.png "Zions Bancorp (NASDAQ: ZION)")
B.Riley FBR analyst Steve Moss reiterated a Buy rating on Zions Bancorp (NASDAQ: ZION) today and set a price target of $64. The company’s shares opened today at $47.18.
Moss commented:
“Zions reported-better-than expected results with solid loan growth, NIM expansion, and a benefit from lower credit costs. Excluding restructuring charges, we peg core at $1.05, $0.07 ahead of our estimate and $0.09 ahead of consensus. Results exceeded our estimate due to lower-than-expected credit costs (+$0.07), higher NII (+$0.02), partly offset by higher taxes (- $0.02). While Zions modestly tempered loan growth, Zions earnings outlook remains strong due to greater-than-expected NIM expansion, well-controlled expenses, and more accretive share repurchases given the recent pullback in the stock. Accordingly, we raise our 2019 estimate and reiterate our Buy rating and $64 PT, which values Zions at 14.5x our 2019 estimate. Zions trades at just 10.3x our 2019 estimate, which we view as attractive for a quality franchise with significant earnings levers and improving profitability.”
According to TipRanks.com, Moss is a 2-star analyst with an average return of 0.6% and a 42.2% success rate. Moss covers the Financial sector, focusing on stocks such as Seacoast Banking Corporation Of Florida, The Bank of Princeton, and Meta Financial Group.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Zions Bancorp with a $56.73 average price target, implying a 20.2% upside from current levels. In a report issued on October 9, Vining Sparks also maintained a Buy rating on the stock with a $63 price target.
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The company has a one-year high of $59.19 and a one-year low of $43.50. Currently, Zions Bancorp has an average volume of 2.13M.
Based on the recent corporate insider activity of 158 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2018, Alexander Hume, the SVP of ZION sold 4,046 shares for a total of $220,551.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Zions Bancorporation NA is a bank holding company, which engages in the provision of full banking and related services. It operates through the following segments: Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington.
