Morgan Stanley reaffirmed their equal weight rating on shares of Zions Bancorporation (NASDAQ:ZION) in a research report sent to investors on Wednesday morning. They currently have a $49.00 target price on the bank’s stock, up from their prior target price of $48.00.
A number of other analysts have also issued reports on ZION. Robert W. Baird downgraded Zions Bancorporation from a neutral rating to an underperform rating and set a $43.00 price objective on the stock. in a research report on Monday, October 2nd. Bank of America Corporation upgraded Zions Bancorporation from a neutral rating to a buy rating and lifted their price objective for the stock from $50.00 to $52.00 in a research report on Wednesday, August 16th. Wells Fargo & Company began coverage on Zions Bancorporation in a research report on Wednesday, August 9th. They set an outperform rating and a $56.00 price objective on the stock. Keefe, Bruyette & Woods reiterated a hold rating and set a $48.00 price objective on shares of Zions Bancorporation in a research report on Tuesday, October 3rd. Finally, BidaskClub upgraded Zions Bancorporation from a hold rating to a buy rating in a research report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. Zions Bancorporation presently has a consensus rating of Hold and a consensus target price of $46.71.
Zions Bancorporation (NASDAQ ZION) traded up 0.46% on Wednesday, hitting $47.88. 2,316,072 shares of the company were exchanged. The company has a market capitalization of $9.68 billion, a price-to-earnings ratio of 19.06 and a beta of 1.44. The stock has a 50 day moving average of $44.57 and a 200 day moving average of $42.89. Zions Bancorporation has a 52 week low of $30.07 and a 52 week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the consensus estimate of $0.62 by $0.11. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. The company had revenue of $660.00 million for the quarter, compared to analyst estimates of $640.34 million. During the same period last year, the company earned $0.44 earnings per share. Analysts predict that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
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Zions Bancorporation declared that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $465.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director Roger B. Porter bought 1,616 shares of Zions Bancorporation stock in a transaction dated Tuesday, August 22nd. The stock was acquired at an average cost of $43.99 per share, with a total value of $71,087.84. Following the acquisition, the director now owns 42,001 shares of the company’s stock, valued at $1,847,623.99. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $46.38, for a total value of $46,380.00. Following the completion of the sale, the general counsel now directly 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 have sold a total of 27,118 shares of company stock valued at $1,222,407 over the last three months. 1.46% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in Zions Bancorporation by 4,464.8% during the 1st quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock valued at $493,142,000 after acquiring an additional 11,484,250 shares during the last quarter. Balyasny Asset Management LLC raised its stake in Zions Bancorporation by 705.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock valued at $139,918,000 after acquiring an additional 2,791,044 shares during the last quarter. Cramer Rosenthal Mcglynn LLC raised its stake in Zions Bancorporation by 276.0% during the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,823,738 shares of the bank’s stock valued at $80,080,000 after acquiring an additional 1,338,748 shares during the last quarter. Janus Henderson Group PLC raised its stake in Zions Bancorporation by 16,303.3% during the 2nd quarter. Janus Henderson Group PLC now owns 1,231,071 shares of the bank’s stock valued at $54,056,000 after acquiring an additional 1,223,566 shares during the last quarter. Finally, Harbour Capital Advisors LLC raised its stake in Zions Bancorporation by 4,471.9% during the 2nd quarter. Harbour Capital Advisors LLC now owns 1,165,240 shares of the bank’s stock valued at $26,537,000 after acquiring an additional 1,139,753 shares during the last quarter. 92.35% of the stock is 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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