Zions Bancorp (ZION) PT Raised to $40.00 at Royal Bank Of Canada
Zions Bancorp (NASDAQ:ZION) had its price objective upped by research analysts at Royal Bank Of Canada from $32.00 to $40.00 in a research note issued on Thursday. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 8.20% from the stock’s current price.
Several other research firms also recently issued reports on ZION. Vetr downgraded shares of Zions Bancorp from a “hold” rating to a “sell” rating and set a $26.45 price objective for the company. in a research note on Wednesday, July 27th. Deutsche Bank AG boosted their price objective on shares of Zions Bancorp from $30.00 to $35.00 and gave the stock a “hold” rating in a research note on Tuesday, October 11th. Raymond James Financial Inc. boosted their price objective on shares of Zions Bancorp from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, September 13th. Piper Jaffray Cos. downgraded shares of Zions Bancorp from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $30.00 to $32.00 in a research note on Monday, October 10th. Finally, Barclays PLC upped their target price on shares of Zions Bancorp from $31.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, October 11th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. Zions Bancorp currently has a consensus rating of “Hold” and a consensus price target of $33.89.
Shares of Zions Bancorp (NASDAQ:ZION) opened at 36.97 on Thursday. Zions Bancorp has a 52 week low of $19.65 and a 52 week high of $37.04. The company’s 50-day moving average is $31.86 and its 200 day moving average is $28.74. The firm has a market capitalization of $7.54 billion, a price-to-earnings ratio of 20.32 and a beta of 1.37.
Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings data on Monday, October 24th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.07. Zions Bancorp had a net margin of 17.81% and a return on equity of 6.16%. During the same quarter in the prior year, the company earned $0.41 earnings per share. Analysts anticipate that Zions Bancorp will post $1.92 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 23rd. Investors of record on Wednesday, November 16th will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, November 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.87%. Zions Bancorp’s dividend payout ratio is presently 17.58%.
In related news, insider Michael Morris sold 18,000 shares of the stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $32.40, for a total value of $583,200.00. Following the completion of the transaction, the insider now owns 23,323 shares in the company, valued at approximately $755,665.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Richard Young sold 65,000 shares of the stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $20.72, for a total transaction of $1,346,800.00. Following the completion of the transaction, the insider now owns 56,245 shares of the company’s stock, valued at approximately $1,165,396.40. The disclosure for this sale can be found here. 2.06% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Profund Advisors LLC acquired a new position in Zions Bancorp during the third quarter valued at $237,000. Pacer Advisors Inc. raised its position in Zions Bancorp by 11.7% in the third quarter. Pacer Advisors Inc. now owns 22,940 shares of the company’s stock valued at $712,000 after buying an additional 2,409 shares during the period. King Luther Capital Management Corp raised its position in Zions Bancorp by 2.6% in the third quarter. King Luther Capital Management Corp now owns 1,436,462 shares of the company’s stock valued at $44,559,000 after buying an additional 36,222 shares during the period. Riverhead Capital Management LLC raised its position in Zions Bancorp by 6.9% in the third quarter. Riverhead Capital Management LLC now owns 20,300 shares of the company’s stock valued at $630,000 after buying an additional 1,305 shares during the period. Finally, Principal Financial Group Inc. raised its position in Zions Bancorp by 11.8% in the third quarter. Principal Financial Group Inc. now owns 327,266 shares of the company’s stock valued at $10,152,000 after buying an additional 34,570 shares during the period. Hedge funds and other institutional investors own 90.69% of the company’s stock.
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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