Zions Bancorp (NASDAQ:ZION) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Zions shares have outperformed the Zacks categorized Banks-West industry over the last three months. The company’s has been witnessing a consistent growth in loans and deposits, indicates the potential for improvement in revenues in the quarters ahead. Also, it remains on track to exceed its cost savings target of $120 million in 2017. However, margin pressure is expected to continue unless there is significant improvement in rate environment. Also, concentration risk and regulatory restrictions continue to be matters of concern.”
Several other brokerages also recently issued reports on ZION. Jefferies Group upgraded Zions Bancorp from a “hold” rating to a “buy” rating in a report on Monday. FBR & Co upped their price target on Zions Bancorp from $32.00 to $34.00 and gave the stock a “market perform” rating in a report on Tuesday, October 25th. Barclays PLC upped their price target on Zions Bancorp from $31.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, October 11th. Deutsche Bank AG reiterated a “hold” rating and set a $36.00 price target on shares of Zions Bancorp in a report on Thursday, November 3rd. Finally, Credit Suisse Group AG reiterated a “buy” rating and set a $38.00 price target on shares of Zions Bancorp in a report on Tuesday, November 8th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have given a buy rating to the company. Zions Bancorp currently has an average rating of “Hold” and an average target price of $35.10.
Zions Bancorp (NASDAQ:ZION) traded down 0.8698% during midday trading on Monday, hitting $38.7599. The stock had a trading volume of 1,134,945 shares. The company has a 50-day moving average price of $33.83 and a 200-day moving average price of $29.50. Zions Bancorp has a 52 week low of $19.65 and a 52 week high of $39.23.
Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings data on Monday, October 24th. The company reported $0.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 in the prior year, the business earned $0.41 earnings per share. On average, equities analysts predict that Zions Bancorp will post $1.92 earnings per share for the current fiscal year.
The business also recently declared 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 was Monday, November 14th. This represents a $0.32 annualized dividend and a yield of 0.82%. Zions Bancorp’s payout ratio is 17.58%.
In related news, insider Dianne R. James sold 4,259 shares of the firm’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 transaction, the insider now directly owns 22,043 shares in the company, valued at approximately $842,924.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Thomas E. Laursen sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $32.26, for a total value of $322,600.00. Following the transaction, the general counsel now owns 29,737 shares in the company, valued at $959,315.62. The disclosure for this sale can be found here. Corporate insiders own 2.06% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Zions Bancorp by 3.4% in the second quarter. Vanguard Group Inc. now owns 17,950,779 shares of the company’s stock valued at $451,103,000 after buying an additional 596,109 shares during the period. State Street Corp boosted its stake in Zions Bancorp by 3.6% in the second quarter. State Street Corp now owns 10,955,604 shares of the company’s stock valued at $275,313,000 after buying an additional 382,293 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Zions Bancorp by 2.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 5,408,399 shares of the company’s stock valued at $167,769,000 after buying an additional 109,696 shares during the period. Dimensional Fund Advisors LP boosted its stake in Zions Bancorp by 7.9% in the second quarter. Dimensional Fund Advisors LP now owns 5,359,703 shares of the company’s stock valued at $134,689,000 after buying an additional 393,926 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in Zions Bancorp by 0.3% in the second quarter. Thrivent Financial for Lutherans now owns 5,092,352 shares of the company’s stock valued at $127,971,000 after buying an additional 15,640 shares during the period. Institutional investors and hedge funds own 86.95% 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.