Vident Investment Advisory LLC reduced its position in shares of Zions Bancorporation (NASDAQ:ZION) by 18.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 55,824 shares of the bank’s stock after selling 12,880 shares during the period. Vident Investment Advisory LLC’s holdings in Zions Bancorporation were worth $2,345,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of ZION. Cibc World Markets Corp boosted its stake in Zions Bancorporation by 51.4% in the first quarter. Cibc World Markets Corp now owns 21,155 shares of the bank’s stock worth $889,000 after buying an additional 7,181 shares during the last quarter. Schroder Investment Management Group boosted its stake in Zions Bancorporation by 5.7% in the first quarter. Schroder Investment Management Group now owns 920,513 shares of the bank’s stock worth $39,011,000 after buying an additional 50,010 shares during the last quarter. Clinton Group Inc. acquired a new stake in Zions Bancorporation during the first quarter worth $4,571,000. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Zions Bancorporation by 32.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 147,600 shares of the bank’s stock valued at $6,199,000 after buying an additional 36,110 shares in the last quarter. Finally, KBC Group NV boosted its stake in shares of Zions Bancorporation by 3.2% in the first quarter. KBC Group NV now owns 82,566 shares of the bank’s stock valued at $3,468,000 after buying an additional 2,575 shares in the last quarter. 95.43% of the stock is currently owned by institutional investors and hedge funds.
Zions Bancorporation (ZION) traded up 0.51% on Friday, reaching $43.09. 3,442,457 shares of the company were exchanged. Zions Bancorporation has a 12-month low of $23.02 and a 12-month high of $48.33. The company’s 50-day moving average price is $40.87 and its 200-day moving average price is $42.26. The stock has a market capitalization of $8.73 billion, a P/E ratio of 19.40 and a beta of 1.43.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings data on Monday, April 24th. The bank reported $0.61 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.07. Zions Bancorporation had a net margin of 20.50% and a return on equity of 7.44%. The firm had revenue of $621 million for the quarter, compared to the consensus estimate of $619.90 million. During the same quarter in the prior year, the company posted $0.38 earnings per share. Equities research analysts anticipate that Zions Bancorporation will post $2.58 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 25th. Shareholders of record on Thursday, May 18th were issued a dividend of $0.08 per share. The ex-dividend date was Tuesday, May 16th. This represents a $0.32 annualized dividend and a yield of 0.74%. Zions Bancorporation’s payout ratio is 14.41%.
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Several analysts have weighed in on the stock. Barclays PLC reaffirmed an “overweight” rating and set a $50.00 price objective (up from $48.00) on shares of Zions Bancorporation in a research note on Friday. BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday. Jefferies Group LLC reaffirmed a “buy” rating and set a $49.00 price objective on shares of Zions Bancorporation in a research note on Thursday, June 8th. Morgan Stanley reaffirmed an “equal weight” rating and set a $45.00 price objective (up from $43.00) on shares of Zions Bancorporation in a research note on Monday, June 5th. Finally, Zacks Investment Research cut shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a research note on Monday, February 20th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $42.90.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 860 shares of the company’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $41.16, for a total transaction of $35,397.60. Following the transaction, the general counsel now owns 25,901 shares in the company, valued at $1,066,085.16. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Leeanne B. Linderman sold 29,078 shares of the company’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $41.00, for a total transaction of $1,192,198.00. Following the completion of the sale, the insider now owns 15,746 shares of the company’s stock, valued at approximately $645,586. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,184 shares of company stock worth $1,880,815. Corporate insiders own 1.46% of the company’s stock.
Zions Bancorporation Company Profile
Zions Bancorporation is a financial holding company. The Company conducts its banking operations through separately managed and branded segments, including Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank (NSB), Vectra Bank Colorado, The Commerce Bank of Washington (TCBW) and Other.
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