Zacks Investment Research upgraded shares of Zions Bancorp (NASDAQ:ZION) from a hold rating to a buy rating in a research note released on Wednesday. The brokerage currently has $57.00 price target on the bank’s stock.
According to Zacks, “Zions’ shares have significantly outperformed the industry over the past six months. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of trailing four quarters. The company has been witnessing consistent growth in loans and deposits along with easing margin pressure. Also, its initiatives to manage expenses have been successful and are expected to aid bottom-line growth. While higher exposure toward risky loan portfolios is expected to hamper the company's financials, lower corporate tax rate will likely help mitigate this adverse imapct to some extent.”
A number of other analysts have also recently commented on ZION. Robert W. Baird raised Zions Bancorp from an underperform rating to a neutral rating and set a $43.00 price target for the company in a research note on Friday, September 8th. Sanford C. Bernstein reaffirmed a market perform rating and issued a $51.00 price target on shares of Zions Bancorp in a research note on Saturday, September 16th. Jefferies Group reaffirmed a buy rating and issued a $49.00 price target on shares of Zions Bancorp in a research note on Friday, September 15th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $48.00 price target on shares of Zions Bancorp in a research note on Tuesday, October 3rd. Finally, Morgan Stanley reaffirmed an equal weight rating and issued a $49.00 price target (up from $48.00) on shares of Zions Bancorp in a research note on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $51.16.
Zions Bancorp (NASDAQ:ZION) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). The company had revenue of $661.00 million during the quarter, compared to the consensus estimate of $666.83 million. Zions Bancorp had a net margin of 22.70% and a return on equity of 8.54%. During the same period last year, the company earned $0.57 earnings per share. sell-side analysts predict that Zions Bancorp will post 2.8 earnings per share for the current year.
In other news, insider Joseph L. Reilly sold 23,271 shares of the stock in a transaction that occurred on 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 accessible through this hyperlink. Also, insider Bruce K. Alexander sold 6,089 shares of the stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $47.97, for a total value of $292,089.33. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,979 shares of company stock valued at $2,057,927. Insiders own 1.46% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. bought a new stake in Zions Bancorp in the 2nd quarter valued at $108,000. Americafirst Capital Management LLC bought a new stake in Zions Bancorp in the 2nd quarter valued at $175,000. Conning Inc. bought a new stake in Zions Bancorp in the 3rd quarter valued at $210,000. Janney Montgomery Scott LLC bought a new stake in Zions Bancorp in the 3rd quarter valued at $212,000. Finally, Magnetar Financial LLC bought a new stake in Zions Bancorp in the 3rd quarter valued at $215,000. 92.54% of the stock is owned by institutional investors.
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About Zions Bancorp
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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