Zions Bancorp (NASDAQ:ZION) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage presently has a $44.00 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 12.47% from the stock’s previous close.
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.”
A number of other brokerages have also issued reports on ZION. Vetr raised Zions Bancorp from a “sell” rating to a “hold” rating and set a $26.45 price target on the stock in a research note on Tuesday, August 2nd. Credit Suisse Group AG reissued an “outperform” rating on shares of Zions Bancorp in a research note on Thursday, August 18th. RBC Capital Markets reissued an “outperform” rating and issued a $40.00 price target (up from $32.00) on shares of Zions Bancorp in a research note on Thursday, November 10th. Macquarie lowered Zions Bancorp from an “outperform” rating to a “neutral” rating and set a $38.00 price target on the stock. in a research note on Tuesday. Finally, Morgan Stanley lowered Zions Bancorp from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $34.00 to $38.00 in a research note on Wednesday, November 16th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have given a buy rating to the stock. Zions Bancorp has a consensus rating of “Hold” and an average price target of $35.10.
Zions Bancorp (NASDAQ:ZION) traded down 0.05% during mid-day trading on Friday, hitting $39.10. 943,944 shares of the company were exchanged. The firm has a 50 day moving average price of $33.56 and a 200 day moving average price of $29.41. The stock has a market cap of $7.97 billion, a price-to-earnings ratio of 21.48 and a beta of 1.37. Zions Bancorp has a 12 month low of $19.65 and a 12 month high of $39.23.
Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings data on Monday, October 24th. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. Zions Bancorp had a return on equity of 6.16% and a net margin of 17.81%. During the same quarter last year, the company earned $0.41 EPS. Analysts anticipate that Zions Bancorp will post $1.92 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Wednesday, November 16th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, November 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.82%. Zions Bancorp’s dividend payout ratio is currently 17.58%.
In related news, insider Dianne R. James sold 4,259 shares of the business’s stock in a transaction that occurred on Monday, November 21st. The stock was sold at an average price of $38.24, for a total transaction of $162,864.16. Following the completion of the transaction, the insider now owns 22,043 shares in the company, valued at approximately $842,924.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark Richard Young sold 19,893 shares of the business’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $32.27, for a total value of $641,947.11. Following the transaction, the insider now owns 27,156 shares of the company’s stock, valued at approximately $876,324.12. The disclosure for this sale can be found here. Corporate insiders own 2.06% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MAI Capital Management raised its position 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 in the last quarter. Neuberger Berman Group LLC raised its position in shares of Zions Bancorp by 0.3% in the second quarter. Neuberger Berman Group LLC now owns 18,136 shares of the company’s stock worth $456,000 after buying an additional 61 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Zions Bancorp by 0.5% in the third quarter. Oregon Public Employees Retirement Fund now owns 20,924 shares of the company’s stock worth $649,000 after buying an additional 110 shares during the period. IBM Retirement Fund raised its position in shares of 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 period. Finally, Advantus Capital Management Inc raised its position in shares of Zions Bancorp by 0.8% in the second quarter. Advantus Capital Management Inc now owns 19,705 shares of the company’s stock worth $495,000 after buying an additional 150 shares during the period. Institutional investors and hedge funds own 91.36% of the company’s stock.
About Zions Bancorp
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.