Alliancebernstein L.P. reduced its holdings in Zions Bancorporation (NASDAQ:ZION) by 5.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,116,302 shares of the bank’s stock after selling 169,010 shares during the quarter. Alliancebernstein L.P. owned approximately 1.54% of Zions Bancorporation worth $136,837,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Advisors Asset Management Inc. acquired a new position in Zions Bancorporation in the 2nd quarter valued at approximately $108,000. Global X Management Co. LLC increased its position in Zions Bancorporation by 340.4% in the 1st quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock valued at $127,000 after acquiring an additional 2,335 shares during the period. Exane Derivatives acquired a new position in Zions Bancorporation in the 2nd quarter valued at approximately $132,000. Segantii Capital Management Ltd acquired a new position in Zions Bancorporation in the 1st quarter valued at approximately $151,000. Finally, FNY Partners Fund LP acquired a new position in Zions Bancorporation in the 1st quarter valued at approximately $188,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.
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Zions Bancorporation (NASDAQ:ZION) opened at 41.64 on Friday. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 16.58 and a beta of 1.45. Zions Bancorporation has a 1-year low of $29.63 and a 1-year high of $48.33. The firm has a 50 day moving average of $44.39 and a 200-day moving average of $42.82.
Zions Bancorporation (NASDAQ:ZION) last announced its 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. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The firm had revenue of $660 million for the quarter, compared to analysts’ expectations of $640.34 million. During the same quarter in the previous year, the business posted $0.44 EPS. On average, equities research analysts anticipate that Zions Bancorporation will post $2.82 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date was Tuesday, August 15th. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s payout ratio is 19.12%.
Zions Bancorporation declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to repurchase $465.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
Several equities analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Thursday, July 13th. Jefferies Group LLC restated a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a research report on Friday, July 14th. BidaskClub upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. BMO Capital Markets restated a “hold” rating and issued a $47.00 price target on shares of Zions Bancorporation in a research report on Thursday, July 27th. Finally, Barclays PLC restated an “overweight” rating and issued a $50.00 price target (up from $48.00) on shares of Zions Bancorporation in a research report on Friday, June 16th. Thirteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $45.00.
In other news, insider David E. Blackford sold 9,533 shares of the business’s 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 owns 22,997 shares in the company, valued at approximately $1,033,485.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Roger B. Porter bought 1,616 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were acquired at an average price of $43.99 per share, for a total transaction of $71,087.84. Following the acquisition, the director now owns 42,001 shares in the company, valued at approximately $1,847,623.99. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 27,118 shares of company stock worth $1,222,407. 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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