According to Zacks, “Estimates have been going up ahead of Zions' third-quarter 2016 earnings release. Further, the company has a positive record of earnings surprises in recent quarters. Moreover, growth in loans and deposits indicates improvement in revenues in the quarters ahead, while stable credit quality and balance sheet restructuring will strengthen the company’s financials. Also, cost control initiatives will support bottom line. In addition, the company enjoys a robust capital position, which helped it to return capital and continue to boost investors' confidence. However, concentration risk, asset-sensitive balance sheet and regulatory restrictions continue to be matters of concern. Moreover, stress in energy sector loan portfolio adds to the woes.”
Several other equities analysts have also recently weighed in on the company. Credit Agricole SA raised their price objective on Zions Bancorp from $33.00 to $36.00 and gave the company a buy rating in a report on Friday, September 23rd. Credit Suisse Group AG raised their target price on shares of Zions Bancorp from $32.00 to $36.00 and gave the company an outperform rating in a research note on Tuesday, September 20th. Raymond James Financial Inc. raised their target price on shares of Zions Bancorp from $32.00 to $36.00 and gave the company a buy rating in a research note on Tuesday, September 13th. Vetr upgraded shares of Zions Bancorp from a strong sell rating to a sell rating and set a $29.00 target price for the company in a research note on Monday, September 5th. Finally, Barclays PLC set a $31.00 target price on shares of Zions Bancorp and gave the company a buy rating in a research note on Wednesday, July 27th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the company’s stock. Zions Bancorp has an average rating of Hold and a consensus price target of $31.95.
Zions Bancorp (NASDAQ:ZION) opened at 31.82 on Monday. The firm has a market cap of $6.53 billion, a PE ratio of 19.18 and a beta of 1.54. The company’s 50 day moving average price is $30.23 and its 200 day moving average price is $27.40. Zions Bancorp has a 52-week low of $19.65 and a 52-week high of $32.15.
Zions Bancorp (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ 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 period in the previous year, the business posted $0.41 earnings per share. Analysts predict that Zions Bancorp will post $1.85 earnings per share for the current fiscal year.
In other news, insider Mark Richard Young sold 65,000 shares of Zions Bancorp stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $20.72, for a total transaction of $1,346,800.00. Following the transaction, the insider now owns 56,245 shares in the company, valued at $1,165,396.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Keith D. Maio sold 9,000 shares of Zions Bancorp stock in a transaction on Friday, July 29th. The stock was sold at an average price of $27.97, for a total transaction of $251,730.00. Following the transaction, the executive vice president now owns 44,072 shares in the company, valued at approximately $1,232,693.84. The disclosure for this sale can be found here. Insiders own 2.06% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Canada Pension Plan Investment Board raised its position in Zions Bancorp by 2.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,000 shares of the company’s stock valued at $121,000 after buying an additional 100 shares during the last quarter. Seven Eight Capital LLC raised its position in Zions Bancorp by 235.4% in the first quarter. Seven Eight Capital LLC now owns 6,412 shares of the company’s stock valued at $155,000 after buying an additional 4,500 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Zions Bancorp during the second quarter valued at about $208,000. MAI Capital Management raised its position in Zions Bancorp by 0.3% in the second quarter. MAI Capital Management now owns 8,641 shares of the company’s stock valued at $217,000 after buying an additional 27 shares during the last quarter. Finally, Parametrica Management Ltd purchased a new position in Zions Bancorp during the second quarter valued at about $234,000. Institutional investors own 87.36% of the company’s stock.
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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