Zions Bancorporation (ZION) Stock Rating Reaffirmed by Morgan Stanley
Zions Bancorporation (NASDAQ:ZION)‘s stock had its “equal weight” rating reiterated by equities research analysts at Morgan Stanley in a report released on Wednesday. They currently have a $49.00 price target on the bank’s stock, up from their previous price target of $48.00. Morgan Stanley’s target price would suggest a potential upside of 2.81% from the stock’s previous close.
Several other research analysts also recently commented on ZION. Jefferies Group LLC restated a “buy” rating and set a $49.00 price objective on shares of Zions Bancorporation in a research report on Thursday, June 8th. BidaskClub upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Barclays PLC reiterated an “overweight” rating and set a $50.00 price target (up from $48.00) on shares of Zions Bancorporation in a report on Friday, June 16th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $44.00 price target on shares of Zions Bancorporation in a report on Monday, June 19th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $44.00 price target on shares of Zions Bancorporation in a report on Thursday, June 29th. One investment 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. Zions Bancorporation presently has an average rating of “Hold” and an average price target of $46.71.
Shares of Zions Bancorporation (NASDAQ:ZION) opened at 47.66 on Wednesday. Zions Bancorporation has a 12-month low of $30.07 and a 12-month high of $48.33. The company’s 50-day moving average price is $44.46 and its 200-day moving average price is $42.86. The firm has a market capitalization of $9.64 billion, a PE ratio of 18.97 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the consensus estimate of $0.62 by $0.11. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The business had revenue of $660.00 million during the quarter, compared to the consensus estimate of $640.34 million. During the same period in the previous year, the business earned $0.44 earnings per share. Analysts anticipate that Zions Bancorporation will post $2.82 EPS for the current year.
Zions Bancorporation declared that its board has initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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In other news, General Counsel Thomas E. Laursen sold 1,000 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $46.38, for a total transaction of $46,380.00. Following the transaction, the general counsel now owns 23,484 shares of the company’s stock, valued at approximately $1,089,187.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David E. Blackford sold 9,533 shares of the stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $44.94, for a total transaction of $428,413.02. Following the transaction, the insider now directly owns 22,997 shares in the company, valued at approximately $1,033,485.18. The disclosure for this sale can be found here. Insiders have sold a total of 27,118 shares of company stock worth $1,222,407 in the last three months. Insiders own 1.46% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. acquired a new stake in shares of Zions Bancorporation in the 2nd quarter worth about $108,000. Exane Derivatives acquired a new stake in shares of Zions Bancorporation in the 2nd quarter worth about $132,000. Global X Management Co. LLC raised its holdings in shares of Zions Bancorporation by 340.4% in the 1st quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock worth $127,000 after acquiring an additional 2,335 shares during the last quarter. Segantii Capital Management Ltd acquired a new stake in shares of Zions Bancorporation in the 1st quarter worth about $151,000. Finally, Americafirst Capital Management LLC acquired a new stake in shares of Zions Bancorporation in the 2nd quarter worth about $175,000. 92.35% of the stock is currently owned by institutional investors.
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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