Zions Bancorp (ZION) Stock Rating Reaffirmed by Credit Suisse Group AG
Zions Bancorp (NASDAQ:ZION)‘s stock had its “buy” rating reissued by Credit Suisse Group AG in a report released on Tuesday. They presently have a $38.00 price objective on the stock. Credit Suisse Group AG’s price target would suggest a potential upside of 9.76% from the company’s previous close.
A number of other equities analysts also recently weighed in on ZION. Vetr downgraded shares of Zions Bancorp from a “buy” rating to a “hold” rating and set a $26.45 price target on the stock. in a research note on Tuesday, July 12th. FBR & Co dropped 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. Jefferies Group upped their price target on shares of Zions Bancorp from $26.00 to $31.00 and gave the stock a “hold” rating in a research note on Wednesday, July 27th. Barclays PLC set a $31.00 price target on shares of Zions Bancorp and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Finally, Zacks Investment Research raised 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. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $33.11.
Zions Bancorp (NASDAQ:ZION) opened at 34.62 on Tuesday. The firm has a market cap of $7.06 billion, a PE ratio of 19.03 and a beta of 1.37. Zions Bancorp has a 1-year low of $19.65 and a 1-year high of $35.04. The company has a 50 day moving average price of $31.50 and a 200 day moving average price of $28.61.
Zions Bancorp (NASDAQ:ZION) last released its earnings results on Monday, October 24th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.07. Zions Bancorp had a return on equity of 6.16% and a net margin of 17.81%. During the same period last year, the company earned $0.41 earnings per share. On average, equities research analysts forecast that Zions Bancorp will post $1.92 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 23rd. Shareholders of record on Wednesday, November 16th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Monday, November 14th. Zions Bancorp’s dividend payout ratio is 17.58%.
In other news, insider Michael Morris sold 18,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $32.40, for a total value of $583,200.00. Following the transaction, the insider now directly owns 23,323 shares of the company’s stock, valued at approximately $755,665.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark Richard Young sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 17th. The stock was 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 in the company, valued at $1,165,396.40. The disclosure for this sale can be found here. Company insiders own 2.06% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Toronto Dominion Bank acquired a new position in shares of Zions Bancorp during the third quarter valued at approximately $131,000. Jacobus Wealth Management Inc. increased its position in shares of Zions Bancorp by 12.2% in the third quarter. Jacobus Wealth Management Inc. now owns 4,600 shares of the company’s stock valued at $143,000 after buying an additional 500 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of 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 last quarter. Seven Eight Capital LLC increased its position in shares of 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. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Zions Bancorp during the second quarter valued at approximately $208,000. 88.09% of the stock is currently owned by institutional investors and hedge funds.
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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