Zacks Investment Research Downgrades Zions Bancorp (ZION) to Hold
Zions Bancorp (NASDAQ:ZION) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Zions shares have outperformed the Zacks categorized Banks-West industry over the last three months. The company’s has been witnessing a consistent growth in loans and deposits, indicates the potential for improvement in revenues in the quarters ahead. Also, it remains on track to exceed its cost savings target of $120 million in 2017. However, margin pressure is expected to continue unless there is significant improvement in rate environment. Also, concentration risk and regulatory restrictions continue to be matters of concern.”
Other research analysts also recently issued research reports about the stock. Raymond James Financial Inc. upped their price target on shares of Zions Bancorp from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, September 13th. upped their price target on shares of Zions Bancorp from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, September 23rd. Credit Suisse Group AG reiterated a “buy” rating and set a $38.00 price target on shares of Zions Bancorp in a research report on Tuesday, November 8th. Jefferies Group upgraded shares of Zions Bancorp from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Morgan Stanley downgraded shares of Zions Bancorp from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $34.00 to $38.00 in a research report on Wednesday, November 16th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $35.10.
Zions Bancorp (NASDAQ:ZION) traded down 0.8698% on Monday, hitting $38.7599. 1,134,945 shares of the stock traded hands. Zions Bancorp has a 12-month low of $19.65 and a 12-month high of $39.23. The company’s 50 day moving average price is $33.83 and its 200-day moving average price is $29.50.
Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings results on Monday, October 24th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business posted $0.41 EPS. Equities analysts forecast that Zions Bancorp will post $1.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 23rd. Stockholders of record on Wednesday, November 16th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.82%. The ex-dividend date was Monday, November 14th. Zions Bancorp’s payout ratio is presently 17.58%.
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In other Zions Bancorp news, insider Mark Richard Young sold 19,893 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $32.27, for a total transaction of $641,947.11. Following the completion of the sale, the insider now owns 27,156 shares of the company’s stock, valued at approximately $876,324.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Thomas E. Laursen sold 10,000 shares of the firm’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 directly owns 29,737 shares of the company’s stock, valued at approximately $959,315.62. The disclosure for this sale can be found here. 2.06% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in ZION. Toronto Dominion Bank acquired a new stake in shares of Zions Bancorp during the third quarter valued at about $131,000. Jacobus Wealth Management Inc. increased its stake 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 in the last quarter. Seven Eight Capital LLC increased its stake 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 in the last quarter. SRB Corp acquired a new stake in shares of Zions Bancorp during the third quarter valued at about $173,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Zions Bancorp by 13.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,293 shares of the company’s stock valued at $195,000 after buying an additional 748 shares in the last quarter. 86.95% of the stock is owned by institutional investors and hedge funds.
Zions Bancorp Company Profile
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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