FIG Partners Reiterates Outperform Rating for Zions Bancorporation (NASDAQ:ZION)
FIG Partners restated their outperform rating on shares of Zions Bancorporation (NASDAQ:ZION) in a research report report published on Wednesday. The firm currently has a $54.00 price target on the bank’s stock, up from their prior price target of $50.00. FIG Partners also issued estimates for Zions Bancorporation’s Q3 2017 earnings at $0.73 EPS, Q4 2017 earnings at $0.77 EPS, FY2017 earnings at $2.85 EPS, Q1 2018 earnings at $0.76 EPS, Q2 2018 earnings at $0.86 EPS, Q3 2018 earnings at $0.90 EPS, Q4 2018 earnings at $0.93 EPS and FY2018 earnings at $3.45 EPS.
A number of other research firms also recently weighed in on ZION. Barclays PLC raised their price target on shares of Zions Bancorporation from $45.00 to $48.00 and gave the company an overweight rating in a research note on Tuesday, April 25th. BMO Capital Markets restated a hold rating and issued a $44.00 price target on shares of Zions Bancorporation in a research note on Thursday, June 29th. Keefe, Bruyette & Woods restated a hold rating and issued a $44.00 price target on shares of Zions Bancorporation in a research note on Monday, June 19th. Jefferies Group LLC restated a buy rating and issued a $49.00 price target on shares of Zions Bancorporation in a research note on Thursday, June 8th. Finally, Morgan Stanley restated an equal weight rating and issued a $45.00 price target (up from $43.00) on shares of Zions Bancorporation in a research note on Monday, June 5th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $43.55.
Shares of Zions Bancorporation (ZION) traded up 0.27% during trading on Wednesday, hitting $45.26. 2,179,805 shares of the stock were exchanged. Zions Bancorporation has a 52 week low of $26.74 and a 52 week high of $48.33. 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 P/E ratio of 18.02 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, beating 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 company had revenue of $660 million for the quarter, compared to the consensus estimate of $640.34 million. During the same period last year, the company posted $0.44 EPS. Analysts forecast that Zions Bancorporation will post $2.81 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.06%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s payout ratio is currently 12.75%.
Zions Bancorporation announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in shares. This repurchase authorization authorizes the bank to buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Zions Bancorporation news, insider Leeanne B. Linderman sold 29,078 shares of the business’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $41.00, for a total transaction of $1,192,198.00. Following the completion of the sale, the insider now owns 15,746 shares in the company, valued at approximately $645,586. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Thomas E. Laursen sold 860 shares of the business’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $41.16, for a total transaction of $35,397.60. Following the sale, the general counsel now owns 25,901 shares of the company’s stock, valued at approximately $1,066,085.16. The disclosure for this sale can be found here. Insiders sold a total of 46,184 shares of company stock valued at $1,880,815 in the last quarter. 1.46% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of 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 during the period. Harbour Capital Advisors LLC raised its stake in shares of Zions Bancorporation by 4,471.9% in the second quarter. Harbour Capital Advisors LLC now owns 1,165,240 shares of the bank’s stock worth $26,537,000 after buying an additional 1,139,753 shares during the period. KAMES CAPITAL plc acquired a new stake in shares of Zions Bancorporation during the first quarter worth approximately $43,032,000. Janus Capital Management LLC raised its stake in shares of Zions Bancorporation by 221.8% in the first quarter. Janus Capital Management LLC now owns 1,342,686 shares of the bank’s stock worth $56,392,000 after buying an additional 925,486 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Zions Bancorporation by 385.0% in the first quarter. First Trust Advisors LP now owns 1,145,594 shares of the bank’s stock worth $48,115,000 after buying an additional 909,373 shares during the period. Institutional investors and hedge funds own 94.65% of the company’s stock.
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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