Shares of Zions Bancorporation NA (NASDAQ:ZION) shot up 5.3% on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $48.90 and last traded at $48.08, 5,310,052 shares traded hands during trading. An increase of 130% from the average session volume of 2,305,543 shares. The stock had previously closed at $45.67.
The bank reported $1.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.09. The company had revenue of $713.00 million for 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 quarter last year, the business earned $1.04 EPS.
A number of brokerages have weighed in on ZION. Raymond James lifted their price target on shares of Zions Bancorporation NA from $49.00 to $55.00 and gave the company a “strong-buy” rating in a report on Tuesday. Zacks Investment Research lowered shares of Zions Bancorporation NA from a “buy” rating to a “hold” rating and set a $46.00 price target on the stock. in a report on Thursday, June 27th. Piper Jaffray Companies decreased their price target on shares of Zions Bancorporation NA from $51.00 to $50.00 and set an “overweight” rating on the stock in a report on Wednesday, September 11th. Jefferies Financial Group lowered shares of Zions Bancorporation NA from a “buy” rating to a “hold” rating and decreased their price target for the company from $51.00 to $46.00 in a report on Tuesday, October 8th. Finally, Bank of America lifted their price target on shares of Zions Bancorporation NA from $49.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $51.18.
Hedge funds have recently modified their holdings of the company. HM Payson & Co. purchased a new position in shares of Zions Bancorporation NA in the 2nd quarter valued at $26,000. Steward Partners Investment Advisory LLC purchased a new stake in Zions Bancorporation NA during the 2nd quarter worth $35,000. Doyle Wealth Management purchased a new stake in Zions Bancorporation NA during the 2nd quarter worth $38,000. Amica Retiree Medical Trust purchased a new stake in Zions Bancorporation NA during the 2nd quarter worth $39,000. Finally, Valeo Financial Advisors LLC increased its stake in Zions Bancorporation NA by 48.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 898 shares of the bank’s stock worth $41,000 after buying an additional 295 shares during the period. 94.99% of the stock is currently owned by institutional investors and hedge funds.
The stock has a market cap of $7.91 billion, a PE ratio of 11.78, a P/E/G ratio of 1.66 and a beta of 1.55. 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 company’s 50 day moving average is $43.63 and its 200-day moving average is $44.63.
About Zions Bancorporation NA (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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