FBR & Co Analysts Lower Earnings Estimates for Zions Bancorp (ZION)
Zions Bancorp (NASDAQ:ZION) – Investment analysts at FBR & Co lowered their Q3 2016 EPS estimates for shares of Zions Bancorp in a research note issued on Tuesday. FBR & Co analyst P. Miller now anticipates that the firm will post earnings per share of $0.49 for the quarter, down from their previous forecast of $0.50. FBR & Co has a “Market Perform” rating and a $32.00 price objective on the stock. FBR & Co also issued estimates for Zions Bancorp’s Q4 2017 earnings at $0.61 EPS.
Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the 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 company earned $0.41 earnings per share.
ZION has been the subject of several other research reports. Zacks Investment Research raised shares of Zions Bancorp from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research report on Thursday, August 4th. Raymond James Financial Inc. downgraded shares of Zions Bancorp from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, October 6th. Barclays PLC set a $31.00 target price on shares of Zions Bancorp and gave the stock a “buy” rating in a research report on Wednesday, July 27th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Zions Bancorp in a research report on Saturday, July 9th. Finally, Vetr raised shares of Zions Bancorp from a “sell” rating to a “hold” rating and set a $26.45 target price for the company in a research report on Tuesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $32.60.
Zions Bancorp (NASDAQ:ZION) opened at 30.36 on Wednesday. The company’s 50-day moving average is $30.60 and its 200 day moving average is $27.64. The stock has a market capitalization of $6.23 billion, a PE ratio of 18.30 and a beta of 1.54. Zions Bancorp has a 12-month low of $19.65 and a 12-month high of $32.15.
Several institutional investors have recently added to or reduced their stakes in the stock. Artemis Investment Management LLP boosted its position in Zions Bancorp by 772.6% in the second quarter. Artemis Investment Management LLP now owns 4,122,053 shares of the company’s stock valued at $103,567,000 after buying an additional 3,649,671 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Zions Bancorp by 109.3% in the first quarter. JPMorgan Chase & Co. now owns 5,031,900 shares of the company’s stock valued at $121,823,000 after buying an additional 2,628,142 shares in the last quarter. RidgeWorth Capital Management LLC purchased a new position in Zions Bancorp during the second quarter valued at $41,969,000. Teachers Advisors Inc. boosted its position in Zions Bancorp by 36.9% in the second quarter. Teachers Advisors Inc. now owns 3,418,035 shares of the company’s stock valued at $85,895,000 after buying an additional 921,928 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in Zions Bancorp by 34.5% in the second quarter. TIAA CREF Investment Management LLC now owns 2,987,238 shares of the company’s stock valued at $75,069,000 after buying an additional 765,692 shares in the last quarter. 87.36% of the stock is owned by institutional investors and hedge funds.
In related news, insider Mark Richard Young sold 65,000 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 56,245 shares of the company’s stock, valued at $1,165,396.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Keith D. Maio sold 9,000 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president now directly owns 44,072 shares of the company’s stock, valued at $1,232,693.84. The disclosure for this sale can be found here. 2.06% of the stock is currently owned by insiders.
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.
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