Zions Bancorporation (NASDAQ:ZION)‘s stock had its “hold” rating restated by analysts at BMO Capital Markets in a report released on Thursday. They presently have a $47.00 price target on the bank’s stock. BMO Capital Markets’ price target indicates a potential upside of 2.91% from the stock’s current price.
ZION has been the topic of several other reports. Zacks Investment Research upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Thursday, July 13th. Jefferies Group LLC restated a “buy” rating and set a $49.00 target price on shares of Zions Bancorporation in a research report on Friday, July 14th. BidaskClub upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Barclays PLC restated an “overweight” rating and set a $50.00 target price (up from $48.00) on shares of Zions Bancorporation in a research report on Friday, June 16th. Finally, Compass Point upgraded shares of Zions Bancorporation from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 29th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have issued a buy rating to the company. Zions Bancorporation currently has a consensus rating of “Hold” and a consensus target price of $43.55.
Zions Bancorporation (ZION) opened at 45.67 on Thursday. The company has a 50-day moving average of $43.57 and a 200-day moving average of $42.54. The stock has a market capitalization of $9.25 billion, a price-to-earnings ratio of 20.56 and a beta of 1.44. Zions Bancorporation has a 52 week low of $25.78 and a 52 week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last issued its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.11. Zions Bancorporation had a net margin of 20.50% and a return on equity of 7.44%. The company had revenue of $660 million for the quarter, compared to analyst estimates of $640.34 million. During the same period in the prior year, the business posted $0.44 earnings per share. Analysts anticipate that Zions Bancorporation will post $2.60 earnings per share for the current year.
Zions Bancorporation declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $465.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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In related news, General Counsel Thomas E. Laursen sold 860 shares of the company’s stock in a transaction that occurred 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 transaction, the general counsel now owns 25,901 shares of the company’s stock, valued at $1,066,085.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David E. Blackford sold 942 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $40.44, for a total transaction of $38,094.48. Following the transaction, the insider now directly owns 29,415 shares in the company, valued at approximately $1,189,542.60. The disclosure for this sale can be found here. Insiders have sold 46,184 shares of company stock worth $1,880,815 in the last three months. Insiders own 1.46% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position 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 valued at $493,142,000 after buying an additional 11,484,250 shares during the period. KAMES CAPITAL plc bought a new position in shares of Zions Bancorporation during the first quarter valued at approximately $43,032,000. Janus Capital Management LLC raised its position 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 valued at $56,392,000 after buying an additional 925,486 shares during the period. First Trust Advisors LP raised its position 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 valued at $48,115,000 after buying an additional 909,373 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Zions Bancorporation by 3.8% in the first quarter. Vanguard Group Inc. now owns 20,363,376 shares of the bank’s stock valued at $855,261,000 after buying an additional 754,639 shares during the period. 94.65% 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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