Stephens Inc. AR lowered its position in shares of Zions Bancorporation (NASDAQ:ZION) by 15.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 116,228 shares of the bank’s stock after selling 20,705 shares during the quarter. Stephens Inc. AR owned 0.06% of Zions Bancorporation worth $5,104,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Canada Pension Plan Investment Board raised its position in Zions Bancorporation by 7.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 9,800 shares of the bank’s stock worth $412,000 after buying an additional 700 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Zions Bancorporation by 28.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,015 shares of the bank’s stock worth $631,000 after buying an additional 3,337 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Zions Bancorporation by 1.9% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 21,379 shares of the bank’s stock worth $898,000 after buying an additional 400 shares during the last quarter. Bank of Nova Scotia raised its position in Zions Bancorporation by 48.3% during the 1st quarter. Bank of Nova Scotia now owns 97,273 shares of the bank’s stock worth $4,085,000 after buying an additional 31,673 shares during the last quarter. Finally, Creative Planning raised its position in Zions Bancorporation by 2.0% during the 2nd quarter. Creative Planning now owns 28,728 shares of the bank’s stock worth $1,261,000 after buying an additional 561 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.
Zions Bancorporation (NASDAQ ZION) traded up 1.50% during midday trading on Tuesday, hitting $43.37. 661,951 shares of the company’s stock traded hands. The company has a market capitalization of $8.77 billion, a PE ratio of 17.27 and a beta of 1.45. The company has a 50 day moving average of $44.42 and a 200-day moving average of $42.77. Zions Bancorporation has a 52 week low of $29.63 and a 52 week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.11. The firm had revenue of $660.00 million for the quarter, compared to the consensus estimate of $640.34 million. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same quarter in the previous year, the company earned $0.44 EPS. Equities research analysts predict that Zions Bancorporation will post $2.82 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend was Tuesday, August 15th. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s payout ratio is presently 19.12%.
Zions Bancorporation announced that its board has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
In other Zions Bancorporation news, insider David E. Blackford sold 9,533 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $44.94, for a total transaction of $428,413.02. Following the sale, the insider now owns 22,997 shares in the company, valued at approximately $1,033,485.18. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Edward Schreiber sold 13,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $44.98, for a total value of $584,740.00. Following the sale, the insider now owns 51,517 shares in the company, valued at approximately $2,317,234.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,118 shares of company stock worth $1,222,407. Corporate insiders own 1.46% of the company’s stock.
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A number of equities analysts have recently issued reports on ZION shares. Robert W. Baird upgraded shares of Zions Bancorporation from an “underperform” rating to a “neutral” rating and set a $43.00 price target for the company in a report on Friday. BMO Capital Markets reiterated a “hold” rating and issued a $44.00 price target on shares of Zions Bancorporation in a report on Thursday, June 29th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $44.00 price target on shares of Zions Bancorporation in a report on Monday, June 19th. Jefferies Group LLC reiterated a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a report on Thursday, June 8th. Finally, Wells Fargo & Company started coverage on shares of Zions Bancorporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 price target for the company. Thirteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $45.00.
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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