Zions Bancorp (NASDAQ:ZION) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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 equities analysts also recently commented on the stock. Raymond James Financial Inc. downgraded shares of Zions Bancorp from a “strong-buy” rating to a “market perform” rating in a report on Thursday, October 6th. Morgan Stanley cut shares of Zions Bancorp from an “overweight” rating to an “equal weight” rating and boosted their target price 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. Credit Suisse Group AG reissued an “outperform” rating on shares of Zions Bancorp in a research report on Thursday, August 18th. RBC Capital Markets reissued an “outperform” rating and issued a $40.00 target price (up previously from $32.00) on shares of Zions Bancorp in a research report on Thursday, November 10th. Finally, FBR & Co cut shares of Zions Bancorp from an “outperform” rating to a “market perform” rating and set a $32.00 target price for the company. in a research report on Tuesday, October 11th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $35.10.
Shares of Zions Bancorp (NASDAQ:ZION) traded down 0.95% during midday trading on Monday, hitting $38.73. 1,166,073 shares of the company were exchanged. Zions Bancorp has a one year low of $19.65 and a one year high of $39.23. The company has a 50-day moving average of $33.83 and a 200 day moving average of $29.50.
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 net margin of 17.81% and a return on equity of 6.16%. During the same period in the prior year, the company earned $0.41 EPS. On average, analysts expect that Zions Bancorp will post $1.92 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 23rd. Shareholders of record on Wednesday, November 16th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date was Monday, November 14th. Zions Bancorp’s payout ratio is 17.58%.
In other Zions Bancorp news, insider Dianne R. James sold 4,259 shares of the 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Thomas E. Laursen sold 10,000 shares of the 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. Company insiders own 2.06% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Great West Life Assurance Co. Can boosted its position in Zions Bancorp by 3.9% in the third quarter. Great West Life Assurance Co. Can now owns 109,583 shares of the company’s stock worth $3,395,000 after buying an additional 4,084 shares during the last quarter. Artemis Investment Management LLP boosted its position 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 last quarter. Legal & General Group Plc boosted its position in Zions Bancorp by 0.5% in the first quarter. Legal & General Group Plc now owns 785,452 shares of the company’s stock worth $19,019,000 after buying an additional 3,866 shares during the last quarter. IBM Retirement Fund boosted its position 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. Finally, Standard Life Investments LTD boosted its position in Zions Bancorp by 1.1% in the second quarter. Standard Life Investments LTD now owns 1,729,902 shares of the company’s stock worth $43,464,000 after buying an additional 18,469 shares during the last quarter. Hedge funds and other institutional investors own 86.95% 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.