Zions Bancorporation (ZION) is Downgraded by BofA/Merrill to Underperform

Zions Bancorporation (ZION) was Downgraded by BofA/Merrill to ” Underperform”. Earlier the firm had a rating of “Buy ” on the company shares. BofA/Merrill advised their investors in a research report released on Jun 29, 2016.

Many Wall Street Analysts have commented on Zions Bancorporation. Zions Bancorporation was Upgraded by Susquehanna to ” Positive” on Jun 7, 2016. Company shares were Reiterated by Compass Point on May 12, 2016 to “Neutral”, Firm has raised the Price Target to $ 30 from a previous price target of $27 .Zions Bancorporation was Upgraded by Raymond James to ” Strong Buy” on May 9, 2016.

On the company’s financial health, Zions Bancorporation reported $0.38 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Apr 25, 2016. Analyst had a consensus of $0.39.Analysts expectations of $ 576.55.During the same quarter in the previous year, the company posted $0.37 EPS.

Zions Bancorporation closed down -1.7 points or -6.72% at $23.59 with 46,89,532 shares getting traded on Monday. Post opening the session at $24.92, the shares hit an intraday low of $23.34 and an intraday high of $25.11 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

In a different news, on May 31, 2016, Michael Morris (Executive Vice President) sold 8,634 shares at $27.88 per share price. According to the SEC, on May 31, 2016, A Scott Anderson (Exec VP and) sold 5,000 shares at $27.92 per share price. On May 27, 2016, David E Blackford (Exec Vice President) sold 3,981 shares at $28.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Zions Bancorporation is a financial holding company. The Company owns and operates eight commercial banks with a total of approximately 460 domestic branches as of December 31 2014. The Company provides banking and related services through its banking and other subsidiaries primarily in Arizona California Colorado Idaho Nevada New Mexico Oregon Texas Utah Washington and Wyoming. The Company focuses on providing community banking services by 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 servicing and lending; trust and wealth management; limited capital markets activities including municipal finance advisory and underwriting and investment activities.

Zions Bancorporation

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