Zions Well Poised For Growth: Should You Hold The Stock?
Zacks Investment Research | Nov 21, 2016 07:18AM ET
On Nov 18, 2016, we issued an updated research report on Zions Bancorporation (NASDAQ:ZION) . Shares of this Utah-based banking and related services provider have surged nearly 40% year to date. The rise reflects the success of its restructuring efforts and subsequent approval of its capital plan by the Fed in June.
Zions has been successful in lowering costs through several initiatives, evident from continued decline in operating expenses. Also, management remains on track to exceed its cost savings target of $120 million in 2017.
Additionally, Zions is undertaking efforts to improve its balance sheet position. This led to the approval of its 2016 capital plan, which included a dividend hike and a resumption of share repurchase program (up to $180 million). Given the company’s robust capital position, it will continue to return capital and boost investors’ confidence.
Further, analysts remain optimistic about Zions prospects. Over the last 30 days, the Zacks Consensus Estimate has increased 3.8% and 2.2% for 2016 and 2017, respectively.
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