Zions Bancorporation (NASDAQ:ZION) – Jefferies Group upped their Q3 2017 earnings estimates for shares of Zions Bancorporation in a research report issued to clients and investors on Monday. Jefferies Group analyst K. Usdin now expects that the bank will earn $0.75 per share for the quarter, up from their prior forecast of $0.74. Jefferies Group has a “Buy” rating and a $54.00 price objective on the stock. Jefferies Group also issued estimates for Zions Bancorporation’s FY2017 earnings at $2.84 EPS and FY2019 earnings at $3.35 EPS.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.11. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The firm had revenue of $660.00 million for the quarter, compared to analyst estimates of $640.34 million. During the same quarter last year, the firm earned $0.44 earnings per share.
ZION has been the topic of a number of other research reports. Morgan Stanley reiterated an “equal weight” rating and set a $46.00 price objective (up previously from $45.00) on shares of Zions Bancorporation in a research note on Friday, July 7th. Zacks Investment Research upgraded Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Thursday, July 13th. Wells Fargo & Company started coverage on Zions Bancorporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $56.00 price objective on the stock. BidaskClub upgraded Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Finally, BMO Capital Markets restated a “hold” rating and issued a $44.00 price target on shares of Zions Bancorporation in a research note on Thursday, June 29th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. Zions Bancorporation presently has a consensus rating of “Hold” and an average target price of $46.95.
Zions Bancorporation (NASDAQ:ZION) opened at 47.28 on Tuesday. The company has a market cap of $9.56 billion, a price-to-earnings ratio of 18.82 and a beta of 1.44. Zions Bancorporation has a 52-week low of $30.07 and a 52-week high of $48.33. The stock has a 50 day moving average of $44.88 and a 200-day moving average of $43.05.
A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Zions Bancorporation by 4.3% in the second quarter. Vanguard Group Inc. now owns 21,245,566 shares of the bank’s stock valued at $932,892,000 after acquiring an additional 882,190 shares during the period. State Street Corp grew its stake in Zions Bancorporation by 8.7% in the second quarter. State Street Corp now owns 12,373,314 shares of the bank’s stock valued at $543,315,000 after acquiring an additional 986,548 shares during the period. BlackRock Inc. grew its stake in Zions Bancorporation by 4,464.8% in the first quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock valued at $493,142,000 after acquiring an additional 11,484,250 shares during the period. TIAA CREF Investment Management LLC grew its stake in Zions Bancorporation by 2.0% in the second quarter. TIAA CREF Investment Management LLC now owns 3,590,330 shares of the bank’s stock valued at $157,651,000 after acquiring an additional 68,904 shares during the period. Finally, Balyasny Asset Management LLC grew its stake in Zions Bancorporation by 705.8% in the second quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock valued at $139,918,000 after acquiring an additional 2,791,044 shares during the period. 92.30% of the stock is owned by hedge funds and other institutional investors.
In other Zions Bancorporation news, insider Edward Schreiber sold 13,000 shares of Zions Bancorporation stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $44.98, for a total value of $584,740.00. Following the completion of the sale, the insider now directly owns 51,517 shares in the company, valued at $2,317,234.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David E. Blackford sold 9,533 shares of Zions Bancorporation stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $44.94, for a total value of $428,413.02. Following the completion of the sale, the insider now owns 22,997 shares of the company’s stock, valued at $1,033,485.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,118 shares of company stock valued at $1,222,407. 1.46% of the stock is currently owned by corporate insiders.
Zions Bancorporation declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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