Zions Bancorp (NASDAQ:ZION) had its price target boosted by analysts at Credit Agricole SA from $33.00 to $36.00 in a research note issued on Friday. The brokerage currently has a “buy” rating on the stock. Credit Agricole SA’s price target would suggest a potential upside of 18.89% from the stock’s previous close.
A number of other brokerages have also recently issued reports on ZION. Vetr cut shares of Zions Bancorp from a “hold” rating to a “sell” rating and set a $26.45 target price for the company. in a research report on Wednesday, July 27th. Piper Jaffray Cos. upgraded shares of Zions Bancorp from a “neutral” rating to an “overweight” rating and set a $29.00 target price for the company in a research report on Thursday, July 7th. They noted that the move was a valuation call. Raymond James Financial Inc. increased their target price on shares of Zions Bancorp from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, September 13th. FIG Partners started coverage on shares of Zions Bancorp in a research report on Thursday, July 7th. They set an “outperform” rating and a $29.00 target price for the company. Finally, Zacks Investment Research cut shares of Zions Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $31.75.
Zions Bancorp (NASDAQ:ZION) traded up 0.92% during mid-day trading on Friday, reaching $30.56. 393,764 shares of the company traded hands. The firm has a market cap of $6.27 billion, a PE ratio of 18.42 and a beta of 1.64. The stock’s 50-day moving average price is $29.61 and its 200-day moving average price is $26.98. Zions Bancorp has a one year low of $19.65 and a one year high of $31.28.
Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. Zions Bancorp had a net margin of 16.37% and a return on equity of 5.62%. During the same quarter in the prior year, the business posted $0.41 earnings per share. Analysts forecast that Zions Bancorp will post $1.85 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 18th were paid a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, August 16th. This represents a $0.32 dividend on an annualized basis and a yield of 1.06%. This is a positive change from Zions Bancorp’s previous quarterly dividend of $0.06. Zions Bancorp’s payout ratio is presently 19.28%.
In other news, insider Mark Richard Young sold 65,000 shares of Zions Bancorp stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $20.72, for a total value of $1,346,800.00. Following the sale, the insider now directly owns 56,245 shares in the company, valued at $1,165,396.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Keith D. Maio sold 9,000 shares of Zions Bancorp stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $27.97, for a total transaction of $251,730.00. Following the completion of the sale, the executive vice president now owns 44,072 shares in the company, valued at $1,232,693.84. The disclosure for this sale can be found here. 2.06% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of ZION. Sentry Investment Management LLC acquired a new stake in Zions Bancorp during the first quarter worth about $304,000. BlackRock Institutional Trust Company N.A. increased its stake in Zions Bancorp by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,371,029 shares of the company’s stock worth $130,033,000 after buying an additional 43,881 shares during the period. BlackRock Group LTD increased its stake in Zions Bancorp by 2.9% in the first quarter. BlackRock Group LTD now owns 879,168 shares of the company’s stock worth $21,285,000 after buying an additional 25,098 shares during the period. Prudential Financial Inc. increased its stake in Zions Bancorp by 30.9% in the first quarter. Prudential Financial Inc. now owns 327,109 shares of the company’s stock worth $7,919,000 after buying an additional 77,300 shares during the period. Finally, Teachers Advisors Inc. increased its stake in Zions Bancorp by 23.1% in the first quarter. Teachers Advisors Inc. now owns 2,496,107 shares of the company’s stock worth $60,431,000 after buying an additional 468,503 shares during the period. Institutional investors own 87.36% of the company’s stock.
Zions Bancorp Company Profile
Zions Bancorporation is a financial holding company. The Company operates through seven segments: Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado and The Commerce Bank of Washington. It focuses on providing community banking services and its core business lines are small and medium-sized business and corporate banking; commercial and residential development, construction and term lending; retail banking; treasury cash management and related products and services; residential mortgage servicing and lending; trust and wealth management; limited capital markets activities, including municipal finance advisory and underwriting, and investment activities.
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