Zions Bancorp (ZION) Upgraded at BidaskClub
BidaskClub upgraded shares of Zions Bancorp (NASDAQ:ZION) from a sell rating to a hold rating in a report published on Saturday morning.
A number of other analysts have also commented on the stock. Morgan Stanley cut their price objective on shares of Zions Bancorp from $63.00 to $62.00 and set an equal weight rating on the stock in a research report on Thursday, July 26th. BMO Capital Markets cut their price objective on shares of Zions Bancorp from $55.00 to $53.00 and set a market perform rating on the stock in a research report on Tuesday, July 24th. Royal Bank of Canada reissued a buy rating and issued a $61.00 price objective on shares of Zions Bancorp in a research report on Tuesday, July 24th. Zacks Investment Research raised shares of Zions Bancorp from a hold rating to a buy rating and set a $60.00 price objective on the stock in a research report on Monday, July 16th. Finally, Jefferies Financial Group reissued a buy rating and issued a $60.00 price objective on shares of Zions Bancorp in a research report on Friday, July 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $58.90.
Shares of ZION stock opened at $53.23 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $10.51 billion, a PE ratio of 18.61, a price-to-earnings-growth ratio of 1.46 and a beta of 1.38. Zions Bancorp has a 12 month low of $41.22 and a 12 month high of $59.19.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 23rd. Shareholders of record on Thursday, August 16th will be given a dividend of $0.30 per share. This is a positive change from Zions Bancorp’s previous quarterly dividend of $0.24. This represents a $1.20 annualized dividend and a yield of 2.25%. The ex-dividend date is Wednesday, August 15th. Zions Bancorp’s dividend payout ratio is 33.57%.
In other Zions Bancorp news, General Counsel Thomas E. Laursen sold 945 shares of the company’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $52.73, for a total transaction of $49,829.85. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David E. Blackford sold 6,180 shares of the company’s stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $58.24, for a total transaction of $359,923.20. The disclosure for this sale can be found here. Insiders have sold 13,155 shares of company stock worth $735,017 over the last ninety days. Insiders own 1.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Toronto Dominion Bank increased its holdings in shares of Zions Bancorp by 22.6% in the first quarter. Toronto Dominion Bank now owns 108,152 shares of the bank’s stock valued at $5,701,000 after purchasing an additional 19,969 shares during the last quarter. Two Sigma Investments LP increased its holdings in shares of Zions Bancorp by 160.2% in the fourth quarter. Two Sigma Investments LP now owns 6,986 shares of the bank’s stock valued at $355,000 after purchasing an additional 18,586 shares during the last quarter. Maltese Capital Management LLC increased its holdings in shares of Zions Bancorp by 13.3% in the first quarter. Maltese Capital Management LLC now owns 623,085 shares of the bank’s stock valued at $32,855,000 after purchasing an additional 73,046 shares during the last quarter. Rothschild Investment Corp IL acquired a new position in shares of Zions Bancorp in the second quarter valued at $277,000. Finally, A.R.T. Advisors LLC acquired a new position in shares of Zions Bancorp in the first quarter valued at $2,077,000. 93.56% of the stock is currently owned by hedge funds and other institutional investors.
About Zions Bancorp
Zions Bancorporation, a financial holding company, provides a range of banking and related services primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers community banking services, such as 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; and residential mortgage servicing and lending.
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