Piper Jaffray Companies upgraded shares of Zions Bancorp (NASDAQ:ZION) from a neutral rating to an overweight rating in a report released on Tuesday morning, Marketbeat reports. Piper Jaffray Companies currently has $57.00 target price on the bank’s stock, up from their previous target price of $54.00. Piper Jaffray Companies also issued estimates for Zions Bancorp’s Q4 2018 earnings at $1.02 EPS, Q2 2019 earnings at $1.00 EPS, Q3 2019 earnings at $1.11 EPS, FY2019 earnings at $4.22 EPS and FY2020 earnings at $4.51 EPS.
ZION has been the subject of a number of other research reports. Morgan Stanley decreased their target price on shares of Zions Bancorp from $61.00 to $59.00 and set an equal weight rating for the company in a research note on Tuesday, September 18th. ValuEngine lowered shares of Zions Bancorp from a hold rating to a sell rating in a research note on Wednesday, October 17th. Jefferies Financial Group reissued a buy rating and set a $60.00 target price on shares of Zions Bancorp in a research note on Friday, July 13th. BidaskClub raised shares of Zions Bancorp from a sell rating to a hold rating in a research note on Saturday, August 4th. Finally, BMO Capital Markets decreased their target price on shares of Zions Bancorp from $55.00 to $52.00 and set a market perform rating for the company in a research note on Tuesday, October 23rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $58.57.
Shares of NASDAQ:ZION opened at $50.42 on Tuesday. The firm has a market cap of $9.56 billion, a price-to-earnings ratio of 17.63, a P/E/G ratio of 1.42 and a beta of 1.36. Zions Bancorp has a 12-month low of $43.50 and a 12-month high of $59.19. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.82 and a quick ratio of 0.82.
Zions Bancorp (NASDAQ:ZION) last issued its earnings results on Monday, October 22nd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.08. The company had revenue of $701.00 million during the quarter, compared to analyst estimates of $699.87 million. Zions Bancorp had a net margin of 26.57% and a return on equity of 11.84%. During the same quarter last year, the business posted $0.72 EPS. Equities analysts forecast that Zions Bancorp will post 4.08 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Wednesday, November 14th will be issued a dividend of $0.30 per share. The ex-dividend date is Tuesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.38%. Zions Bancorp’s dividend payout ratio is currently 41.96%.
In other news, General Counsel Thomas E. Laursen sold 1,381 shares of the firm’s stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $48.33, for a total transaction of $66,743.73. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider A Scott Anderson sold 12,000 shares of the firm’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $47.30, for a total transaction of $567,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 24,965 shares of company stock worth $1,230,717 in the last 90 days. 1.60% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. IFM Investors Pty Ltd bought a new position in Zions Bancorp in the 2nd quarter worth $285,000. State of Alaska Department of Revenue raised its holdings in Zions Bancorp by 43.6% in the 2nd quarter. State of Alaska Department of Revenue now owns 56,750 shares of the bank’s stock worth $2,988,000 after acquiring an additional 17,230 shares during the period. Trust Co bought a new position in Zions Bancorp in the 1st quarter worth $313,000. Harbour Capital Advisors LLC bought a new position in Zions Bancorp in the 2nd quarter worth $295,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in Zions Bancorp by 4.7% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 61,007 shares of the bank’s stock worth $3,214,000 after acquiring an additional 2,723 shares during the period. Institutional investors and hedge funds own 94.75% of the company’s stock.
About Zions Bancorp
Zions Bancorporation, National Association provides various 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; residential mortgage servicing and lending services; trust and wealth management services; capital markets services, including municipal finance advisory and underwriting; and investment services.
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