Zions Bancorp (NASDAQ:ZION) Raised to “Hold” at BidaskClub

Zions Bancorp (NASDAQ:ZION) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Saturday, August 4th.

ZION has been the topic of a number of other reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $60.00 target price on shares of Zions Bancorp in a research report on Friday, July 13th. Barclays upped their price target on Zions Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, July 11th. Susquehanna Bancshares set a $54.00 price target on Zions Bancorp and gave the company a “hold” rating in a research report on Monday, April 23rd. Piper Jaffray Companies restated a “hold” rating on shares of Zions Bancorp in a research note on Tuesday, April 24th. Finally, Wedbush began coverage on Zions Bancorp in a research note on Monday, May 14th. They set a “neutral” rating and a $62.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $58.90.

ZION traded down $0.09 during midday trading on Friday, hitting $53.06. The company’s stock had a trading volume of 1,788,464 shares, compared to its average volume of 2,671,406. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.81 and a quick ratio of 0.81. Zions Bancorp has a 52-week low of $41.22 and a 52-week high of $59.19. The stock has a market capitalization of $10.33 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 1.45 and a beta of 1.38.

Zions Bancorp (NASDAQ:ZION) last released its quarterly earnings results on Monday, July 23rd. The bank reported $0.89 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.03). The company had revenue of $686.00 million for the quarter, compared to analyst estimates of $687.26 million. Zions Bancorp had a return on equity of 10.86% and a net margin of 25.03%. During the same period last year, the firm posted $0.73 earnings per share. equities research analysts anticipate that Zions Bancorp will post 3.95 earnings per share for the current year.

In other Zions Bancorp news, insider David E. Blackford sold 6,180 shares of the company’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $58.24, for a total value of $359,923.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Thomas E. Laursen sold 945 shares of the company’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $52.73, for a total value of $49,829.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,516 shares of company stock valued at $1,076,921. Company insiders own 1.60% of the company’s stock.

A number of hedge funds have recently modified their holdings of ZION. JPMorgan Chase & Co. increased its position in Zions Bancorp by 74.7% in the 1st quarter. JPMorgan Chase & Co. now owns 5,381,320 shares of the bank’s stock worth $283,756,000 after purchasing an additional 2,300,318 shares during the last quarter. LSV Asset Management increased its position in Zions Bancorp by 47.2% in the 2nd quarter. LSV Asset Management now owns 2,474,512 shares of the bank’s stock worth $130,382,000 after purchasing an additional 793,439 shares during the last quarter. Janus Henderson Group PLC increased its position in Zions Bancorp by 120.6% in the 2nd quarter. Janus Henderson Group PLC now owns 1,422,887 shares of the bank’s stock worth $74,972,000 after purchasing an additional 777,750 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Zions Bancorp by 118.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,404,327 shares of the bank’s stock valued at $73,994,000 after acquiring an additional 760,488 shares during the last quarter. Finally, EJF Capital LLC increased its holdings in shares of Zions Bancorp by 36.6% during the 1st quarter. EJF Capital LLC now owns 1,650,943 shares of the bank’s stock valued at $87,054,000 after acquiring an additional 442,280 shares during the last quarter. 93.56% of the stock is currently owned by institutional investors.

Zions Bancorp Company Profile

Zions Bancorporation, a financial holding company, provides a range of banking and related services primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers community banking services, such as small and medium-sized business and corporate banking; commercial and residential development, construction, and term lending; retail banking; treasury cash management and related products and services; and residential mortgage servicing and lending.

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Analyst Recommendations for Zions Bancorp (NASDAQ:ZION)

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