Zions Bancorp (ZION) Downgraded to Market Perform at FBR & Co
FBR & Co downgraded shares of Zions Bancorp (NASDAQ:ZION) from an outperform rating to a market perform rating in a research note published on Tuesday. They currently have $32.00 target price on the stock.
Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. restated a hold rating on shares of Zions Bancorp in a research note on Saturday, July 9th. Vetr upgraded shares of Zions Bancorp from a sell rating to a hold rating and set a $26.45 price target on the stock in a research note on Tuesday, August 2nd. Credit Suisse Group AG reiterated an outperform rating on shares of Zions Bancorp in a research note on Thursday, August 18th. Piper Jaffray Cos. upgraded shares of Zions Bancorp from a neutral rating to an overweight rating and set a $29.00 target price on the stock in a research note on Thursday, July 7th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Zions Bancorp from a buy rating to a hold rating in a research note on Friday, August 5th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the company. Zions Bancorp presently has an average rating of Hold and an average price target of $32.60.
Zions Bancorp (NASDAQ:ZION) traded up 0.38% during mid-day trading on Tuesday, reaching $31.42. 364,473 shares of the company were exchanged. The company’s 50 day moving average price is $30.52 and its 200-day moving average price is $27.59. Zions Bancorp has a 12 month low of $19.65 and a 12 month high of $32.15. The stock has a market capitalization of $6.44 billion, a P/E ratio of 18.94 and a beta of 1.54.
Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.44 EPS for the quarter, beating 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 period last year, the business earned $0.41 EPS. On average, equities analysts expect that Zions Bancorp will post $1.85 earnings per share for the current fiscal year.
In other news, insider David E. Blackford sold 1,620 shares of the company’s stock in a transaction dated Friday, July 29th. The stock was 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 of the company’s stock, valued at approximately $818,420.49. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark Richard Young sold 65,000 shares of the company’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $20.72, for a total value of $1,346,800.00. Following the completion of the sale, the insider now directly owns 56,245 shares of the company’s stock, valued at $1,165,396.40. The disclosure for this sale can be found here. 2.06% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Zions Bancorp by 3.4% in the second quarter. Vanguard Group Inc. now owns 17,950,779 shares of the company’s stock worth $451,103,000 after buying an additional 596,109 shares during the period. State Street Corp boosted its stake in shares of Zions Bancorp by 3.6% in the second quarter. State Street Corp now owns 10,955,604 shares of the company’s stock worth $275,313,000 after buying an additional 382,293 shares during the period. Wellington Management Group LLP boosted its stake in shares of Zions Bancorp by 4.9% in the first quarter. Wellington Management Group LLP now owns 9,115,604 shares of the company’s stock worth $220,689,000 after buying an additional 429,375 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Zions Bancorp by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,371,029 shares of the company’s stock worth $130,033,000 after buying an additional 43,881 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Zions Bancorp by 7.9% in the second quarter. Dimensional Fund Advisors LP now owns 5,359,703 shares of the company’s stock worth $134,689,000 after buying an additional 393,926 shares during the period. 87.36% of the stock is owned by institutional investors.
About Zions Bancorp
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.
Receive News & Stock Ratings for Zions Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zions Bancorp and related stocks with our FREE daily email newsletter.