RBC Capital Believes ZION Won’t Stop Here

By Jason Carr

RBC Capital analyst Joseph Morford reiterated a Buy rating on Zions Bancorp (NASDAQ: ZION) today and set a price target of $40. The company’s shares closed yesterday at $34.62, close to its 52-week high of $35.04.

According to TipRanks.com, Morford is a 4-star analyst with an average return of 10.8% and a 69.2% success rate. Morford covers the Financial sector, focusing on stocks such as Cathay General Bancorp, Bank Of Hawaii Corp., and Cobiz Financial Inc.

Currently, the analyst consensus on Zions Bancorp is Moderate Buy and the average price target is $36.20, representing a 4.6% upside.

In a report issued on November 8, Credit Suisse also reiterated a Buy rating on the stock with a $38 price target.

Zions Bancorp’s market cap is currently $7.06B and has a P/E ratio of 19.02. The company has a book value ratio of 1.0126.

Based on the recent corporate insider activity of 170 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Michael Morris, the EVP of ZION sold 18,000 shares for a total of $583,087.

Zions Bancorp. is a financial holding company. The company, through its subsidiaries, provides a full range of banking and related services. It provides variety of commercial and retail banking and mortgage lending products and services. The company offers personal banking services to individuals, including home mortgages, bankcard, other installment loans, home equity lines of credit, checking accounts, savings accounts, certificates of deposit of various types and maturities, trust services, safe deposit facilities, direct deposit, and Internet and mobile banking. The company was founded in April 1955 and is headquartered in Salt Lake City, UT.