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.
COPYRIGHT VIOLATION WARNING: This news story was originally published by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright & trademark law. The correct version of this news story can be viewed at https://sportsperspectives.com/2017/08/10/zions-bancorporation-zion-downgraded-by-robert-w-baird.html.
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.
Receive News & Ratings for Zions Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zions Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.