Raymond James Financial Inc. Lowers Zions Bancorp (ZION) to Market Perform
Zions Bancorp (NASDAQ:ZION) was downgraded by stock analysts at Raymond James Financial Inc. from a “strong-buy” rating to a “market perform” rating in a report released on Thursday.
A number of other analysts have also issued reports on the stock. Bank of America Corp. lowered shares of Zions Bancorp from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 29th. Zacks Investment Research upgraded shares of Zions Bancorp from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Thursday, August 4th. Credit Suisse Group AG reiterated an “outperform” rating on shares of Zions Bancorp in a research note on Thursday, August 18th. FBR & Co cut their price target on shares of Zions Bancorp from $36.00 to $32.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. Finally, Vetr lowered shares of Zions Bancorp from a “hold” rating to a “sell” rating and set a $26.45 price target on the stock. in a research note on Wednesday, July 27th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the stock. Zions Bancorp currently has a consensus rating of “Hold” and a consensus target price of $31.95.
Zions Bancorp (NASDAQ:ZION) traded down 1.45% during trading on Thursday, reaching $31.36. 613,401 shares of the company’s stock were exchanged. Zions Bancorp has a 52 week low of $19.65 and a 52 week high of $32.15. The stock has a 50-day moving average of $30.23 and a 200-day moving average of $27.40. The stock has a market capitalization of $6.43 billion, a PE ratio of 18.90 and a beta of 1.54.
Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings results 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 last year, the firm earned $0.41 EPS. On average, equities research analysts anticipate that Zions Bancorp will post $1.85 EPS for the current year.
In other Zions Bancorp news, EVP Keith D. Maio sold 9,000 shares of the company’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 sale, the executive vice president now owns 44,072 shares of the company’s stock, valued at $1,232,693.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David E. Blackford sold 1,620 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $27.81, for a total value of $45,052.20. Following the completion of the sale, the insider now directly owns 29,429 shares in the company, valued at approximately $818,420.49. The disclosure for this sale can be found here. 2.06% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of ZION. Canada Pension Plan Investment Board raised its stake in Zions Bancorp by 2.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,000 shares of the company’s stock valued at $121,000 after buying an additional 100 shares during the period. Seven Eight Capital LLC raised its stake in Zions Bancorp by 235.4% in the first quarter. Seven Eight Capital LLC now owns 6,412 shares of the company’s stock worth $155,000 after buying an additional 4,500 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Zions Bancorp during the second quarter worth approximately $208,000. MAI Capital Management raised its stake in Zions Bancorp by 0.3% in the second quarter. MAI Capital Management now owns 8,641 shares of the company’s stock worth $217,000 after buying an additional 27 shares during the last quarter. Finally, Parametrica Management Ltd bought a new stake in Zions Bancorp during the second quarter worth approximately $234,000. 87.36% of the stock is currently owned by institutional investors.
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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