BMO Capital Markets Reaffirms Hold Rating for Zions Bancorporation (ZION)
BMO Capital Markets reiterated their hold rating on shares of Zions Bancorporation (NASDAQ:ZION) in a report issued on Thursday. BMO Capital Markets currently has a $47.00 price target on the bank’s stock.
Other equities analysts have also issued research reports about the stock. Barclays PLC boosted their price objective on shares of Zions Bancorporation from $45.00 to $48.00 and gave the stock an overweight rating in a report on Tuesday, April 25th. Keefe, Bruyette & Woods restated a hold rating and issued a $46.00 target price on shares of Zions Bancorporation in a research note on Friday, July 14th. BidaskClub lowered shares of Zions Bancorporation from a buy rating to a hold rating in a research note on Wednesday, July 19th. Morgan Stanley restated an equal weight rating and issued a $45.00 target price (up previously from $43.00) on shares of Zions Bancorporation in a research note on Monday, June 5th. Finally, FIG Partners upped their target price on shares of Zions Bancorporation from $49.00 to $50.00 and gave the company an outperform rating in a research note on Monday, July 3rd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $43.55.
Shares of Zions Bancorporation (ZION) opened at 45.26 on Thursday. The firm has a 50-day moving average price of $43.81 and a 200-day moving average price of $42.58. The firm has a market capitalization of $9.15 billion, a PE ratio of 18.02 and a beta of 1.44. Zions Bancorporation has a 1-year low of $26.74 and a 1-year high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.11. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The firm had revenue of $660 million for the quarter, compared to analyst estimates of $640.34 million. During the same quarter in the previous year, the business posted $0.44 EPS. On average, analysts forecast that Zions Bancorporation will post $2.81 EPS for the current fiscal year.
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Zions Bancorporation declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $465.00 million in shares. This repurchase authorization permits the bank to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th will be given a $0.12 dividend. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. The ex-dividend date is Tuesday, August 15th. This represents a $0.48 annualized dividend and a yield of 1.06%. Zions Bancorporation’s dividend payout ratio is 12.75%.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 860 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $41.16, for a total value of $35,397.60. Following the completion of the transaction, the general counsel now owns 25,901 shares in the company, valued at approximately $1,066,085.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider David E. Blackford sold 2,090 shares of the company’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $39.61, for a total transaction of $82,784.90. Following the completion of the transaction, the insider now owns 23,578 shares of the company’s stock, valued at approximately $933,924.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,184 shares of company stock valued at $1,880,815. 1.46% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Zions Bancorporation by 3.8% in the first quarter. Vanguard Group Inc. now owns 20,363,376 shares of the bank’s stock worth $855,261,000 after buying an additional 754,639 shares in the last quarter. BlackRock Inc. increased its position in Zions Bancorporation by 4,464.8% in the first quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock worth $493,142,000 after buying an additional 11,484,250 shares in the last quarter. American Century Companies Inc. increased its position in Zions Bancorporation by 11.6% in the first quarter. American Century Companies Inc. now owns 6,598,091 shares of the bank’s stock worth $277,120,000 after buying an additional 684,015 shares in the last quarter. Alliancebernstein L.P. increased its position in Zions Bancorporation by 2.9% in the first quarter. Alliancebernstein L.P. now owns 3,285,312 shares of the bank’s stock worth $137,983,000 after buying an additional 91,786 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Zions Bancorporation by 9.3% in the first quarter. Geode Capital Management LLC now owns 2,158,321 shares of the bank’s stock worth $90,556,000 after buying an additional 183,595 shares in the last quarter. Hedge funds and other institutional investors own 94.65% of the company’s stock.
Zions Bancorporation Company Profile
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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