Advisory Services Network LLC raised its position in Zions Bancorporation (NASDAQ:ZION) by 5.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,343 shares of the bank’s stock after purchasing an additional 856 shares during the period. Advisory Services Network LLC’s holdings in Zions Bancorporation were worth $674,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in ZION. BlackRock Inc. lifted its holdings in Zions Bancorporation by 4,464.8% in the 1st quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock valued at $493,142,000 after purchasing an additional 11,484,250 shares in the last quarter. Balyasny Asset Management LLC lifted its holdings in Zions Bancorporation by 705.8% in the 2nd quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock valued at $139,918,000 after purchasing an additional 2,791,044 shares in the last quarter. Cramer Rosenthal Mcglynn LLC lifted its holdings in Zions Bancorporation by 276.0% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,823,738 shares of the bank’s stock valued at $80,080,000 after purchasing an additional 1,338,748 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Zions Bancorporation by 16,303.3% in the 2nd quarter. Janus Henderson Group PLC now owns 1,231,071 shares of the bank’s stock valued at $54,056,000 after purchasing an additional 1,223,566 shares in the last quarter. Finally, Harbour Capital Advisors LLC lifted its holdings in Zions Bancorporation by 4,471.9% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,165,240 shares of the bank’s stock valued at $26,537,000 after purchasing an additional 1,139,753 shares in the last quarter. Institutional investors own 92.30% of the company’s stock.
In related news, Director Roger B. Porter purchased 1,616 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was acquired at an average price of $43.99 per share, for a total transaction of $71,087.84. Following the transaction, the director now directly owns 42,001 shares of the company’s stock, valued at approximately $1,847,623.99. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Edward Schreiber sold 13,000 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $44.98, for a total value of $584,740.00. Following the completion of the transaction, the insider now owns 51,517 shares of the company’s stock, valued at approximately $2,317,234.66. The disclosure for this sale can be found here. Insiders sold a total of 27,118 shares of company stock valued at $1,222,407 in the last quarter. 1.46% of the stock is currently owned by corporate insiders.
ZION has been the topic of a number of recent research reports. BidaskClub lowered shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. BMO Capital Markets restated a “hold” rating and issued a $44.00 target price on shares of Zions Bancorporation in a report on Thursday, June 29th. FIG Partners upped their target price on shares of Zions Bancorporation from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, July 3rd. Morgan Stanley restated an “equal weight” rating and issued a $46.00 target price (up from $45.00) on shares of Zions Bancorporation in a report on Friday, July 7th. Finally, Zacks Investment Research lowered shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Zions Bancorporation has a consensus rating of “Hold” and an average price target of $46.95.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $660.00 million during the quarter, compared to analyst estimates of $640.34 million. During the same quarter last year, the company posted $0.44 EPS.
Zions Bancorporation declared that its board has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in shares. This repurchase authorization authorizes the bank to buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
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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