Zions Bancorporation (ZION) Stock Rating Reaffirmed by Morgan Stanley
Zions Bancorporation (NASDAQ:ZION)‘s stock had its “equal weight” rating reiterated by stock analysts at Morgan Stanley in a research report issued to clients and investors on Wednesday. They currently have a $49.00 price objective on the bank’s stock, up from their prior price objective of $48.00. Morgan Stanley’s price objective suggests a potential upside of 4.95% from the stock’s previous close.
Several other equities research analysts have also commented on ZION. FIG Partners boosted their price objective on shares of Zions Bancorporation from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, July 3rd. BMO Capital Markets restated a “hold” rating and issued a $47.00 price objective on shares of Zions Bancorporation in a report on Thursday, July 27th. Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Wednesday, June 28th. BidaskClub downgraded shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $49.00 target price on shares of Zions Bancorporation in a report on Thursday, June 8th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $46.71.
Shares of Zions Bancorporation (ZION) traded down 0.51% during mid-day trading on Wednesday, reaching $46.69. The company’s stock had a trading volume of 1,018,929 shares. Zions Bancorporation has a 12 month low of $30.07 and a 12 month high of $48.33. The company has a 50-day moving average of $44.34 and a 200-day moving average of $42.80. The company has a market cap of $9.44 billion, a P/E ratio of 18.59 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last released its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.11. The firm had revenue of $660.00 million for the quarter, compared to the consensus estimate of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. During the same period in the prior year, the firm earned $0.44 EPS. Equities research analysts forecast that Zions Bancorporation will post $2.82 earnings per share for the current fiscal year.
Zions Bancorporation declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $465.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
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In other Zions Bancorporation news, Director Roger B. Porter bought 1,616 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was bought at an average cost of $43.99 per share, for a total transaction of $71,087.84. Following the completion of the transaction, the director now owns 42,001 shares of the company’s stock, valued at approximately $1,847,623.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $46.38, for a total transaction of $46,380.00. Following the sale, the general counsel now owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The disclosure for this sale can be found here. Insiders sold a total of 27,118 shares of company stock worth $1,222,407 in the last quarter. Company insiders own 1.46% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in shares of Zions Bancorporation by 4,464.8% during the 1st quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock worth $493,142,000 after acquiring an additional 11,484,250 shares during the last quarter. Balyasny Asset Management LLC grew its position in shares of Zions Bancorporation by 705.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock valued at $139,918,000 after acquiring an additional 2,791,044 shares during the period. Cramer Rosenthal Mcglynn LLC grew its position in shares of Zions Bancorporation by 276.0% during the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,823,738 shares of the bank’s stock valued at $80,080,000 after acquiring an additional 1,338,748 shares during the period. Janus Henderson Group PLC grew its position in shares of Zions Bancorporation by 16,303.3% during the 2nd quarter. Janus Henderson Group PLC now owns 1,231,071 shares of the bank’s stock valued at $54,056,000 after acquiring an additional 1,223,566 shares during the period. Finally, Harbour Capital Advisors LLC grew its position in shares of Zions Bancorporation by 4,471.9% during the 2nd quarter. Harbour Capital Advisors LLC now owns 1,165,240 shares of the bank’s stock valued at $26,537,000 after acquiring an additional 1,139,753 shares during the period. Institutional investors and hedge funds own 92.35% of the company’s stock.
Zions Bancorporation Company Profile
Zions Bancorporation is a financial holding company. The Company conducts its banking operations through separately managed and branded segments, including Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank (NSB), Vectra Bank Colorado, The Commerce Bank of Washington (TCBW) and Other.
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