State Treasurer State of Michigan increased its stake in shares of Zions Bancorporation (NASDAQ:ZION) by 0.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 66,606 shares of the bank’s stock after buying an additional 100 shares during the period. State Treasurer State of Michigan’s holdings in Zions Bancorporation were worth $2,925,000 as of its most recent filing with the SEC.
A number of other large investors also recently bought and sold shares of the stock. Global X Management Co. LLC boosted its stake in Zions Bancorporation by 340.4% in the first quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock valued at $127,000 after buying an additional 2,335 shares in the last quarter. Exane Derivatives bought a new stake in Zions Bancorporation during the second quarter valued at approximately $132,000. Segantii Capital Management Ltd bought a new stake in Zions Bancorporation during the first quarter valued at approximately $151,000. Cypress Capital Management LLC WY bought a new stake in Zions Bancorporation during the first quarter valued at approximately $169,000. Finally, FNY Partners Fund LP bought a new stake in Zions Bancorporation during the first quarter valued at approximately $188,000. 94.65% of the stock is currently owned by institutional investors and hedge funds.
Shares of Zions Bancorporation (ZION) traded up 0.27% on Friday, reaching $45.26. 2,179,805 shares of the company were exchanged. The company’s 50 day moving average is $43.81 and its 200 day moving average is $42.58. Zions Bancorporation has a 12-month low of $26.74 and a 12-month high of $48.33. The firm has a market capitalization of $9.15 billion, a PE ratio of 18.02 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping the consensus estimate of $0.62 by $0.11. The business had revenue of $660 million for the quarter, compared to analyst estimates of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. During the same quarter in the previous year, the firm posted $0.44 earnings per share. Analysts forecast that Zions Bancorporation will post $2.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th will be given a $0.12 dividend. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. The ex-dividend date is Tuesday, August 15th. This represents a $0.48 annualized dividend and a yield of 1.06%. Zions Bancorporation’s payout ratio is currently 12.75%.
Zions Bancorporation announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Several equities research analysts recently commented on the stock. Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Thursday, July 13th. Jefferies Group LLC reissued a “buy” rating and set a $49.00 price target on shares of Zions Bancorporation in a research report on Friday, July 14th. BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. BMO Capital Markets reissued a “hold” rating and set a $47.00 price target on shares of Zions Bancorporation in a research report on Thursday. Finally, Barclays PLC reissued an “overweight” rating and set a $50.00 price target (up from $48.00) on shares of Zions Bancorporation in a research report on Friday, June 16th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $43.55.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 860 shares of Zions Bancorporation stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $41.16, for a total value of $35,397.60. Following the sale, the general counsel now owns 25,901 shares of the company’s stock, valued at $1,066,085.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David E. Blackford sold 2,090 shares of Zions Bancorporation stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $39.61, for a total transaction of $82,784.90. Following the completion of the sale, the insider now directly owns 23,578 shares in the company, valued at approximately $933,924.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,184 shares of company stock worth $1,880,815. Insiders own 1.46% of the company’s stock.
About Zions Bancorporation
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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