Why Zions Bancorp Stock Surged 42% in July
Zions Bancorporation (NASDAQ: ZION) rewarded investors in July as its stock price surged 42% higher in the month, according to S&P Global Market Intelligence. Zions Bancorp is still down about 22% year to date as of Aug. 7, trading at just over $38 per share.
The bank stock beat the markets in July as the S 500 was up 3.2%, the Dow Jones Industrial Average rose 3.4%, and the Nasdaq Composite climbed 4.1% last month.
Zions Bancorp moved higher in July on a combination of good macroeconomic news and solid second-quarter earnings. On the macroeconomic front, the reduction in the inflation rate in June to 3.1% -- the lowest since March 2021 -- buoyed most stocks, as did the release of the second-quarter gross domestic product (GDP), which was up 2.4%. Both of these numbers were better than expected, as many economists had predicted an economic slowdown or recession.
Source Fool.com
Zions Bancorporation Stock
Currently there is a rather positive sentiment for Zions Bancorporation with 7 Buy predictions and 3 Sell predictions.
At the moment Zions Bancorporation has reached the predicted target price of 38 €, with a current price of 37.79 €.
