BidaskClub upgraded shares of Zions Bancorporation (NASDAQ:ZION) from a hold rating to a buy rating in a research report sent to investors on Wednesday.
A number of other analysts have also weighed in on the stock. B. Riley set a $54.00 target price on shares of Zions Bancorporation and gave the stock a buy rating in a report on Monday, November 20th. Piper Jaffray Companies reiterated a hold rating and set a $44.00 target price on shares of Zions Bancorporation in a report on Tuesday, October 24th. Barclays set a $52.00 target price on shares of Zions Bancorporation and gave the stock an overweight rating in a report on Tuesday, October 24th. Royal Bank Of Canada increased their target price on shares of Zions Bancorporation from $51.00 to $53.00 and gave the stock an outperform rating in a report on Tuesday, October 24th. Finally, FBR & Co restated a buy rating and issued a $54.00 price objective on shares of Zions Bancorporation in a report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $49.84.
Zions Bancorporation (NASDAQ ZION) traded up $0.46 during trading on Wednesday, hitting $50.93. 1,644,304 shares of the stock were exchanged, compared to its average volume of 2,497,926. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $10,081.07, a price-to-earnings ratio of 18.97, a P/E/G ratio of 1.95 and a beta of 1.48. Zions Bancorporation has a one year low of $38.43 and a one year high of $52.20.
Zions Bancorporation (NASDAQ:ZION) last posted its earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.01). The firm had revenue of $661.00 million for the quarter, compared to analysts’ expectations of $666.83 million. Zions Bancorporation had a return on equity of 8.54% and a net margin of 22.70%. During the same quarter in the prior year, the company posted $0.57 earnings per share. sell-side analysts anticipate that Zions Bancorporation will post 2.8 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Shareholders of record on Wednesday, November 15th were issued a $0.16 dividend. The ex-dividend date was Tuesday, November 14th. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.12. This represents a $0.64 annualized dividend and a yield of 1.26%. Zions Bancorporation’s dividend payout ratio (DPR) is 24.06%.
In other news, General Counsel Thomas E. Laursen sold 1,600 shares of Zions Bancorporation stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $46.55, for a total transaction of $74,480.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Keith D. Maio sold 13,019 shares of Zions Bancorporation stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $46.44, for a total transaction of $604,602.36. The disclosure for this sale can be found here. Insiders 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 company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Shelton Capital Management purchased a new position in shares of Zions Bancorporation during the third quarter valued at approximately $3,337,000. Cetera Advisor Networks LLC lifted its holdings in shares of Zions Bancorporation by 9.4% during the third quarter. Cetera Advisor Networks LLC now owns 16,597 shares of the bank’s stock valued at $784,000 after purchasing an additional 1,423 shares during the last quarter. California Public Employees Retirement System lifted its holdings in shares of Zions Bancorporation by 1.1% during the third quarter. California Public Employees Retirement System now owns 582,012 shares of the bank’s stock valued at $27,459,000 after purchasing an additional 6,412 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Zions Bancorporation during the third quarter valued at approximately $212,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Zions Bancorporation during the third quarter valued at approximately $513,000. Hedge funds and other institutional investors own 92.64% of the company’s stock.
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About Zions Bancorporation
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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