Zions Bancorp (ZION) Rating Increased to Buy at Jefferies Group
Zions Bancorp (NASDAQ:ZION) was upgraded by equities research analysts at Jefferies Group from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.
Other equities analysts have also recently issued research reports about the company. Vetr raised Zions Bancorp from a “sell” rating to a “hold” rating and set a $26.45 target price for the company in a report on Tuesday, August 2nd. Zacks Investment Research raised Zions Bancorp from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a report on Friday. Credit Suisse Group AG reaffirmed an “outperform” rating on shares of Zions Bancorp in a report on Thursday, August 18th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $40.00 target price (up previously from $32.00) on shares of Zions Bancorp in a report on Thursday, November 10th. Finally, Macquarie cut Zions Bancorp from an “outperform” rating to a “neutral” rating and set a $38.00 target price for the company. in a report on Tuesday, November 22nd. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and ten have given a buy rating to the company’s stock. Zions Bancorp presently has a consensus rating of “Hold” and an average price target of $35.10.
Zions Bancorp (NASDAQ:ZION) opened at 39.10 on Monday. Zions Bancorp has a 12-month low of $19.65 and a 12-month high of $39.23. The stock’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 earnings results on Monday, October 24th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm posted $0.41 earnings per share. Analysts expect that Zions Bancorp will post $1.92 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Wednesday, November 16th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date was Monday, November 14th. Zions Bancorp’s payout ratio is 17.58%.
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In other Zions Bancorp news, insider Bruce K. Alexander sold 18,608 shares of the firm’s stock in a transaction on Friday, November 18th. The stock was sold at an average price of $38.35, for a total value of $713,616.80. Following the completion of the sale, the insider now directly owns 22,403 shares of the company’s stock, valued at $859,155.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alexander Hume sold 11,571 shares of the firm’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $38.53, for a total value of $445,830.63. Following the completion of the sale, the insider now directly owns 8,270 shares of the company’s stock, valued at $318,643.10. The disclosure for this sale can be found here. Corporate insiders own 2.06% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in ZION. Toronto Dominion Bank purchased a new stake in Zions Bancorp during the third quarter worth about $131,000. Jacobus Wealth Management Inc. increased 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 in the last quarter. SRB Corp purchased a new stake in Zions Bancorp during the third quarter worth about $173,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Zions Bancorp by 13.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,293 shares of the company’s stock worth $195,000 after buying an additional 748 shares in the last quarter. Finally, Seven Eight Capital LLC increased 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 in the last quarter. 86.95% of the stock is 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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