Zions Bancorporation’s (ZION) Buy Rating Reaffirmed at Jefferies Group LLC
Jefferies Group LLC reiterated their buy rating on shares of Zions Bancorporation (NASDAQ:ZION) in a research note issued to investors on Thursday morning. They currently have a $54.00 target price on the bank’s stock. Jefferies Group also issued estimates for Zions Bancorporation’s Q3 2017 earnings at $0.75 EPS, FY2017 earnings at $2.84 EPS, Q1 2018 earnings at $0.71 EPS, Q2 2018 earnings at $0.76 EPS, Q3 2018 earnings at $0.81 EPS, Q4 2018 earnings at $0.82 EPS and FY2019 earnings at $3.35 EPS.
Other research analysts have also recently issued research reports about the company. BidaskClub cut Zions Bancorporation from a buy rating to a hold rating in a research report on Wednesday, July 19th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $46.00 price objective on shares of Zions Bancorporation in a research report on Friday, July 14th. Bank of America Corporation upgraded Zions Bancorporation from a neutral rating to a buy rating and increased their price objective for the stock from $50.00 to $52.00 in a research report on Wednesday, August 16th. Morgan Stanley reiterated an equal weight rating and issued a $49.00 price objective (up previously from $48.00) on shares of Zions Bancorporation in a research report on Wednesday, October 4th. Finally, BMO Capital Markets reiterated a hold rating and issued a $47.00 price objective on shares of Zions Bancorporation in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $46.95.
Zions Bancorporation (ZION) traded down 0.26% during trading on Thursday, hitting $46.60. 1,204,690 shares of the stock traded hands. The firm’s 50-day moving average is $44.96 and its 200-day moving average is $43.08. The stock has a market cap of $9.42 billion, a P/E ratio of 18.55 and a beta of 1.44. Zions Bancorporation has a 12 month low of $30.47 and a 12 month high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.11. The firm had revenue of $660.00 million during the quarter, compared to analysts’ expectations of $640.34 million. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same quarter in the prior year, the business posted $0.44 earnings per share. On average, analysts forecast that Zions Bancorporation will post $2.81 EPS for the current year.
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Zions Bancorporation announced that its board has approved a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, insider Edward Schreiber sold 13,000 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $44.98, for a total transaction of $584,740.00. Following the sale, the insider now owns 51,517 shares of the company’s stock, valued at $2,317,234.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Roger B. Porter acquired 1,616 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were bought at an average cost of $43.99 per share, for a total transaction of $71,087.84. Following the purchase, the director now owns 42,001 shares of the company’s stock, valued at $1,847,623.99. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 27,118 shares of company stock worth $1,222,407. Corporate insiders own 1.46% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Zions Bancorporation by 4.3% during the second quarter. Vanguard Group Inc. now owns 21,245,566 shares of the bank’s stock valued at $932,892,000 after acquiring an additional 882,190 shares during the last quarter. State Street Corp boosted its stake in shares of Zions Bancorporation by 8.7% during the second quarter. State Street Corp now owns 12,373,314 shares of the bank’s stock valued at $543,315,000 after acquiring an additional 986,548 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Zions Bancorporation by 4,464.8% during the first quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock valued at $493,142,000 after acquiring an additional 11,484,250 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Zions Bancorporation by 2.0% during the second quarter. TIAA CREF Investment Management LLC now owns 3,590,330 shares of the bank’s stock valued at $157,651,000 after acquiring an additional 68,904 shares during the last quarter. Finally, Balyasny Asset Management LLC boosted its stake in shares of Zions Bancorporation by 705.8% during the second quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock valued at $139,918,000 after acquiring an additional 2,791,044 shares during the last quarter. 92.30% of the stock is currently owned by institutional investors and hedge funds.
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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