Rice Hall James & Associates LLC decreased its position in Zions Bancorporation (NASDAQ:ZION) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 52,363 shares of the bank’s stock after selling 48 shares during the period. Rice Hall James & Associates LLC’s holdings in Zions Bancorporation were worth $2,299,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Exane Derivatives bought a new position in Zions Bancorporation during the second quarter valued at approximately $132,000. Global X Management Co. LLC increased its stake in Zions Bancorporation by 340.4% in the first quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock worth $127,000 after buying an additional 2,335 shares during the period. Segantii Capital Management Ltd purchased a new stake in Zions Bancorporation during the first quarter worth $151,000. Cypress Capital Management LLC WY purchased a new stake in Zions Bancorporation during the first quarter worth $169,000. Finally, FNY Partners Fund LP purchased a new stake in Zions Bancorporation during the first quarter worth $188,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.
Shares of Zions Bancorporation (ZION) opened at 44.99 on Tuesday. The stock has a 50 day moving average of $44.61 and a 200-day moving average of $42.77. The company has a market capitalization of $9.10 billion, a price-to-earnings ratio of 17.91 and a beta of 1.44. Zions Bancorporation has a 1-year low of $27.77 and a 1-year high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.11. The business had revenue of $660 million for the quarter, compared to the consensus estimate 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 firm earned $0.44 EPS. Analysts forecast that Zions Bancorporation will post $2.82 earnings per share for the current year.
Zions Bancorporation declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to repurchase $465.00 million in shares. This repurchase authorization allows the bank to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Tuesday, August 15th. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s payout ratio is 12.75%.
A number of research firms have weighed in on ZION. Robert W. Baird downgraded Zions Bancorporation from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $46.12 to $43.00 in a research report on Monday, August 7th. Wells Fargo & Company initiated coverage on shares of Zions Bancorporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $56.00 target price on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and set a $46.00 target price on shares of Zions Bancorporation in a research note on Friday, July 14th. BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $50.00 price target (up from $48.00) on shares of Zions Bancorporation in a research note on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $44.04.
In related news, insider David E. Blackford sold 1,242 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $40.73, for a total value of $50,586.66. Following the transaction, the insider now owns 28,696 shares in the company, valued at approximately $1,168,788.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $46.38, for a total transaction of $46,380.00. Following the completion of the transaction, the general counsel now owns 23,484 shares in the company, valued at approximately $1,089,187.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,837 shares of company stock worth $1,089,918. Company insiders own 1.46% of the company’s stock.
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.
Want to see what other hedge funds are holding ZION? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zions Bancorporation (NASDAQ:ZION).
Receive News & Ratings for Zions Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zions Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.