Fiduciary Management Inc. WI lessened its holdings in shares of Zions Bancorporation (NASDAQ:ZION) by 31.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 903,272 shares of the bank’s stock after selling 408,351 shares during the period. Fiduciary Management Inc. WI owned approximately 0.45% of Zions Bancorporation worth $39,663,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of ZION. Advisors Asset Management Inc. acquired a new position in shares of Zions Bancorporation during the 2nd quarter worth about $108,000. Global X Management Co. LLC lifted its position in shares of Zions Bancorporation by 340.4% during the 1st quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock worth $127,000 after purchasing an additional 2,335 shares during the last quarter. Exane Derivatives acquired a new position in shares of Zions Bancorporation during the 2nd quarter worth about $132,000. Segantii Capital Management Ltd acquired a new position in shares of Zions Bancorporation during the 1st quarter worth about $151,000. Finally, FNY Partners Fund LP acquired a new position in shares of Zions Bancorporation during the 1st quarter worth about $188,000. 92.45% of the stock is owned by institutional investors and hedge funds.
In other Zions Bancorporation news, Director Roger B. Porter acquired 1,616 shares of Zions Bancorporation stock in a transaction that occurred on Tuesday, August 22nd. The shares were bought at an average price of $43.99 per share, with a total value of $71,087.84. Following the completion of the purchase, the director now directly owns 42,001 shares in the company, valued at approximately $1,847,623.99. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edward Schreiber sold 13,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $44.98, for a total transaction of $584,740.00. Following the completion of the sale, the insider now directly 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 ninety days, insiders have sold 27,118 shares of company stock worth $1,222,407. Insiders own 1.46% of the company’s stock.
ZION has been the subject of several research analyst reports. Goldman Sachs Group, Inc. (The) cut Zions Bancorporation from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $48.00 to $44.00 in a research report on Wednesday, May 24th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $45.00 price target (up previously from $43.00) on shares of Zions Bancorporation in a report on Monday, June 5th. FIG Partners upped their price target on Zions Bancorporation from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, July 3rd. BMO Capital Markets reaffirmed a “hold” rating and issued a $47.00 price target on shares of Zions Bancorporation in a report on Thursday, July 27th. Finally, Zacks Investment Research raised Zions Bancorporation from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Wednesday, June 28th. Thirteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $46.00.
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Shares of Zions Bancorporation (ZION) traded up 1.45% on Friday, reaching $43.28. The company’s stock had a trading volume of 3,177,247 shares. The company has a market cap of $8.75 billion, a PE ratio of 17.23 and a beta of 1.45. Zions Bancorporation has a 52-week low of $29.63 and a 52-week high of $48.33. The firm has a 50 day moving average of $44.16 and a 200 day moving average of $42.75.
Zions Bancorporation (NASDAQ:ZION) last posted its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.11. The firm had revenue of $660.00 million for the quarter, compared to analysts’ expectations 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 predict that Zions Bancorporation will post $2.82 earnings per share for the current year.
Zions Bancorporation announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $465.00 million in outstanding shares. This repurchase authorization allows 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 leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Tuesday, August 15th. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s payout ratio is presently 19.12%.
Zions Bancorporation 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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