Zions Bancorporation (ZION) Downgraded by Robert W. Baird

Robert W. Baird cut shares of Zions Bancorporation (NASDAQ:ZION) from a neutral rating to an underperform rating in a research report sent to investors on Monday morning, MarketBeat.com reports. The firm currently has $43.00 target price on the bank’s stock, down from their prior target price of $46.12.

Other equities research analysts also recently issued reports about the company. Zacks Investment Research raised Zions Bancorporation from a hold rating to a buy rating and set a $47.00 target price for the company in a report on Wednesday, June 28th. Deutsche Bank AG raised Zions Bancorporation from a hold rating to a buy rating and upped their target price for the company from $45.00 to $46.00 in a report on Thursday, May 4th. BidaskClub raised Zions Bancorporation from a hold rating to a buy rating in a report on Tuesday, June 13th. Jefferies Group LLC reaffirmed a buy rating and set a $49.00 target price on shares of Zions Bancorporation in a report on Thursday, June 8th. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $45.00 target price (up from $43.00) on shares of Zions Bancorporation in a report on Monday, June 5th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $43.52.

Shares of Zions Bancorporation (NASDAQ:ZION) opened at 45.29 on Monday. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of 18.04 and a beta of 1.44. Zions Bancorporation has a 1-year low of $27.77 and a 1-year high of $48.33. The company’s 50 day moving average is $44.41 and its 200-day moving average is $42.73.

Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.11. The business had revenue of $660 million during the quarter, compared to analyst estimates of $640.34 million. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same quarter in the prior year, the firm posted $0.44 earnings per share. Equities analysts anticipate that Zions Bancorporation will post $2.82 earnings per share for the current fiscal year.

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Zions Bancorporation declared that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $465.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th will be given a $0.12 dividend. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Tuesday, August 15th. Zions Bancorporation’s dividend payout ratio is presently 12.75%.

In other news, General Counsel Thomas E. Laursen sold 1,000 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $46.38, for a total transaction of $46,380.00. Following the transaction, the general counsel now owns 23,484 shares of the company’s stock, valued at approximately $1,089,187.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David E. Blackford sold 2,090 shares of the stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $39.61, for a total value of $82,784.90. Following the transaction, the insider now directly owns 23,578 shares in the company, valued at approximately $933,924.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,779 shares of company stock worth $1,128,012. Insiders own 1.46% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of ZION. Strs Ohio bought a new position in shares of Zions Bancorporation during the first quarter worth approximately $402,000. Shell Asset Management Co. raised its position in shares of Zions Bancorporation by 16.5% in the first quarter. Shell Asset Management Co. now owns 42,592 shares of the bank’s stock worth $1,789,000 after buying an additional 6,033 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Zions Bancorporation by 10,038.3% in the first quarter. Acadian Asset Management LLC now owns 74,415 shares of the bank’s stock worth $3,126,000 after buying an additional 73,681 shares in the last quarter. V Wealth Management LLC raised its position in shares of Zions Bancorporation by 3.3% in the first quarter. V Wealth Management LLC now owns 46,645 shares of the bank’s stock worth $1,966,000 after buying an additional 1,507 shares in the last quarter. Finally, Douglas Lane & Associates LLC raised its position in shares of Zions Bancorporation by 0.3% in the first quarter. Douglas Lane & Associates LLC now owns 221,009 shares of the bank’s stock worth $9,282,000 after buying an additional 730 shares in the last quarter. 94.93% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Zions Bancorporation (NASDAQ:ZION)

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