The Raymond James Financial Inc. Lowers Zions Bancorp (ZION) to Market Perform

The Raymond James Financial Inc. Lowers Zions Bancorp (ZION) to Market Perform

Raymond James Financial Inc. downgraded shares of Zions Bancorp (NASDAQ:ZION) from a strong-buy rating to a market perform rating in a research note issued to investors on Thursday morning.

Several other research firms have also issued reports on ZION. Vetr lowered Zions Bancorp from a hold rating to a sell rating and set a $26.45 price target on the stock. in a research report on Wednesday, July 27th. Piper Jaffray Cos. raised Zions Bancorp from a neutral rating to an overweight rating and set a $29.00 price target on the stock in a research report on Thursday, July 7th. They noted that the move was a valuation call. FIG Partners initiated coverage on Zions Bancorp in a research report on Thursday, July 7th. They set an outperform rating and a $29.00 price target on the stock. Zacks Investment Research lowered Zions Bancorp from a buy rating to a hold rating in a research report on Friday, August 5th. Finally, Credit Agricole SA upped their price target on Zions Bancorp from $33.00 to $36.00 and gave the company a buy rating in a research report on Friday, September 23rd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company’s stock. Zions Bancorp has a consensus rating of Hold and an average price target of $32.60.

Shares of Zions Bancorp (NASDAQ:ZION) opened at 31.30 on Thursday. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of 18.87 and a beta of 1.54. The firm’s 50 day moving average is $30.52 and its 200 day moving average is $27.59. Zions Bancorp has a 12 month low of $19.65 and a 12 month high of $32.15.

Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.03. Zions Bancorp had a return on equity of 5.62% and a net margin of 16.37%. During the same quarter last year, the company posted $0.41 EPS. On average, equities analysts predict that Zions Bancorp will post $1.85 earnings per share for the current fiscal year.

In other news, insider David E. Blackford sold 1,620 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $27.81, for a total transaction of $45,052.20. Following the completion of the sale, the insider now directly owns 29,429 shares of the company’s stock, valued at approximately $818,420.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Keith D. Maio sold 9,000 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $27.97, for a total value of $251,730.00. Following the sale, the executive vice president now directly owns 44,072 shares of the company’s stock, valued at $1,232,693.84. The disclosure for this sale can be found here. 2.06% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of ZION. Artemis Investment Management LLP increased its stake in Zions Bancorp by 772.6% in the second quarter. Artemis Investment Management LLP now owns 4,122,053 shares of the company’s stock worth $103,567,000 after buying an additional 3,649,671 shares during the period. JPMorgan Chase & Co. increased its stake in Zions Bancorp by 109.3% in the first quarter. JPMorgan Chase & Co. now owns 5,031,900 shares of the company’s stock worth $121,823,000 after buying an additional 2,628,142 shares during the period. RidgeWorth Capital Management LLC purchased a new stake in Zions Bancorp during the second quarter worth $41,969,000. Teachers Advisors Inc. increased its stake in Zions Bancorp by 36.9% in the second quarter. Teachers Advisors Inc. now owns 3,418,035 shares of the company’s stock worth $85,895,000 after buying an additional 921,928 shares during the period. Finally, TIAA CREF Investment Management LLC increased its stake in Zions Bancorp by 34.5% in the second quarter. TIAA CREF Investment Management LLC now owns 2,987,238 shares of the company’s stock worth $75,069,000 after buying an additional 765,692 shares during the period. 87.36% of the stock is owned by institutional investors.

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