Nearly two months after plunging amid banking alarms, Zions Bancorp’s stock is rising.
Shares in the Utah-based lending company had risen more than 18% as of 11 a.m. Friday compared to the most recent closing.
The uptick comes as JPMorgan upgraded Zions from underweight to overweight. That means analysts believe the stock will do well and boost returns in coming months.
The regional bank’s average projected stock price for April 24, 2024, was pegged $38.88, according to the financial research site Fintel. That’s 95.1% higher than Thursday’s closing price of $19.93.
If Zions meets projections, its stock still won’t rebound to its previous value after prices fell dramatically in late February and early March. At that time, the bank’s stock price tanked from around $50 a share to less than $30, and it’s plunged more since mid-April.
Zions has taken other hits as well, from earnings falling below the Wall Street mark to Moody’s Investors Service downgrading the bank’s credit rating. Zions’ leaders sought to reassure investors after the earnings report and downplayed the Moody’s downgrade. Bank executives noted that three other major credit rating agencies left Zions’ rating unchanged.
Regional banks across the country have been trying to convince the general public that they’re financially sound. That includes displaying confidence in their own stock. Regulatory filings show Zions executives recently spent close to $2 million investing in the bank’s failing stock, The New York Times reported.
from The Salt Lake Tribune https://ift.tt/BalfZvN
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