Morgan Stanley Lowers Zions Bancorp (ZION) to Equal Weight
Zions Bancorp (NASDAQ:ZION) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday.
Several other equities analysts have also recently weighed in on the stock. Raymond James Financial Inc. cut shares of Zions Bancorp from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, October 6th. Zacks Investment Research upgraded shares of Zions Bancorp from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Monday, October 3rd. Credit Suisse Group AG restated an “outperform” rating on shares of Zions Bancorp in a report on Thursday, August 18th. RBC Capital Markets restated an “outperform” rating and set a $40.00 price target (up from $32.00) on shares of Zions Bancorp in a report on Thursday, November 10th. Finally, FBR & Co lowered their price target on shares of Zions Bancorp from $36.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $34.11.
Zions Bancorp (NASDAQ:ZION) opened at 38.76 on Wednesday. The firm has a 50-day moving average price of $32.32 and a 200 day moving average price of $28.92. Zions Bancorp has a 52-week low of $19.65 and a 52-week high of $38.88. The stock has a market capitalization of $7.90 billion, a price-to-earnings ratio of 21.30 and a beta of 1.37.
Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings data on Monday, October 24th. The company reported $0.57 earnings per share 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 previous year, the business posted $0.41 EPS. On average, equities research analysts predict that Zions Bancorp will post $1.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 23rd. Stockholders of record on Wednesday, November 16th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend is Monday, November 14th. Zions Bancorp’s dividend payout ratio is currently 17.58%.
In related news, General Counsel Thomas E. Laursen sold 10,000 shares of the company’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael Morris sold 18,200 shares of the company’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $36.61, for a total transaction of $666,302.00. Following the completion of the sale, the insider now directly owns 22,883 shares in the company, valued at approximately $837,746.63. The disclosure for this sale can be found here. Insiders own 2.06% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Canada Pension Plan Investment Board boosted its stake in Zions Bancorp by 2.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,000 shares of the company’s stock worth $121,000 after buying an additional 100 shares during the last quarter. Toronto Dominion Bank acquired a new stake in Zions Bancorp during the third quarter worth $131,000. Jacobus Wealth Management Inc. boosted its stake in Zions Bancorp by 12.2% in the third quarter. Jacobus Wealth Management Inc. now owns 4,600 shares of the company’s stock worth $143,000 after buying an additional 500 shares during the last quarter. Seven Eight Capital LLC boosted its stake in Zions Bancorp by 235.4% in the first quarter. Seven Eight Capital LLC now owns 6,412 shares of the company’s stock worth $155,000 after buying an additional 4,500 shares during the last quarter. Finally, SRB Corp acquired a new stake in Zions Bancorp during the third quarter worth $173,000. 90.69% 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.
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.