Zions Bancorp (ZION) Upgraded by Zacks Investment Research to Buy
Zions Bancorp (NASDAQ:ZION) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage currently has a $35.00 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 12.83% from the company’s previous close.
According to Zacks, “Estimates have been going up ahead of Zions' third-quarter 2016 earnings release. Further, the company has a positive record of earnings surprises in recent quarters. Moreover, growth in loans and deposits indicates improvement in revenues in the quarters ahead, while stable credit quality and balance sheet restructuring will strengthen the company’s financials. Also, cost control initiatives will support bottom line. In addition, the company enjoys a robust capital position, which helped it to return capital and continue to boost investors' confidence. However, concentration risk, asset-sensitive balance sheet and regulatory restrictions continue to be matters of concern. Moreover, stress in energy sector loan portfolio adds to the woes.”
ZION has been the subject of several other reports. Susquehanna upgraded shares of Zions Bancorp from a “neutral” rating to a “positive” rating and upped their price target for the company from $25.00 to $36.00 in a research report on Tuesday, June 7th. Maxim Group upgraded shares of Zions Bancorp from a “neutral” rating to a “buy” rating in a research report on Tuesday, June 7th. TheStreet upgraded shares of Zions Bancorp from a “hold” rating to a “buy” rating in a research report on Monday, June 6th. Royal Bank Of Canada restated a “buy” rating and issued a $32.00 price target on shares of Zions Bancorp in a research report on Thursday, June 16th. Finally, Deutsche Bank AG restated a “hold” rating and issued a $30.00 price target on shares of Zions Bancorp in a research report on Monday, June 27th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $31.95.
Shares of Zions Bancorp (NASDAQ:ZION) traded up 0.29% during midday trading on Monday, hitting $31.11. 1,603,604 shares of the company were exchanged. Zions Bancorp has a one year low of $19.65 and a one year high of $31.35. The firm’s 50 day moving average price is $29.97 and its 200 day moving average price is $27.25. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of 18.75 and a beta of 1.54.
Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.03. Zions Bancorp had a net margin of 16.37% and a return on equity of 5.62%. During the same quarter in the previous year, the business posted $0.41 earnings per share. Analysts forecast that Zions Bancorp will post $1.85 EPS for the current fiscal year.
In related news, EVP Keith D. Maio sold 9,000 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $27.97, for a total transaction of $251,730.00. Following the completion of the sale, the executive vice president now owns 44,072 shares in the company, valued at $1,232,693.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Richard Young sold 65,000 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $20.72, for a total transaction of $1,346,800.00. Following the sale, the insider now owns 56,245 shares of the company’s stock, valued at approximately $1,165,396.40. The disclosure for this sale can be found here. Corporate insiders own 2.06% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Zions Bancorp during the second quarter worth about $208,000. Kentucky Retirement Systems acquired a new position in Zions Bancorp during the second quarter valued at $437,000. Mason Street Advisors LLC acquired a new position in Zions Bancorp during the second quarter valued at $693,000. Harbour Capital Advisors LLC acquired a new position in Zions Bancorp during the second quarter valued at $657,000. Finally, Schwab Charles Investment Management Inc. increased its position in Zions Bancorp by 1.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 867,390 shares of the company’s stock valued at $21,798,000 after buying an additional 12,324 shares during the last quarter. Institutional investors and hedge funds own 87.36% of the company’s stock.
Zions Bancorp Company Profile
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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