BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in Zions Bancorporation (NASDAQ:ZION) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 138,320 shares of the bank’s stock, valued at approximately $6,074,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.07% of Zions Bancorporation as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Advisors Asset Management Inc. bought a new stake in shares of Zions Bancorporation during the second quarter valued at $108,000. Convergence Investment Partners LLC increased its stake in shares of Zions Bancorporation by 3.0% in the second quarter. Convergence Investment Partners LLC now owns 95,974 shares of the bank’s stock valued at $4,214,000 after buying an additional 2,823 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Zions Bancorporation by 3.7% in the second quarter. Rhumbline Advisers now owns 357,379 shares of the bank’s stock valued at $15,693,000 after buying an additional 12,673 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Zions Bancorporation during the second quarter valued at $731,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Zions Bancorporation by 92.8% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 82,368 shares of the bank’s stock valued at $3,617,000 after buying an additional 39,647 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.
Zions Bancorporation (NASDAQ ZION) opened at 43.92 on Monday. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of 17.48 and a beta of 1.44. Zions Bancorporation has a 1-year low of $28.75 and a 1-year high of $48.33. The firm has a 50-day moving average of $44.79 and a 200-day moving average of $42.82.
Zions Bancorporation (NASDAQ:ZION) last issued its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.11. The company 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 period in the prior year, the business posted $0.44 earnings per share. Equities research analysts anticipate that Zions Bancorporation will post $2.82 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th will be given a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This is a positive change 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 dividend payout ratio is currently 19.12%.
Zions Bancorporation announced that its board has approved a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $465.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Several brokerages have weighed in on ZION. Bank of America Corporation raised Zions Bancorporation from a “neutral” rating to a “buy” rating and increased their price target for the stock from $50.00 to $52.00 in a research report on Wednesday, August 16th. Wells Fargo & Company began coverage on Zions Bancorporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $56.00 price target on the stock. Robert W. Baird downgraded Zions Bancorporation from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $46.12 to $43.00 in a research report on Monday, August 7th. BMO Capital Markets reaffirmed a “hold” rating and set a $47.00 price target on shares of Zions Bancorporation in a research report on Thursday, July 27th. Finally, FIG Partners restated an “outperform” rating and set a $54.00 target price (up from $50.00) on shares of Zions Bancorporation in a research report on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $44.33.
In other news, insider David E. Blackford sold 1,242 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $40.73, for a total value of $50,586.66. Following the sale, the insider now directly owns 28,696 shares in the company, valued at $1,168,788.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $46.38, for a total transaction of $46,380.00. Following the completion of the sale, the general counsel now owns 23,484 shares in the company, valued at $1,089,187.92. The disclosure for this sale can be found here. Insiders sold 28,450 shares of company stock worth $1,264,578 over the last quarter. Company 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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