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.”
ZION has been the subject of a number of other research reports. Vetr raised 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. 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. 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. Bank of America Corp. downgraded shares of Zions Bancorp from a neutral rating to an underperform rating in a research note on Wednesday, June 29th. Finally, Credit Agricole SA raised their target price on shares of Zions Bancorp from $33.00 to $36.00 and gave the company a buy rating in a research note on Friday, September 23rd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the company. Zions Bancorp presently has a consensus rating of Hold and an average price target of $31.95.
Shares of Zions Bancorp (NASDAQ:ZION) opened at 31.35 on Monday. The company has a 50 day moving average of $30.06 and a 200-day moving average of $27.33. 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 12-month low of $19.65 and a 12-month high of $31.40.
Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 period in the prior year, the company earned $0.41 earnings per share. Equities research analysts anticipate that Zions Bancorp will post $1.85 earnings per share for the current year.
In other Zions Bancorp news, insider David E. Blackford sold 1,620 shares of Zions Bancorp stock in a transaction on Friday, July 29th. The shares were sold at an average price of $27.81, for a total value of $45,052.20. Following the sale, the insider now directly owns 29,429 shares in the company, valued at approximately $818,420.49. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 completion of the sale, the insider now owns 56,245 shares in the company, valued at $1,165,396.40. The disclosure for this sale can be found here. 2.06% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Zions Bancorp by 3.4% in the second quarter. Vanguard Group Inc. now owns 17,950,779 shares of the company’s stock worth $451,103,000 after buying an additional 596,109 shares during the last quarter. State Street Corp increased its stake in Zions Bancorp by 3.6% in the second quarter. State Street Corp now owns 10,955,604 shares of the company’s stock worth $275,313,000 after buying an additional 382,293 shares during the period. Wellington Management Group LLP increased its stake in Zions Bancorp by 4.9% in the first quarter. Wellington Management Group LLP now owns 9,115,604 shares of the company’s stock worth $220,689,000 after buying an additional 429,375 shares during the period. 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. Finally, Dimensional Fund Advisors LP increased its stake in Zions Bancorp by 7.9% in the second quarter. Dimensional Fund Advisors LP now owns 5,359,703 shares of the company’s stock worth $134,689,000 after buying an additional 393,926 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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