BidaskClub Lowers Zions Bancorporation (ZION) to Hold
Zions Bancorporation (NASDAQ:ZION) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Saturday.
Other equities research analysts have also issued reports about the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $49.00 price objective (up from $48.00) on shares of Zions Bancorporation in a research report on Wednesday, October 4th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $51.00 price objective on shares of Zions Bancorporation in a research report on Saturday, September 16th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $48.00 price objective on shares of Zions Bancorporation in a research report on Tuesday, October 3rd. Royal Bank of Canada boosted their price objective on shares of Zions Bancorporation from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 24th. Finally, Jefferies Group reissued a “buy” rating and issued a $49.00 target price on shares of Zions Bancorporation in a research note on Friday, September 15th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $49.84.
Zions Bancorporation (NASDAQ:ZION) opened at $50.01 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $9,990.00, a price-to-earnings ratio of 18.71, a PEG ratio of 1.92 and a beta of 1.48. Zions Bancorporation has a 1-year low of $38.43 and a 1-year high of $52.20.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings data on Monday, October 23rd. The bank reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.01). The firm had revenue of $661.00 million during the quarter, compared to analyst estimates of $666.83 million. Zions Bancorporation had a net margin of 22.70% and a return on equity of 8.54%. During the same period in the prior year, the firm posted $0.57 earnings per share. analysts predict that Zions Bancorporation will post 2.8 earnings per share for the current fiscal year.
In other Zions Bancorporation news, insider Bruce K. Alexander sold 6,089 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $47.97, for a total value of $292,089.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Thomas E. Laursen sold 1,600 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $46.55, for a total value of $74,480.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,979 shares of company stock valued at $2,057,927. Corporate insiders own 1.46% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ZION. Strs Ohio boosted its stake in shares of Zions Bancorporation by 94.7% during the 2nd quarter. Strs Ohio now owns 18,675 shares of the bank’s stock valued at $820,000 after buying an additional 9,084 shares during the last quarter. IFP Advisors Inc lifted its stake in Zions Bancorporation by 68.7% during the second quarter. IFP Advisors Inc now owns 5,451 shares of the bank’s stock worth $239,000 after purchasing an additional 2,220 shares during the last quarter. Retirement Systems of Alabama lifted its stake in Zions Bancorporation by 0.4% during the second quarter. Retirement Systems of Alabama now owns 98,246 shares of the bank’s stock worth $4,314,000 after purchasing an additional 398 shares during the last quarter. Pictet Asset Management Ltd. lifted its stake in Zions Bancorporation by 193.5% during the second quarter. Pictet Asset Management Ltd. now owns 107,079 shares of the bank’s stock worth $4,291,000 after purchasing an additional 70,600 shares during the last quarter. Finally, Global X Management Co. LLC lifted its stake in Zions Bancorporation by 58.6% during the second quarter. Global X Management Co. LLC now owns 4,792 shares of the bank’s stock worth $210,000 after purchasing an additional 1,771 shares during the last quarter. Institutional investors own 92.64% of the company’s stock.
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About Zions Bancorporation
Zions Bancorporation is a financial holding company. The Company conducts its banking operations through separately managed and branded segments, including Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank (NSB), Vectra Bank Colorado, The Commerce Bank of Washington (TCBW) and Other.
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