Rice Hall James & Associates LLC Has $2.30 Million Stake in Zions Bancorporation (ZION)

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%.

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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.

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Institutional Ownership by Quarter for Zions Bancorporation (NASDAQ:ZION)

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