Zions Bancorp (NASDAQ:ZION) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The firm currently has a $44.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 12.53% 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.”
Several other research firms have also commented on ZION. FBR & Co upped their price target on shares of Zions Bancorp from $32.00 to $34.00 and gave the company a “market perform” rating in a report on Tuesday, October 25th. Barclays PLC upped their price target on shares of Zions Bancorp from $31.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, October 11th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $36.00 price target on shares of Zions Bancorp in a report on Thursday, November 3rd. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $38.00 price target on shares of Zions Bancorp in a report on Tuesday, November 8th. Finally, Vetr raised shares of Zions Bancorp from a “sell” rating to a “hold” rating and set a $26.45 price target on the stock in a report on Tuesday, August 2nd. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating to the stock. Zions Bancorp has an average rating of “Hold” and an average target price of $35.10.
Shares of Zions Bancorp (NASDAQ:ZION) opened at 38.41 on Friday. Zions Bancorp has a one year low of $19.65 and a one year high of $39.23. The stock has a 50 day moving average price of $34.02 and a 200 day moving average price of $29.63.
Zions Bancorp (NASDAQ:ZION) last released its earnings results on Monday, October 24th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the 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 period in the prior year, the business posted $0.41 EPS. Analysts predict that Zions Bancorp will post $1.92 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Wednesday, November 16th were issued a $0.08 dividend. The ex-dividend date was Monday, November 14th. This represents a $0.32 annualized dividend and a yield of 0.82%. Zions Bancorp’s dividend payout ratio (DPR) is presently 17.58%.
In related news, General Counsel Thomas E. Laursen sold 10,000 shares of Zions Bancorp stock in a transaction that occurred on Thursday, October 27th. The shares were sold at an average price of $32.26, for a total value of $322,600.00. Following the completion of the sale, the general counsel now owns 29,737 shares in the company, valued at approximately $959,315.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruce K. Alexander sold 18,608 shares of Zions Bancorp stock in a transaction that occurred on Friday, November 18th. The shares were sold at an average price of $38.35, for a total transaction of $713,616.80. Following the completion of the sale, the insider now owns 22,403 shares of the company’s stock, valued at approximately $859,155.05. The disclosure for this sale can be found here. 2.06% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. MAI Capital Management boosted its position in shares of Zions Bancorp by 0.3% in the second quarter. MAI Capital Management now owns 8,641 shares of the company’s stock valued at $217,000 after buying an additional 27 shares in the last quarter. Neuberger Berman Group LLC boosted 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 valued at $456,000 after buying an additional 61 shares in the last quarter. Oregon Public Employees Retirement Fund boosted 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 valued at $649,000 after buying an additional 110 shares in the last quarter. IBM Retirement Fund boosted 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 valued at $511,000 after buying an additional 144 shares in the last quarter. Finally, Advantus Capital Management Inc boosted 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 valued at $495,000 after buying an additional 150 shares in the last quarter. 86.95% of the stock is owned by institutional investors.
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.