Zions Bancorporation (NASDAQ:ZION) - Equities research analysts at FBR & Co lifted their FY2017 earnings per share (EPS) estimates for shares of Zions Bancorporation in a report issued on Wednesday. FBR & Co analyst S. Moss now anticipates that the bank will post earnings of $2.86 per share for the year, up from their previous estimate of $2.60. FBR & Co also issued estimates for Zions Bancorporation’s FY2018 earnings at $3.20 EPS.
Several other equities research analysts have also recently weighed in on ZION. Jefferies Group LLC reaffirmed a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a research report on Wednesday, April 5th. Piper Jaffray Companies decreased their target price on shares of Zions Bancorporation from $43.00 to $42.00 and set a “neutral” rating for the company in a research report on Tuesday, April 11th. Keefe, Bruyette & Woods set a $44.00 target price on shares of Zions Bancorporation and gave the company a “hold” rating in a research report on Monday, April 17th. Barclays PLC increased their target price on shares of Zions Bancorporation from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, April 25th. Finally, Deutsche Bank AG raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and increased their target price for the company from $45.00 to $46.00 in a research report on Thursday, May 4th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have assigned a buy rating to the stock. Zions Bancorporation has a consensus rating of “Hold” and an average price target of $43.55.
Zions Bancorporation (NASDAQ ZION) traded up 0.49% during trading on Thursday, hitting $45.36. 995,166 shares of the stock traded hands. The firm has a market cap of $9.19 billion, a PE ratio of 20.42 and a beta of 1.44. Zions Bancorporation has a 12 month low of $25.78 and a 12 month high of $48.33. The firm has a 50-day moving average price of $43.70 and a 200 day moving average price of $42.56.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.11. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The business had revenue of $660 million during the quarter, compared to analyst estimates of $640.34 million. During the same period last year, the business posted $0.44 earnings per share.
Hedge funds have recently added to or reduced their stakes in the company. Global X Management Co. LLC raised its stake in Zions Bancorporation by 340.4% in the first quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock valued at $127,000 after buying an additional 2,335 shares in the last quarter. Exane Derivatives purchased a new stake in Zions Bancorporation during the second quarter valued at approximately $132,000. Segantii Capital Management Ltd purchased a new stake in Zions Bancorporation during the first quarter valued at approximately $151,000. Cypress Capital Management LLC WY purchased a new stake in Zions Bancorporation during the first quarter valued at approximately $169,000. Finally, FNY Partners Fund LP purchased a new stake in Zions Bancorporation during the first quarter valued at approximately $188,000. Hedge funds and other institutional investors own 94.65% of the company’s stock.
In other news, insider Leeanne B. Linderman sold 29,078 shares of the stock in a transaction on Monday, May 8th. The shares were sold at an average price of $41.00, for a total value of $1,192,198.00. Following the sale, the insider now owns 15,746 shares in the company, valued at $645,586. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph L. Reilly sold 11,972 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $40.24, for a total transaction of $481,753.28. Following the completion of the sale, the insider now owns 67,791 shares in the company, valued at approximately $2,727,909.84. The disclosure for this sale can be found here. Insiders sold 46,184 shares of company stock worth $1,880,815 in the last quarter. Company insiders own 1.46% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th will be paid a $0.12 dividend. The ex-dividend date is Tuesday, August 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.06%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio is presently 12.75%.
Zions Bancorporation announced that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $465.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 5.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Zions Bancorporation Company Profile
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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