Zions Bancorp (NASDAQ:ZION) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm currently has a $44.00 price target on the stock. Zacks Investment Research’s target price suggests a potential upside of 12.47% from the stock’s current price.
According to Zacks, “Zion shares have outperformed the Zacks categorized Banks-West industry over the last three months. Its third-quarter 2016 earnings surpassed the Zacks Consensus Estimate on higher revenues. However, rise in expenses and provisions acted as headwinds. The company’s consistent growth in loans and deposits indicates the potential for further improvement in revenues in the quarters ahead. Also, it remains on track to exceed its cost savings target of $120 million in 2017. However, concentration risk, asset-sensitive balance sheet and regulatory restrictions continue to be matters of concern for the company.”
Several other equities research analysts have also recently weighed in on the stock. Macquarie cut shares of Zions Bancorp from an “outperform” rating to a “neutral” rating and set a $38.00 price target for the company. in a research report on Tuesday. Sanford C. Bernstein cut shares of Zions Bancorp from an “outperform” rating to a “market perform” rating and increased their price target for the company from $37.00 to $38.00 in a research report on Wednesday, November 16th. They noted that the move was a valuation call. Morgan Stanley cut shares of Zions Bancorp from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $34.00 to $38.00 in a research report on Wednesday, November 16th. They noted that the move was a valuation call. Royal Bank Of Canada upped their price objective on shares of Zions Bancorp from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, November 10th. Finally, RBC Capital Markets restated an “outperform” rating and issued a $40.00 price objective (up from $32.00) on shares of Zions Bancorp in a report on Thursday, November 10th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $35.10.
Zions Bancorp (NASDAQ:ZION) traded down 0.05% on Friday, reaching $39.10. 922,742 shares of the company traded hands. Zions Bancorp has a one year low of $19.65 and a one year high of $39.23. The company has a market capitalization of $7.97 billion, a PE ratio of 21.48 and a beta of 1.37. The stock’s 50 day moving average price is $33.56 and its 200 day moving average price is $29.41.
Zions Bancorp (NASDAQ:ZION) last announced its quarterly earnings results on Monday, October 24th. The company reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.07. Zions Bancorp had a net margin of 17.81% and a return on equity of 6.16%. During the same quarter in the previous year, the company posted $0.41 earnings per share. On average, equities research analysts predict that Zions Bancorp will post $1.92 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 23rd. Shareholders of record on Wednesday, November 16th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend was Monday, November 14th. Zions Bancorp’s payout ratio is 17.58%.
In other Zions Bancorp news, insider Alexander Hume sold 11,571 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $38.53, for a total transaction of $445,830.63. Following the sale, the insider now owns 8,270 shares in the company, valued at approximately $318,643.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bruce K. Alexander sold 18,608 shares of the firm’s stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $38.35, for a total transaction of $713,616.80. Following the sale, the insider now owns 22,403 shares in the company, valued at approximately $859,155.05. The disclosure for this sale can be found here. Company insiders own 2.06% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Parametrica Management Ltd purchased a new stake in Zions Bancorp during the second quarter worth approximately $234,000. IBM Retirement Fund boosted its stake in Zions Bancorp by 0.7% in the second quarter. IBM Retirement Fund now owns 20,336 shares of the company’s stock worth $511,000 after buying an additional 144 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Zions Bancorp by 7.4% in the second quarter. State of Alaska Department of Revenue now owns 16,115 shares of the company’s stock worth $404,000 after buying an additional 1,117 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Zions Bancorp by 7.6% in the second quarter. Nisa Investment Advisors LLC now owns 63,712 shares of the company’s stock worth $1,601,000 after buying an additional 4,515 shares during the last quarter. Finally, MAI Capital Management boosted its stake in Zions Bancorp by 0.3% in the second quarter. MAI Capital Management now owns 8,641 shares of the company’s stock worth $217,000 after buying an additional 27 shares during the last quarter. Institutional investors own 91.36% of the company’s stock.
Zions Bancorp Company Profile
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.