Piper Jaffray Cos. lowered shares of Zions Bancorp (NASDAQ:ZION) from an overweight rating to a neutral rating in a research note released on Monday. The firm currently has $32.00 price objective on the stock, up from their previous price objective of $30.00.
ZION has been the subject of a number of other reports. 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 report on Thursday, August 4th. Raymond James Financial Inc. cut Zions Bancorp from a strong-buy rating to a market perform rating in a report on Thursday, October 6th. Barclays PLC set a $31.00 price objective on Zions Bancorp and gave the stock a buy rating in a report on Wednesday, July 27th. JPMorgan Chase & Co. reiterated a hold rating on shares of Zions Bancorp in a report on Saturday, July 9th. Finally, Vetr upgraded Zions Bancorp from a sell rating to a hold rating and set a $26.45 price objective for the company in a report on Tuesday, August 2nd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Zions Bancorp currently has a consensus rating of Hold and an average price target of $32.10.
Zions Bancorp (NASDAQ:ZION) traded down 0.4165% during midday trading on Monday, reaching $31.6775. The company had a trading volume of 325,747 shares. The stock’s 50 day moving average is $30.46 and its 200 day moving average is $27.56. Zions Bancorp has a 12-month low of $19.65 and a 12-month high of $32.15. The firm has a market capitalization of $6.50 billion, a price-to-earnings ratio of 19.0943 and a beta of 1.54.
Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company posted $0.41 earnings per share. Equities research analysts expect that Zions Bancorp will post $1.85 earnings per share for the current year.
In other news, insider David E. Blackford sold 1,620 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $27.81, for a total value of $45,052.20. Following the transaction, the insider now directly owns 29,429 shares in the company, valued at approximately $818,420.49. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mark Richard Young sold 65,000 shares of the firm’s stock in a transaction on 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 transaction, 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. Company insiders own 2.06% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board increased 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 worth $121,000 after buying an additional 100 shares during the period. Seven Eight Capital LLC increased 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 worth $155,000 after buying an additional 4,500 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Zions Bancorp during the second quarter worth about $208,000. MAI Capital Management increased 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 worth $217,000 after buying an additional 27 shares during the period. Finally, Parametrica Management Ltd purchased a new position in Zions Bancorp during the second quarter worth about $234,000. Hedge funds and other 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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