Shell Asset Management Co. Has $2.24 Million Stake in Zions Bancorporation (ZION)
Shell Asset Management Co. raised its stake in shares of Zions Bancorporation (NASDAQ:ZION) by 20.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm 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.
Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Zions Bancorporation by 3.8% in the first quarter. Vanguard Group Inc. now owns 20,363,376 shares of the bank’s stock valued at $855,261,000 after buying an additional 754,639 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Zions Bancorporation by 4,464.8% in the first quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock valued at $493,142,000 after buying an additional 11,484,250 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Zions Bancorporation by 11.6% in the first quarter. American Century Companies Inc. now owns 6,598,091 shares of the bank’s stock valued at $277,120,000 after buying an additional 684,015 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Zions Bancorporation by 2.9% in the first quarter. Alliancebernstein L.P. now owns 3,285,312 shares of the bank’s stock valued at $137,983,000 after buying an additional 91,786 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Zions Bancorporation by 9.3% in the first quarter. Geode Capital Management LLC now owns 2,158,321 shares of the bank’s stock valued at $90,556,000 after buying an additional 183,595 shares during the last quarter. 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. Zions Bancorporation has a 52 week low of $28.08 and a 52 week high of $48.33. The firm has a market cap of $8.92 billion, a PE ratio of 17.56 and a beta of 1.44. The firm’s 50-day moving average is $44.52 and its 200 day moving average is $42.76.
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. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The company had revenue of $660 million during the quarter, compared to the consensus estimate of $640.34 million. 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.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 17th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 15th. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 1.09%. Zions Bancorporation’s payout ratio is 12.75%.
Zions Bancorporation declared that its board has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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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 restated a “hold” rating and issued a $44.00 price objective on shares of Zions Bancorporation in a research report on Thursday, June 29th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $44.00 price objective on shares of Zions Bancorporation in a research report on Monday, June 19th. Jefferies Group LLC restated a “buy” rating and issued a $49.00 price objective 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 issued an “outperform” rating and a $56.00 price objective for the company. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $44.04.
In related news, General Counsel Thomas E. Laursen sold 1,000 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $46.38, for a total transaction of $46,380.00. Following the transaction, the general counsel now directly owns 23,484 shares in the company, valued at $1,089,187.92. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider David E. Blackford sold 1,242 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $40.73, for a total transaction of $50,586.66. Following the transaction, the insider now owns 28,696 shares in the company, valued at $1,168,788.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,779 shares of company stock worth $1,128,012. 1.46% of the stock is owned by corporate 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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