Zions Bancorp (NASDAQ:ZION) – Equities researchers at Jefferies Group increased their FY2017 earnings estimates for Zions Bancorp in a research report issued to clients and investors on Tuesday. Jefferies Group analyst K. Usdin now forecasts that the bank will post earnings of $2.79 per share for the year, up from their prior forecast of $2.78. Jefferies Group currently has a “Buy” rating and a $54.00 target price on the stock.
Several other equities research analysts have also recently weighed in on the stock. Piper Jaffray Companies restated a “hold” rating and issued a $49.00 price target on shares of Zions Bancorp in a research report on Tuesday. BidaskClub cut shares of Zions Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. 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 report on Tuesday, January 2nd. Zacks Investment Research upgraded shares of Zions Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Wednesday, December 27th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $60.00 price target on shares of Zions Bancorp in a research report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $52.12.
Zions Bancorp (NASDAQ:ZION) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.01). Zions Bancorp had a return on equity of 8.54% and a net margin of 22.70%. The business had revenue of $661.00 million during the quarter, compared to the consensus estimate of $666.83 million. During the same quarter in the prior year, the firm posted $0.57 EPS.
In other Zions Bancorp news, insider Joseph L. Reilly sold 23,271 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $46.70, for a total transaction of $1,086,755.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Bruce K. Alexander sold 6,089 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $47.97, for a total transaction of $292,089.33. The disclosure for this sale can be found here. Insiders have sold 43,979 shares of company stock worth $2,057,927 in the last quarter. Company insiders own 1.46% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Americafirst Capital Management LLC purchased a new stake in shares of Zions Bancorp during the second quarter valued at $175,000. Conning Inc. purchased a new stake in shares of Zions Bancorp during the third quarter valued at $210,000. Janney Montgomery Scott LLC purchased a new stake in shares of Zions Bancorp during the third quarter valued at $212,000. Magnetar Financial LLC purchased a new stake in shares of Zions Bancorp during the third quarter valued at $215,000. Finally, Advisor Group Inc. boosted its stake in shares of Zions Bancorp by 20.8% during the second quarter. Advisor Group Inc. now owns 5,234 shares of the bank’s stock valued at $229,000 after purchasing an additional 901 shares during the period. 92.54% of the stock is owned by hedge funds and other institutional investors.
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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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