Robert W. Baird Lowers Zions Bancorporation (NASDAQ:ZION) to Underperform

Robert W. Baird downgraded shares of Zions Bancorporation (NASDAQ:ZION) from a neutral rating to an underperform rating in a report published on Monday, August 7th, Marketbeat.com reports. They currently have $43.00 price target on the bank’s stock, down from their prior price target of $46.12.

A number of other analysts have also recently weighed in on the company. BMO Capital Markets reissued a hold rating and issued a $47.00 price objective on shares of Zions Bancorporation in a research report on Thursday, July 27th. Zacks Investment Research raised Zions Bancorporation from a hold rating to a buy rating and set a $50.00 price objective for the company in a research report on Thursday, July 13th. Jefferies Group LLC restated a buy rating and issued a $49.00 target price on shares of Zions Bancorporation in a research note on Friday, July 14th. Keefe, Bruyette & Woods restated a hold rating and issued a $46.00 target price on shares of Zions Bancorporation in a research note on Friday, July 14th. Finally, FIG Partners restated an outperform rating and issued a $54.00 target price (up previously from $50.00) on shares of Zions Bancorporation in a research note on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $44.33.

Shares of Zions Bancorporation (ZION) traded up 0.16% on Monday, reaching $43.92. The company’s stock had a trading volume of 1,483,039 shares. The firm has a 50-day moving average price of $44.79 and a 200 day moving average price of $42.82. The firm has a market capitalization of $8.88 billion, a PE ratio of 17.48 and a beta of 1.44. Zions Bancorporation has a one year low of $28.75 and a one year high of $48.33.

Zions Bancorporation (NASDAQ:ZION) last announced its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.11. The business had revenue of $660 million for the quarter, compared to analysts’ expectations of $640.34 million. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same quarter last year, the firm earned $0.44 EPS. On average, analysts anticipate that Zions Bancorporation will post $2.82 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Tuesday, August 15th. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s payout ratio is presently 19.12%.

Zions Bancorporation announced that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $465.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $46.38, for a total value of $46,380.00. Following the sale, the general counsel now owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider David E. Blackford sold 1,242 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $40.73, for a total value of $50,586.66. Following the completion of the sale, the insider now directly owns 28,696 shares in the company, valued at approximately $1,168,788.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,422 shares of company stock worth $1,746,332. Corporate insiders own 1.46% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Zions Bancorporation by 4,464.8% in the first quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock worth $493,142,000 after buying an additional 11,484,250 shares during the last quarter. Balyasny Asset Management LLC increased its position in shares of Zions Bancorporation by 705.8% in the second quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock worth $139,918,000 after buying an additional 2,791,044 shares during the last quarter. Cramer Rosenthal Mcglynn LLC increased its position in shares of Zions Bancorporation by 276.0% in the second quarter. Cramer Rosenthal Mcglynn LLC now owns 1,823,738 shares of the bank’s stock worth $80,080,000 after buying an additional 1,338,748 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Zions Bancorporation by 16,303.3% in the second quarter. Janus Henderson Group PLC now owns 1,231,071 shares of the bank’s stock worth $54,056,000 after buying an additional 1,223,566 shares during the last quarter. Finally, Harbour Capital Advisors LLC increased its position in shares of Zions Bancorporation by 4,471.9% in the second quarter. Harbour Capital Advisors LLC now owns 1,165,240 shares of the bank’s stock worth $26,537,000 after buying an additional 1,139,753 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

About Zions Bancorporation

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.

Analyst Recommendations for Zions Bancorporation (NASDAQ:ZION)

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