Zions Bancorp (NASDAQ: ZION) shares rose in value Thursday Dec 15 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Analysts at Bank of America Corp. upgraded shares of Zions Bancorp (NASDAQ: ZION) from Underperform to Neutral today. With a rating of Neutral on the shares, Zions Bancorp has a 52-week high of $43.47. As a means of comparison, a number of other analysts have commented on the company recently, and the company has secured a consensus one-year price target of $40.20, a decrease compared to the opening price of $42.82. Usually, after analysts issue an upgrade report on a stock, they will later issue sporadic updates, such as a price target change.
Shares of Zions Bancorp (NASDAQ: ZION) opened at $42.82 on Tuesday and has traded in a range between, $42.48 and $43.26, and last traded at $43.13, which is a spike of $0.93 or 2.20% over the previous closing price.
Zions Bancorp (NASDAQ: ZION) now has a market cap of 8.79B.
Zions Bancorp (NASDAQ: ZION) Average Daily Trading Volume
633,309 shares crossed the trading desk yesterday, lower than the average, out of a total float 200,495,000. Swing traders often use increases in trading volume to determine heavy volume aggregation or dissemination by institutional investors, so look for trading volume to pick up in the coming days.
As with all possible breakouts, investors watch for volume to be at least 40%-50% greater than normal on the breakout to indicate that fund managers and other professional investors are jumping in.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these have 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.
By tracking the activity of these professional investors—and the moving averages they affect— traders can make the best trades.
With that in mind, Zions Bancorp (NASDAQ: ZION) now has a 50-day MA of $37.40 and 200-day MA of $30.84. It has traded in a 52-week range between $19.65 – 43.47 and today’s last price is 0.78%% lower than the 52 week high of $43.47.
Earnings growth is an important factor to research when buying stocks and investors seek companies that have grown their earnings by at least 25% over a 3 year period.
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