Zions Bancorp (ZION) Downgraded to “Neutral” at Piper Jaffray Cos.
Zions Bancorp (NASDAQ:ZION) was downgraded by Piper Jaffray Cos. from an “overweight” rating to a “neutral” rating in a note issued to investors on Monday.
A number of other brokerages also recently weighed in on ZION. Vetr downgraded Zions Bancorp from a “hold” rating to a “sell” rating and set a $26.45 target price on the stock. in a research note on Wednesday, July 27th. Raymond James Financial Inc. boosted their target price on Zions Bancorp from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, September 13th. FIG Partners initiated coverage on Zions Bancorp in a research note on Thursday, July 7th. They issued an “outperform” rating and a $29.00 target price on the stock. Zacks Investment Research downgraded Zions Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. Finally, Credit Agricole SA boosted their target price on Zions Bancorp from $33.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, September 23rd. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $31.95.
Zions Bancorp (NASDAQ:ZION) opened at 31.73 on Monday. Zions Bancorp has a 1-year low of $19.65 and a 1-year high of $32.15. The firm’s 50-day moving average price is $30.39 and its 200-day moving average price is $27.48. The company has a market cap of $6.51 billion, a price-to-earnings ratio of 19.13 and a beta of 1.54.
Zions Bancorp (NASDAQ:ZION) last announced its earnings results on Tuesday, July 26th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. Zions Bancorp had a return on equity of 5.62% and a net margin of 16.37%. During the same period in the prior year, the firm posted $0.41 EPS. Equities research 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 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 transaction, 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, insider David E. Blackford sold 1,620 shares of the 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 transaction, 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 corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board boosted its position 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 worth $121,000 after buying an additional 100 shares in the last quarter. 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 valued at $155,000 after buying an additional 4,500 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Zions Bancorp during the second quarter valued at about $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 valued at $217,000 after buying an additional 27 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new stake in Zions Bancorp during the second quarter valued at about $234,000. 87.36% of the stock is currently owned by institutional investors and hedge funds.
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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