Zions Bancorp (NASDAQ:ZION) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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.”
A number of other brokerages also recently issued reports on ZION. Keefe, Bruyette & Woods reissued a “buy” rating and set a $60.00 price objective on shares of Zions Bancorp in a research report on Friday, December 22nd. Morgan Stanley boosted their price objective on shares of Zions Bancorp from $57.00 to $58.00 and gave the company an “equal weight” rating in a research report on Friday, January 26th. Piper Jaffray Companies reissued a “hold” rating and set a $49.00 price objective on shares of Zions Bancorp in a research report on Tuesday, January 9th. BidaskClub downgraded shares of Zions Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Finally, BMO Capital Markets reissued a “hold” rating and set a $53.00 price objective on shares of Zions Bancorp in a research report on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $55.22.
Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings data on Monday, January 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.07. The business had revenue of $665.00 million for 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 period in the previous year, the firm earned $0.60 EPS. equities research analysts predict that Zions Bancorp will post 3.65 earnings per share for the current year.
In other news, insider Joseph L. Reilly sold 23,271 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $46.70, for a total value of $1,086,755.70. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider David E. Blackford sold 4,115 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $51.47, for a total transaction of $211,799.05. The disclosure for this sale can be found here. Insiders sold a total of 56,540 shares of company stock worth $2,725,225 over the last ninety days. Insiders own 1.46% of the company’s stock.
Several large investors have recently added to or reduced their stakes in ZION. Crewe Advisors LLC bought a new position in Zions Bancorp in the 4th quarter worth about $102,000. Delpha Capital Management LLC bought a new position in Zions Bancorp in the 4th quarter worth about $107,000. G&S Capital LLC bought a new position in Zions Bancorp in the 4th quarter worth about $115,000. Tower Research Capital LLC TRC boosted its stake 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 in the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake 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 in the last quarter. 93.46% of the stock is currently owned by hedge funds and other institutional investors.
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Zions Bancorp 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.
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