Zions Bancorp (NASDAQ:ZION) was downgraded by equities researchers at Raymond James Financial Inc. from a “strong-buy” rating to a “market perform” rating in a research note issued on Thursday.
A number of other research analysts have also issued reports on the company. Bank of America Corp. lowered Zions Bancorp from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 29th. Zacks Investment Research upgraded Zions Bancorp from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Thursday, August 4th. Credit Suisse Group AG restated an “outperform” rating on shares of Zions Bancorp in a research report on Thursday, August 18th. FBR & Co cut their target price on Zions Bancorp from $36.00 to $32.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. Finally, Vetr downgraded Zions Bancorp from a “hold” rating to a “sell” rating and set a $26.45 target price on the stock. in a research note on Wednesday, July 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $31.95.
Zions Bancorp (NASDAQ:ZION) traded down 1.45% during mid-day trading on Thursday, hitting $31.36. The company had a trading volume of 613,401 shares. The company has a market cap of $6.43 billion, a PE ratio of 18.90 and a beta of 1.54. Zions Bancorp has a one year low of $19.65 and a one year high of $32.15. The company’s 50 day moving average price is $30.23 and its 200-day moving average price is $27.40.
Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.03. Zions Bancorp had a return on equity of 5.62% and a net margin of 16.37%. During the same quarter last year, the company posted $0.41 earnings per share. Equities research analysts anticipate that Zions Bancorp will post $1.85 EPS for the current fiscal year.
In other Zions Bancorp news, insider Mark Richard Young sold 65,000 shares of the business’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $20.72, for a total value of $1,346,800.00. Following the completion of the sale, the insider now owns 56,245 shares of the company’s stock, valued at $1,165,396.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Keith D. Maio sold 9,000 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $27.97, for a total value of $251,730.00. Following the completion of the sale, the executive vice president now directly owns 44,072 shares of the company’s stock, valued at approximately $1,232,693.84. The disclosure for this sale can be found here. 2.06% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. Canada Pension Plan Investment Board boosted its stake in shares of Zions Bancorp by 2.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,000 shares of the company’s stock worth $121,000 after buying an additional 100 shares in the last quarter. Seven Eight Capital LLC boosted its stake in shares of Zions Bancorp by 235.4% in the first quarter. Seven Eight Capital LLC now owns 6,412 shares of the company’s stock worth $155,000 after buying an additional 4,500 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Zions Bancorp during the second quarter worth $208,000. MAI Capital Management boosted its stake in shares of Zions Bancorp by 0.3% in the second quarter. MAI Capital Management now owns 8,641 shares of the company’s stock worth $217,000 after buying an additional 27 shares in the last quarter. Finally, Parametrica Management Ltd bought a new stake in shares of Zions Bancorp during the second quarter worth $234,000. 87.36% of the stock is owned by institutional investors.
About Zions Bancorp
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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