RBC Capital Markets Reaffirms Outperform Rating for Zions Bancorp (ZION)
RBC Capital Markets reissued their outperform rating on shares of Zions Bancorp (NASDAQ:ZION) in a report published on Thursday morning. The brokerage currently has a $40.00 target price on the stock, up from their previous target price of $32.00.
Several other brokerages have also recently weighed in on ZION. Keefe, Bruyette & Woods cut Zions Bancorp from an outperform rating to a market perform rating and set a $33.00 price objective for the company. in a report on Tuesday, October 25th. FBR & Co raised their price objective on Zions Bancorp from $32.00 to $34.00 and gave the company a market perform rating in a report on Tuesday, October 25th. Credit Suisse Group AG restated a buy rating and issued a $38.00 price objective on shares of Zions Bancorp in a report on Tuesday, November 8th. Raymond James Financial Inc. cut Zions Bancorp from a strong-buy rating to a market perform rating in a report on Thursday, October 6th. Finally, Deutsche Bank AG lifted their price target on Zions Bancorp from $30.00 to $35.00 and gave the stock a hold rating in a report on Tuesday, October 11th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. Zions Bancorp presently has a consensus rating of Hold and a consensus price target of $33.89.
Zions Bancorp (NASDAQ:ZION) opened at 38.43 on Thursday. The firm has a 50-day moving average price of $32.08 and a 200 day moving average price of $28.83. The firm has a market cap of $7.83 billion, a PE ratio of 21.13 and a beta of 1.37. Zions Bancorp has a 12-month low of $19.65 and a 12-month high of $38.88.
Zions Bancorp (NASDAQ:ZION) last announced its quarterly earnings data on Monday, October 24th. The company reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ 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 in the previous year, the business posted $0.41 earnings per share. Equities research analysts forecast that Zions Bancorp will post $1.92 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 23rd. Investors of record on Wednesday, November 16th will be paid a $0.08 dividend. The ex-dividend date is Monday, November 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.83%. Zions Bancorp’s dividend payout ratio is 17.58%.
In related news, General Counsel Thomas E. Laursen sold 10,000 shares of the business’s stock in a transaction on Thursday, October 27th. The shares were sold at an average price of $32.26, for a total value of $322,600.00. Following the sale, the general counsel now owns 29,737 shares of the company’s stock, valued at $959,315.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael Morris sold 18,000 shares of the business’s stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $32.40, for a total transaction of $583,200.00. Following the completion of the sale, the insider now directly owns 23,323 shares in the company, valued at approximately $755,665.20. The disclosure for this sale can be found here. 2.06% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. 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 valued at $451,103,000 after buying an additional 596,109 shares in the last quarter. 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 valued at $275,313,000 after buying an additional 382,293 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Zions Bancorp by 2.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 5,408,399 shares of the company’s stock valued at $167,769,000 after buying an additional 109,696 shares in the last quarter. 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 valued at $134,689,000 after buying an additional 393,926 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Zions Bancorp by 0.3% in the second quarter. Thrivent Financial for Lutherans now owns 5,092,352 shares of the company’s stock valued at $127,971,000 after buying an additional 15,640 shares in the last quarter. 90.69% of the stock is currently 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.
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