Zions Bancorp (NASDAQ: ZION) shares were down on Friday Dec 2 with lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock, raising the price target of stock.
Meanwhile, U.S. stocks edged lower on Friday, with major indexes on track for a weekly decline.
The Dow Jones Industrial Average DJIA, -0.14% fell 23 points, or 0.1%, to 19,169, while the S&P 500 SPX, +0.09% lost 1.2 point to 2,190, a move of less than 0.1%. The Nasdaq Composite COMP, -0.15% fell 5.3 points, or 0.1%, to 5,247.
Zions Bancorp (NASDAQ: ZION) had its price target boosted by equities researchers at FBR & Co from $37.00 to $42.00. With a rating of Mkt Perform on the stock, Zions Bancorp has a 52-week high of $40.80. The one-year price target of $38.00 is a decrease compared to the opening price of $40.80, causing a number of other analysts to comment on the company in recent days.
Shares of Zions Bancorp (NASDAQ: ZION) opened at $40.80 on Tuesday and has traded in a range between, $39.67 and $40.80, and last traded at $40.34, a drop of $0.07 per share or -0.17% over the previous closing price.
Zions Bancorp (NASDAQ: ZION) now has a market cap of 8.22B.
Zions Bancorp (NASDAQ: ZION) Average Daily Trading Volume
The stock’s average daily volume is 3,296,560 shares out of a total float 200,495,000 and some 221,313 shares traded hands yesterday, below normal. Look for trading volume to pick up in the coming days as investors often use upticks in trading volume to identify heavy volume growth or dissemination by institutional investors.
However, just a day of heavy buy side trading is not enough to determine a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have substantial teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you are researching.
Zions Bancorp (NASDAQ: ZION) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
Traders can make more useful choices on trades when they follow the trading habits of professional investors.
With that in mind, Zions Bancorp (NASDAQ: ZION) now has a 50-day MA of $34.02 and 200-day MA of $29.63. It has traded in a 52-week range between $19.65 – 40.80 and today’s last price is 1.13%% lower than the 52 week high of $40.80.
Earnings growth is an important factor to research when investing in stocks and investors seek companies that have been successful at growing their earnings by at least 25% for 3 consecutive years.
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