BidaskClub upgraded shares of Zions Bancorporation (NASDAQ:ZION) from a hold rating to a buy rating in a research report report published on Wednesday morning.
Several other analysts also recently weighed in on ZION. Wells Fargo & Company started coverage on Zions Bancorporation in a research report on Wednesday, August 9th. They set an outperform rating and a $56.00 target price for the company. Bank of America upgraded Zions Bancorporation from a neutral rating to a buy rating and lifted their target price for the stock from $50.00 to $52.00 in a research report on Wednesday, August 16th. Robert W. Baird upgraded Zions Bancorporation from an underperform rating to a neutral rating and set a $43.00 target price for the company in a research report on Friday, September 8th. Sanford C. Bernstein reiterated a market perform rating and set a $51.00 target price on shares of Zions Bancorporation in a research report on Saturday, September 16th. Finally, Jefferies Group reiterated a buy rating and set a $49.00 target price on shares of Zions Bancorporation in a research report on Friday, September 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $49.84.
Shares of Zions Bancorporation (NASDAQ:ZION) opened at $50.93 on Wednesday. Zions Bancorporation has a 52-week low of $38.43 and a 52-week high of $52.20. The firm has a market capitalization of $10,081.07, a price-to-earnings ratio of 18.97, a PEG ratio of 1.95 and a beta of 1.48. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.80 and a current ratio of 0.80.
Zions Bancorporation (NASDAQ:ZION) last released its earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.01). Zions Bancorporation had a return on equity of 8.54% and a net margin of 22.70%. The business had revenue of $661.00 million for the quarter, compared to the consensus estimate of $666.83 million. During the same quarter last year, the business posted $0.57 earnings per share. equities research analysts predict that Zions Bancorporation will post 2.8 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, November 15th were issued a $0.16 dividend. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.12. This represents a $0.64 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Tuesday, November 14th. Zions Bancorporation’s payout ratio is presently 24.06%.
In related news, insider Joseph L. Reilly sold 23,271 shares of Zions Bancorporation stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $46.70, for a total value of $1,086,755.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Thomas E. Laursen sold 1,600 shares of Zions Bancorporation stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $46.55, for a total value of $74,480.00. The disclosure for this sale can be found here. Insiders sold 43,979 shares of company stock valued at $2,057,927 over the last 90 days. 1.46% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. bought a new position in Zions Bancorporation in the second quarter worth about $108,000. Americafirst Capital Management LLC bought a new position in Zions Bancorporation in the second quarter worth about $175,000. Global X Management Co. LLC raised its holdings in Zions Bancorporation by 58.6% in the second quarter. Global X Management Co. LLC now owns 4,792 shares of the bank’s stock worth $210,000 after purchasing an additional 1,771 shares in the last quarter. Conning Inc. bought a new position in Zions Bancorporation in the third quarter worth about $210,000. Finally, Janney Montgomery Scott LLC bought a new position in Zions Bancorporation in the third quarter worth about $212,000. Hedge funds and other institutional investors own 92.64% of the company’s stock.
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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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