Zions Bancorporation (ZION) Shares Bought by LSV Asset Management
LSV Asset Management lifted its stake in shares of Zions Bancorporation (NASDAQ:ZION) by 35.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 983,844 shares of the bank’s stock after purchasing an additional 256,900 shares during the period. LSV Asset Management owned about 0.49% of Zions Bancorporation worth $43,200,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of ZION. Retirement Systems of Alabama lifted its position in shares of Zions Bancorporation by 1.3% during the first quarter. Retirement Systems of Alabama now owns 97,848 shares of the bank’s stock worth $4,110,000 after purchasing an additional 1,292 shares during the last quarter. Strs Ohio bought a new position in shares of Zions Bancorporation during the first quarter worth about $402,000. Oregon Public Employees Retirement Fund lifted its position in shares of Zions Bancorporation by 1.9% during the first quarter. Oregon Public Employees Retirement Fund now owns 21,379 shares of the bank’s stock worth $898,000 after purchasing an additional 400 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Zions Bancorporation by 7.7% during the first quarter. Canada Pension Plan Investment Board now owns 9,800 shares of the bank’s stock worth $412,000 after purchasing an additional 700 shares during the last quarter. Finally, Tocqueville Asset Management L.P. bought a new position in shares of Zions Bancorporation during the first quarter worth about $335,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently commented on ZION. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $46.00 price target on shares of Zions Bancorporation in a research report on Friday, July 14th. BidaskClub cut shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Bank of America Corporation raised shares of 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. Morgan Stanley reaffirmed an “equal weight” rating and set a $45.00 price target (up previously from $43.00) on shares of Zions Bancorporation in a research report on Monday, June 5th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $47.00 target price on shares of Zions Bancorporation in a report on Thursday, July 27th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Zions Bancorporation has a consensus rating of “Buy” and a consensus price target of $45.00.
Zions Bancorporation (ZION) opened at 41.64 on Friday. Zions Bancorporation has a 1-year low of $29.63 and a 1-year high of $48.33. The company’s 50 day moving average is $44.39 and its 200-day moving average is $42.82. The firm has a market cap of $8.42 billion, a price-to-earnings ratio of 16.58 and a beta of 1.45.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.11. The firm 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 previous year, the business earned $0.44 earnings per share. On average, analysts predict that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
Zions Bancorporation declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are 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 $0.12 dividend. The ex-dividend date was Tuesday, August 15th. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.15%. Zions Bancorporation’s payout ratio is 19.12%.
In other news, General Counsel Thomas E. Laursen sold 1,000 shares of the company’s 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 transaction, the general counsel now directly owns 23,484 shares in the company, valued at $1,089,187.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roger B. Porter bought 1,616 shares of Zions Bancorporation stock in a transaction dated Tuesday, August 22nd. The shares were bought at an average price of $43.99 per share, for a total transaction of $71,087.84. Following the completion of the transaction, the director now directly owns 42,001 shares of the company’s stock, valued at approximately $1,847,623.99. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 27,118 shares of company stock worth $1,222,407. Company insiders own 1.46% of the company’s stock.
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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