares of the company’s stock, valued at approximately $1,189,542.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David E. Blackford sold 1,242 shares of Zions Bancorporation stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $40.73, for a total transaction of $50,586.66. Following the sale, the insider now directly owns 28,696 shares of the company’s stock, valued at approximately $1,168,788.08. The disclosure for this sale can be found here. Insiders have sold a total of 26,779 shares of company stock valued at $1,128,012 in the last ninety days. 1.46% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. acquired 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 during the period. Exane Derivatives acquired a new stake in shares of Zions Bancorporation during the second quarter valued at $132,000. Segantii Capital Management Ltd acquired a new stake in shares of Zions Bancorporation during the first quarter valued at $151,000. Finally, Cypress Capital Management LLC WY acquired a new stake in shares of Zions Bancorporation during the first quarter valued at $169,000. Institutional investors and hedge funds own 94.93% of the company’s stock.
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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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