Jefferies Group Comments on Zions Bancorporation’s Q1 2018 Earnings (ZION)
Zions Bancorporation (NASDAQ:ZION) – Stock analysts at Jefferies Group issued their Q1 2018 earnings per share estimates for Zions Bancorporation in a research note issued to investors on Tuesday. Jefferies Group analyst K. Usdin expects that the bank will post earnings per share of $0.71 for the quarter. Jefferies Group currently has a “Buy” rating and a $54.00 target price on the stock. Jefferies Group also issued estimates for Zions Bancorporation’s Q2 2018 earnings at $0.76 EPS, Q3 2018 earnings at $0.81 EPS and Q4 2018 earnings at $0.82 EPS.
A number of other analysts also recently issued reports on ZION. Robert W. Baird downgraded Zions Bancorporation from a “neutral” rating to an “underperform” rating and set a $43.00 price target for the company. in a research report on Monday, October 2nd. Bank of America Corporation upgraded Zions Bancorporation from a “neutral” rating to a “buy” rating and raised their price target for the stock from $50.00 to $52.00 in a research report on Wednesday, August 16th. Wells Fargo & Company assumed coverage on Zions Bancorporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 price target for the company. Keefe, Bruyette & Woods restated a “hold” rating and issued a $48.00 price target on shares of Zions Bancorporation in a research report on Tuesday, October 3rd. Finally, Zacks Investment Research downgraded Zions Bancorporation from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $46.95.
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Zions Bancorporation (NASDAQ ZION) traded up 0.04% on Thursday, hitting $46.74. 358,149 shares of the company’s stock traded hands. Zions Bancorporation has a 12 month low of $30.47 and a 12 month high of $48.33. The stock has a market cap of $9.45 billion, a P/E ratio of 18.61 and a beta of 1.44. The stock has a 50 day moving average price of $44.96 and a 200-day moving average price of $43.08.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping the 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 last year, the firm posted $0.44 earnings per share.
A number of institutional investors and hedge funds have recently bought and sold shares of ZION. Advisors Asset Management Inc. purchased a new position in Zions Bancorporation in the second quarter valued at about $108,000. Global X Management Co. LLC grew its stake in Zions Bancorporation by 340.4% in the first quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock valued at $127,000 after purchasing an additional 2,335 shares during the last quarter. Exane Derivatives purchased a new position in Zions Bancorporation in the second quarter valued at about $132,000. Americafirst Capital Management LLC purchased a new position in Zions Bancorporation in the second quarter valued at about $175,000. Finally, FNY Partners Fund LP purchased a new position in Zions Bancorporation in the first quarter valued at about $188,000. Institutional investors own 92.30% of the company’s stock.
In other news, General Counsel Thomas E. Laursen sold 1,000 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $46.38, for a total transaction of $46,380.00. Following the transaction, the general counsel now owns 23,484 shares in the company, valued at $1,089,187.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David E. Blackford sold 9,533 shares of Zions Bancorporation stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $44.94, for a total value of $428,413.02. Following the completion of the transaction, the insider now owns 22,997 shares in the company, valued at approximately $1,033,485.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,118 shares of company stock worth $1,222,407. Insiders own 1.46% of the company’s stock.
Zions Bancorporation declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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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