Zions, Apple, Bank of America: S&P Gainers

NEW YORK ( TheStreet) -- Shares of Zions Bancorporation ( ZION), Apple ( AAPL) and Bank of America ( BAC) were among the best performers in the S&P 500 on Wednesday.

The S&P 500 fell 1.67 points, or 0.12%, on Wednesday to 1,394.28.

Shares of Zions jumped 10.5% on Wednesday to $21.58. The bank passed the stress test and is trying to repay its $1.4 billion that it received in bailout money by issuing $600 million in senior debt, according to Bloomberg.

Zions has an estimated price-to-earnings ratio for next year of 11.75X; the average for banks is 14.36X. For comparison, Comerica ( CMA) has a higher forward P/E of 12.35X.

Sixteen of the 30 analysts who cover Zions rate it at hold. Twelve analysts give the stock a buy rating and two rate it at sell.

TheStreet Ratings gives Zions a C grade and hold rating. The stock has risen 32.56% year to date.

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Apple

Apple shares rose 3.78% to $589.58. Morgan Stanley analyst Katy Huberty raised her price target for the iPhone maker's stock to $720.

Shares of Apple hit a 52-week high Wednesday of $594.72. The stock's 52-week low of $310.50 was set on June 20.

Apple's forward P/E is 12.18X; the average for computer hardware companies is 17.95X. For comparison, both Hewlett-Packard ( HPQ) and Dell ( DELL) have lower forward P/Es of 5.52X and 7.84X, respectively.

Forty-eight of the 53 analysts who cover Apple rate it at buy. Six analysts give the stock a hold rating and one rates it at sell.

Apple gets an A+ grade from TheStreet Ratings with a buy rating and $694.92 price target. The stock has risen 45.58% year to date.


Shares of Bank of America gained 4.12% to $8.84. The bank passed the stress test but has not yet announced a dividend hike or share buyback, unlike rivals JPMorgan Chase ( JPM) and Wells Fargo ( WFC).

Bank of America's forward P/E is 8.26X; the average among its peers is 8.65X. For comparison, both JPMorgan and Citigroup ( C) have lower forward P/Es of 7.98X and 7.51X, respectively.

Twenty-three of the 37 analysts who cover Bank of America rate it at hold. Twelve analysts give the stock a buy rating and two rate it at sell.

TheStreet Ratings gives Bank of America a C- grade and hold rating. The stock has risen 58.99% year to date.

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Other top S&P performers on Wednesday included:
  • Cliffs Natural Resources (CLF): The stock rose 7.07% Wednesday to $69.50. The stock has increased 11.47% year to date. TheStreet Ratings gives Cliffs Natural Resources a B- grade with a buy rating and $71.16 price target.
  • LSI (LSI): The stock increased 7.03% Wednesday to $9.14. The stock has risen 53.61% year to date. TheStreet Ratings gives LSI a B- grade with a buy rating and $9.85 price target.
  • Regions Financial (RF): The stock rose 6.93% Wednesday to $6.17. The stock has increased 43.49% year to date. TheStreet Ratings gives Regions Financial a C- grade and hold rating.
  • Bed Bath & Beyond (BBBY): The stock increased 4.67% Wednesday to $65.47. The stock has risen 12.94% year to date. TheStreet Ratings gives Bed Bath & Beyond an A grade with a buy rating and $82.31 price target.
  • SunTrust Banks (STI): The stock rose 4.56% Wednesday to $23.61. The stock has increased 33.39% year to date. TheStreet Ratings gives SunTrust Banks a C grade and hold rating.
  • Abercrombie & Fitch (ANF): The stock increased 3.72% Wednesday to $53.53. The stock has risen 9.6% year to date. TheStreet Ratings gives Abercrombie & Fitch a C grade and hold rating.
  • American Express (AXP): The stock rose 3.5% Wednesday to $56.15. The stock has increased 19.04% year to date. TheStreet Ratings gives American Express an A+ grade with a buy rating and $61.16 price target.

-- Written by Alexandra Zendrian in New York.

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