Westwood Holdings Group Inc. decreased its position in shares of Zions Bancorporation (NASDAQ:ZION) by 7.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,447,471 shares of the bank’s stock after selling 117,132 shares during the period. Westwood Holdings Group Inc. owned 0.72% of Zions Bancorporation worth $63,570,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ZION. Advisors Asset Management Inc. acquired a new position in Zions Bancorporation during the second quarter worth approximately $108,000. Global X Management Co. LLC increased its position in Zions Bancorporation by 340.4% during 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. Exane Derivatives acquired a new position in Zions Bancorporation during the second quarter worth approximately $132,000. Americafirst Capital Management LLC acquired a new position in Zions Bancorporation during the second quarter worth approximately $175,000. Finally, FNY Partners Fund LP acquired a new position in Zions Bancorporation during the first quarter worth approximately $188,000. 92.30% of the stock is currently owned by institutional investors.
ZION has been the topic of several research analyst reports. BidaskClub raised Zions Bancorporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Jefferies Group LLC reissued a “buy” rating and issued a $49.00 target price on shares of Zions Bancorporation in a report on Friday, July 14th. Zacks Investment Research raised Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Thursday, July 13th. Bank of America Corporation raised Zions Bancorporation from a “neutral” rating to a “buy” rating and boosted their target price for the company from $50.00 to $52.00 in a report on Wednesday, August 16th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $46.00 target price (up previously from $45.00) on shares of Zions Bancorporation in a report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $46.71.
Zions Bancorporation (NASDAQ:ZION) traded down 0.325% during mid-day trading on Wednesday, reaching $47.555. The company’s stock had a trading volume of 460,853 shares. The firm has a market capitalization of $9.61 billion, a P/E ratio of 18.946 and a beta of 1.44. Zions Bancorporation has a 52 week low of $30.07 and a 52 week high of $48.33. The firm’s 50 day moving average price is $44.79 and its 200 day moving average price is $43.02.
Zions Bancorporation (NASDAQ:ZION) last posted its earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the consensus estimate of $0.62 by $0.11. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. The firm had revenue of $660.00 million for the quarter, compared to analysts’ expectations of $640.34 million. During the same period last year, the firm earned $0.44 EPS. On average, analysts anticipate that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
Zions Bancorporation declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $465.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
In other news, insider David E. Blackford sold 9,533 shares of Zions Bancorporation stock in a transaction on Friday, July 28th. The stock was sold at an average price of $44.94, for a total transaction of $428,413.02. Following the transaction, the insider now directly owns 22,997 shares in the company, valued at approximately $1,033,485.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Dianne R. James sold 1,585 shares of Zions Bancorporation stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $45.22, for a total value of $71,673.70. Following the transaction, the insider now owns 21,866 shares in the company, valued at $988,780.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,118 shares of company stock worth $1,222,407. 1.46% of the stock is owned by 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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