Zions Bancorporation (ZION) Cut to “Hold” at Zacks Investment Research
Zions Bancorporation (NASDAQ:ZION) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Zions’ shares have outperformed the industry over the past year. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in all trailing four quarters. The company has been witnessing consistent growth in loans and deposits along with easing margin pressure, indicating possibility of further improvement in revenues. Also, Zions’ initiatives to control expenses have been successful and are expected to aid bottom-line growth. However, the company’s higher exposure toward risky loan portfolios is expected to hamper its financials. Also, concentration risk remains a matter of concern for the company, going forward.”
A number of other research firms have also recently commented on ZION. Robert W. Baird upgraded shares of Zions Bancorporation from an “underperform” rating to a “neutral” rating and set a $43.00 price objective for the company in a research report on Friday, September 8th. BMO Capital Markets restated a “hold” rating and issued a $44.00 price objective on shares of Zions Bancorporation in a research report on Thursday, June 29th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $44.00 price objective on shares of Zions Bancorporation in a research report on Monday, June 19th. Jefferies Group LLC restated a “buy” rating and issued a $49.00 price objective on shares of Zions Bancorporation in a research report on Thursday, June 8th. Finally, Wells Fargo & Company started coverage on shares of Zions Bancorporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 price objective for the company. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $46.71.
Zions Bancorporation (NASDAQ ZION) opened at 46.57 on Thursday. Zions Bancorporation has a one year low of $30.07 and a one year high of $48.33. The stock has a market cap of $9.42 billion, a P/E ratio of 18.54 and a beta of 1.44. The stock’s 50 day moving average price is $44.38 and its 200-day moving average price is $42.83.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the Zacks’ 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 analysts’ expectations of $640.34 million. During the same quarter in the prior year, the company earned $0.44 EPS. On average, analysts predict that Zions Bancorporation will post $2.82 earnings per share for the current year.
Zions Bancorporation declared that its Board of Directors has authorized a stock buyback 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 board of directors believes its shares are undervalued.
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In other news, Director Roger B. Porter bought 1,616 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was acquired 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 approximately $1,847,623.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the firm’s 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 completion of the sale, the general counsel now owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The disclosure for this sale can be found here. Insiders sold a total of 27,118 shares of company stock valued at $1,222,407 in the last 90 days. 1.46% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of ZION. Advisors Asset Management Inc. acquired a new stake in Zions Bancorporation in the 2nd quarter valued at about $108,000. Global X Management Co. LLC lifted its stake in Zions Bancorporation by 340.4% in the 1st quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock valued at $127,000 after purchasing an additional 2,335 shares during the last quarter. Exane Derivatives acquired a new stake in Zions Bancorporation in the 2nd quarter valued at about $132,000. Americafirst Capital Management LLC acquired a new stake in Zions Bancorporation in the 2nd quarter valued at about $175,000. Finally, FNY Partners Fund LP acquired a new stake in Zions Bancorporation in the 1st quarter valued at about $188,000. Institutional investors and hedge funds own 92.35% 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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