Zions Bancorporation NA (NASDAQ:ZION) Stock Price Up 5.3% After Better-Than-Expected Earnings

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Zions Bancorporation NA (NASDAQ:ZION) rose 5.3% during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $48.90 and last traded at $48.08, approximately 5,310,052 shares were traded during mid-day trading. An increase of 130% from the average daily volume of 2,305,543 shares. The stock had previously closed at $45.67.

The bank reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.09. The firm had revenue of $713.00 million during the quarter, compared to analyst estimates of $709.29 million. Zions Bancorporation NA had a net margin of 26.99% and a return on equity of 12.26%. During the same period in the previous year, the business posted $1.04 EPS.

ZION has been the subject of a number of analyst reports. BMO Capital Markets boosted their target price on shares of Zions Bancorporation NA from $45.00 to $48.00 and gave the company a “market perform” rating in a research note on Tuesday. Raymond James boosted their target price on shares of Zions Bancorporation NA from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research note on Tuesday. Zacks Investment Research lowered shares of Zions Bancorporation NA from a “buy” rating to a “hold” rating and set a $46.00 target price for the company. in a research note on Thursday, June 27th. Jefferies Financial Group lowered shares of Zions Bancorporation NA from a “buy” rating to a “hold” rating and reduced their target price for the company from $51.00 to $46.00 in a research note on Tuesday, October 8th. Finally, Wedbush reissued a “neutral” rating and set a $48.00 target price (up from $41.00) on shares of Zions Bancorporation NA in a research note on Tuesday. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $51.18.

In other Zions Bancorporation NA news, insider A Scott Anderson sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $44.92, for a total transaction of $449,200.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Thomas E. Laursen sold 957 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $40.75, for a total transaction of $38,997.75. The disclosure for this sale can be found here. Insiders have sold a total of 20,886 shares of company stock worth $936,691 over the last 90 days. 1.70% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in shares of Zions Bancorporation NA by 11.8% during the 2nd quarter. BlackRock Inc. now owns 14,036,257 shares of the bank’s stock worth $645,387,000 after buying an additional 1,477,302 shares in the last quarter. Invesco Ltd. raised its position in shares of Zions Bancorporation NA by 19.9% during the 2nd quarter. Invesco Ltd. now owns 11,559,438 shares of the bank’s stock worth $531,503,000 after buying an additional 1,919,673 shares in the last quarter. LSV Asset Management raised its position in shares of Zions Bancorporation NA by 4.0% during the 2nd quarter. LSV Asset Management now owns 5,357,695 shares of the bank’s stock worth $246,346,000 after buying an additional 204,356 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Zions Bancorporation NA by 386.2% during the 2nd quarter. Victory Capital Management Inc. now owns 4,040,695 shares of the bank’s stock worth $185,790,000 after buying an additional 3,209,650 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Zions Bancorporation NA by 42.5% in the 2nd quarter. Wells Fargo & Company MN now owns 3,258,511 shares of the bank’s stock worth $149,826,000 after purchasing an additional 971,840 shares in the last quarter. Institutional investors own 94.99% of the company’s stock.

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.18. The business’s fifty day moving average is $43.63 and its 200 day moving average is $44.63. The firm has a market capitalization of $7.91 billion, a P/E ratio of 11.78, a P/E/G ratio of 1.66 and a beta of 1.55.

Zions Bancorporation NA Company Profile (NASDAQ:ZION)

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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