Zions Bancorporation (NASDAQ:ZION)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Monday, StockRatingsNetwork.com reports. They currently have a $31.00 price objective on the stock. Zacks‘ price target would suggest a potential upside of 4.27% from the company’s current price.
Zacks‘ analyst wrote, “Zions’ third-quarter 2013 earnings came in marginally ahead of the Zacks Consensus Estimate. Results benefited from declining operating expenses, partially offset by lower top line. Moreover, consistent improvements in credit quality and capital ratios as well as growth in deposits and loans were the tailwinds. However, profitability ratios deteriorated. We believe that the company’s cost control efforts will drive future growth. Also, capital deployment activities will continue to boost shareholders’ confidence. However, we remain concerned about the still low interest-rate environment, sluggish economic growth, asset-sensitive balance sheet, losses related to its CDO exposure and regulatory restrictions.”
In other Zions Bancorporation news, VP W David Hemingway unloaded 4,224 shares of the company’s stock on the open market in a transaction dated Monday, November 25th. The stock was sold at an average price of $29.68, for a total value of $125,368.32. Following the sale, the vice president now directly owns 126,975 shares in the company, valued at approximately $3,768,618. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Several other analysts have also recently commented on the stock. Analysts at Raymond James downgraded shares of Zions Bancorporation from a “strong-buy” rating to an “outperform” rating in a research note to investors on Tuesday, November 19th. They now have a $32.00 price target on the stock, down previously from $36.00. Separately, analysts at SunTrust cut their price target on shares of Zions Bancorporation from $36.00 to $32.00 in a research note to investors on Wednesday, October 23rd. They now have a “buy” rating on the stock. Finally, analysts at Jefferies Group cut their price target on shares of Zions Bancorporation from $31.00 to $28.00 in a research note to investors on Tuesday, October 22nd. They now have a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $29.33.
Zions Bancorporation (NASDAQ:ZION) traded down 0.20% during mid-day trading on Monday, hitting $29.67. 2,007,098 shares of the company’s stock traded hands. Zions Bancorporation has a 52 week low of $19.67 and a 52 week high of $31.40. The stock’s 50-day moving average is $28.88 and its 200-day moving average is $28.69. The company has a market cap of $5.478 billion and a P/E ratio of 14.15.
Zions Bancorporation (NASDAQ:ZION) last released its earnings data on Monday, October 21st. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.42 by $0.02. During the same quarter last year, the company posted $0.34 earnings per share. Analysts expect that Zions Bancorporation will post $2.35 EPS for the current fiscal year.
Zions Bancorporation is a financial holding company. The Company focuses on providing community banking services by continuously strengthening its core business lines of 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; trust and wealth management, and investment activities.
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