State of Wisconsin Investment Board Increases Position in Zions Bancorporation (ZION)
State of Wisconsin Investment Board boosted its stake in shares of Zions Bancorporation (NASDAQ:ZION) by 310.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 172,753 shares of the bank’s stock after buying an additional 130,710 shares during the period. State of Wisconsin Investment Board owned about 0.09% of Zions Bancorporation worth $7,586,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of ZION. Contravisory Investment Management Inc. increased its stake in Zions Bancorporation by 0.8% in the second quarter. Contravisory Investment Management Inc. now owns 5,794 shares of the bank’s stock worth $254,000 after buying an additional 45 shares during the last quarter. Sii Investments Inc. WI increased its stake in Zions Bancorporation by 0.4% in the first quarter. Sii Investments Inc. WI now owns 24,586 shares of the bank’s stock worth $1,033,000 after buying an additional 99 shares during the last quarter. Mason Street Advisors LLC increased its stake in Zions Bancorporation by 0.4% in the first quarter. Mason Street Advisors LLC now owns 27,973 shares of the bank’s stock worth $1,175,000 after buying an additional 105 shares during the last quarter. Advantus Capital Management Inc increased its stake in Zions Bancorporation by 0.9% in the first quarter. Advantus Capital Management Inc now owns 20,313 shares of the bank’s stock worth $853,000 after buying an additional 183 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd increased its stake in Zions Bancorporation by 2.6% in the first quarter. Dynamic Technology Lab Private Ltd now owns 7,700 shares of the bank’s stock worth $323,000 after buying an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.
Shares of Zions Bancorporation (NASDAQ ZION) opened at 44.70 on Monday. The firm’s 50 day moving average is $44.74 and its 200 day moving average is $42.87. Zions Bancorporation has a 12 month low of $29.22 and a 12 month high of $48.33. The company has a market cap of $9.04 billion, a PE ratio of 17.79 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.11. The business had revenue of $660 million during 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 prior year, the company posted $0.44 EPS. On average, equities analysts predict that Zions Bancorporation will post $2.83 earnings per share for the current year.
Zions Bancorporation announced that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 15th. This represents a $0.48 annualized dividend and a yield of 1.07%. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio is presently 19.12%.
A number of equities research analysts have weighed in on the company. Zacks Investment Research raised Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Thursday, July 13th. Jefferies Group LLC reaffirmed a “buy” rating and set a $49.00 price objective on shares of Zions Bancorporation in a report on Friday, July 14th. BidaskClub raised Zions Bancorporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. BMO Capital Markets reaffirmed a “hold” rating and set a $47.00 price objective on shares of Zions Bancorporation in a report on Thursday, July 27th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $50.00 price objective (up from $48.00) on shares of Zions Bancorporation in a report on Friday, June 16th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the stock. Zions Bancorporation presently has an average rating of “Hold” and a consensus target price of $44.33.
In other news, Director Roger B. Porter purchased 1,616 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was acquired at an average price of $43.99 per share, with a total value of $71,087.84. Following the transaction, the director now directly owns 42,001 shares of the company’s stock, valued at approximately $1,847,623.99. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David E. Blackford sold 9,533 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $44.94, for a total transaction of $428,413.02. Following the sale, the insider now directly owns 22,997 shares of the company’s stock, valued at approximately $1,033,485.18. The disclosure for this sale can be found here. Insiders have sold a total of 29,208 shares of company stock valued at $1,305,192 in the last three months. 1.46% of the stock is currently owned by corporate insiders.
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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