Zacks Investment Research cut shares of Zions Bancorp (NASDAQ:ZION) from a buy rating to a hold rating in a research note issued to investors on Tuesday.
According to Zacks, “Zions’ shares have outperformed the industry over the past six months. The performance was supported by the company’s impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The company’s fourth-quarter 2017 results benefited from improvement in revenues, partly offset by higher adjusted non-interest expenses. The company has been witnessing consistent growth in loans and deposits along with easing margin pressure. Also, its initiatives to manage expenses have been successful. This along with lower corporate tax rates are expected to support bottom-line growth. However, increased exposure toward risky loan portfolios is expected to hamper the company's financials. Also, geographical concentration might pose a risk for the company in the near term.”
ZION has been the topic of several other research reports. Royal Bank of Canada boosted their price target on shares of Zions Bancorp from $51.00 to $53.00 and gave the stock an outperform rating in a research note on Tuesday, October 24th. Wells Fargo & Co reiterated an outperform rating and issued a $65.00 price target (up previously from $60.00) on shares of Zions Bancorp in a research note on Tuesday, January 23rd. BidaskClub cut shares of Zions Bancorp from a buy rating to a hold rating in a research note on Saturday, December 16th. Barclays boosted their price target on shares of Zions Bancorp from $52.00 to $57.00 and gave the stock an overweight rating in a research note on Tuesday, January 2nd. Finally, Piper Jaffray Companies reiterated a hold rating and issued a $44.00 price target on shares of Zions Bancorp in a research note on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $54.78.
Zions Bancorp (ZION) opened at $51.96 on Tuesday. The firm has a market cap of $10,380.00, a price-to-earnings ratio of 19.83, a P/E/G ratio of 1.53 and a beta of 1.45. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.05. Zions Bancorp has a 1-year low of $38.43 and a 1-year high of $55.61.
Zions Bancorp (NASDAQ:ZION) last issued its earnings results on Monday, January 22nd. The bank reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.07. The company had revenue of $665.00 million during the quarter, compared to the consensus estimate of $670.55 million. Zions Bancorp had a net margin of 21.58% and a return on equity of 9.04%. During the same quarter in the prior year, the firm posted $0.60 EPS. analysts expect that Zions Bancorp will post 3.65 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 22nd. Stockholders of record on Thursday, February 15th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.54%. This is a boost from Zions Bancorp’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Wednesday, February 14th. Zions Bancorp’s dividend payout ratio is currently 24.43%.
In other news, insider Alexander Hume sold 7,196 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $53.87, for a total transaction of $387,648.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Thomas E. Laursen sold 1,600 shares of the company’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $46.55, for a total transaction of $74,480.00. The disclosure for this sale can be found here. Insiders have sold a total of 56,540 shares of company stock worth $2,725,225 over the last 90 days. Corporate insiders own 1.46% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in ZION. Crewe Advisors LLC purchased a new stake in Zions Bancorp in the 4th quarter worth about $102,000. Delpha Capital Management LLC purchased a new stake in Zions Bancorp in the 4th quarter worth about $107,000. Tower Research Capital LLC TRC raised its position in Zions Bancorp by 1,274.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,763 shares of the bank’s stock worth $140,000 after purchasing an additional 2,562 shares during the period. Steward Partners Investment Advisory LLC raised its position in Zions Bancorp by 2,081.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,010 shares of the bank’s stock worth $152,000 after purchasing an additional 2,872 shares during the period. Finally, Blue Sky Asset Management LLC purchased a new stake in Zions Bancorp in the 4th quarter worth about $157,000. Hedge funds and other institutional investors own 93.46% of the company’s stock.
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About Zions Bancorp
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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