Zions Bancorp (NASDAQ:ZION) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, December 27th. The brokerage currently has a $57.00 price target on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 7.32% from the stock’s previous close.
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.”
ZION has been the subject of a number of other research reports. Jefferies Group reaffirmed a “buy” rating and issued a $54.00 price target on shares of Zions Bancorp in a report on Thursday, October 12th. Royal Bank of Canada raised their price objective on shares of Zions Bancorp from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 24th. BidaskClub downgraded shares of Zions Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, December 16th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $48.00 price objective on shares of Zions Bancorp in a research note on Tuesday, October 3rd. Finally, Barclays set a $52.00 price objective on shares of Zions Bancorp and gave the stock an “overweight” rating in a research note on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the stock. Zions Bancorp currently has an average rating of “Buy” and an average price target of $52.12.
Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings data on Monday, October 23rd. The bank reported $0.72 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.01). Zions Bancorp had a net margin of 22.70% and a return on equity of 8.54%. The company had revenue of $661.00 million for the quarter, compared to the consensus estimate of $666.83 million. During the same period last year, the company earned $0.57 EPS. equities analysts expect that Zions Bancorp will post 2.8 earnings per share for the current fiscal year.
In other Zions Bancorp news, insider Bruce K. Alexander sold 6,089 shares of Zions Bancorp stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $47.97, for a total value of $292,089.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Thomas E. Laursen sold 1,600 shares of Zions Bancorp stock in a transaction on Monday, November 27th. The shares were sold at an average price of $46.55, for a total transaction of $74,480.00. The disclosure for this sale can be found here. Insiders have 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 insiders.
Hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its stake in shares of Zions Bancorp by 4.0% during the third quarter. Wells Fargo & Company MN now owns 2,255,672 shares of the bank’s stock worth $106,423,000 after purchasing an additional 87,108 shares in the last quarter. Tocqueville Asset Management L.P. increased its stake in shares of Zions Bancorp by 8.6% during the second quarter. Tocqueville Asset Management L.P. now owns 8,675 shares of the bank’s stock worth $381,000 after purchasing an additional 688 shares in the last quarter. Korea Investment CORP grew its stake in Zions Bancorp by 13.6% during the 3rd quarter. Korea Investment CORP now owns 147,400 shares of the bank’s stock valued at $6,954,000 after acquiring an additional 17,600 shares in the last quarter. TCW Group Inc. grew its stake in Zions Bancorp by 1.0% during the 3rd quarter. TCW Group Inc. now owns 2,953,568 shares of the bank’s stock valued at $139,349,000 after acquiring an additional 28,685 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Zions Bancorp by 16,303.3% during the 2nd quarter. Janus Henderson Group PLC now owns 1,231,071 shares of the bank’s stock valued at $54,056,000 after acquiring an additional 1,223,566 shares in the last quarter. 92.54% of the stock is owned by institutional investors and hedge funds.
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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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