Shell Asset Management Co. increased its stake in Zions Bancorporation (NASDAQ:ZION) by 20.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 51,093 shares of the bank’s stock after buying an additional 8,501 shares during the period. Shell Asset Management Co.’s holdings in Zions Bancorporation were worth $2,243,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Parkwood LLC boosted its position in Zions Bancorporation by 4.7% in the second quarter. Parkwood LLC now owns 7,590 shares of the bank’s stock valued at $333,000 after buying an additional 342 shares during the period. Bray Capital Advisors bought a new position in Zions Bancorporation during the second quarter valued at $216,000. Acadian Asset Management LLC boosted its position in Zions Bancorporation by 0.4% in the second quarter. Acadian Asset Management LLC now owns 74,706 shares of the bank’s stock valued at $3,280,000 after buying an additional 291 shares during the period. Contravisory Investment Management Inc. boosted its position in Zions Bancorporation by 0.8% in the second quarter. Contravisory Investment Management Inc. now owns 5,794 shares of the bank’s stock valued at $254,000 after buying an additional 45 shares during the period. Finally, Quantitative Systematic Strategies LLC acquired a new stake in shares of Zions Bancorporation during the second quarter valued at approximately $536,000. Hedge funds and other institutional investors own 94.93% of the company’s stock.
Zions Bancorporation (NASDAQ:ZION) traded down 0.74% during trading on Friday, hitting $44.11. 1,898,145 shares of the stock were exchanged. The firm’s 50-day moving average is $44.52 and its 200 day moving average is $42.76. The firm has a market cap of $8.92 billion, a PE ratio of 17.56 and a beta of 1.44. Zions Bancorporation has a 52 week low of $28.08 and a 52 week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last posted its earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping the consensus estimate of $0.62 by $0.11. The company had revenue of $660 million during the quarter, compared to the consensus estimate of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. During the same period in the previous year, the firm posted $0.44 earnings per share. Analysts expect that Zions Bancorporation will post $2.82 earnings per share for the current fiscal year.
Zions Bancorporation declared that its board has authorized a stock repurchase program on Wednesday, June 28th that permits the company to buyback $465.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, August 15th. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. Zions Bancorporation’s payout ratio is presently 12.75%.
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ZION has been the subject of several recent research reports. Barclays PLC upped their target price on shares of Zions Bancorporation from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, April 25th. BMO Capital Markets reiterated a “hold” rating and set a $44.00 target price on shares of Zions Bancorporation in a research report on Thursday, June 29th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $44.00 target price on shares of Zions Bancorporation in a research report on Monday, June 19th. Jefferies Group LLC reiterated a “buy” rating and set a $49.00 target price on shares of Zions Bancorporation in a research report on Thursday, June 8th. Finally, Wells Fargo & Company initiated coverage on shares of Zions Bancorporation in a research report on Wednesday. They set an “outperform” rating and a $56.00 target price for the company. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the stock. Zions Bancorporation has an average rating of “Hold” and an average target price of $44.04.
In other news, insider David E. Blackford sold 942 shares of the business’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $40.44, for a total transaction of $38,094.48. Following the completion of the sale, the insider now directly owns 29,415 shares of the company’s stock, valued at $1,189,542.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $46.38, for a total transaction of $46,380.00. Following the sale, the general counsel now directly owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,779 shares of company stock valued at $1,128,012. 1.46% of the stock is currently owned by insiders.
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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