The Manufacturers Life Insurance Company boosted its stake in shares of Zions Bancorp (NASDAQ:ZION) by 9.9% during the 1st quarter, Holdings Channel reports. The firm owned 2,253,144 shares of the bank’s stock after acquiring an additional 203,509 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Zions Bancorp were worth $118,808,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in the business. A.R.T. Advisors LLC purchased a new stake in Zions Bancorp during the 1st quarter worth approximately $2,077,000. CAMG Solamere Management LLC grew its position in Zions Bancorp by 2.6% during the 1st quarter. CAMG Solamere Management LLC now owns 69,315 shares of the bank’s stock worth $3,653,000 after purchasing an additional 1,773 shares during the last quarter. UBS Group AG grew its position in Zions Bancorp by 24.0% during the 1st quarter. UBS Group AG now owns 286,079 shares of the bank’s stock worth $15,084,000 after purchasing an additional 55,381 shares during the last quarter. Three Peaks Capital Management LLC purchased a new stake in Zions Bancorp during the 1st quarter worth approximately $112,000. Finally, Aristotle Atlantic Partners LLC purchased a new stake in Zions Bancorp during the 1st quarter worth approximately $428,000. 93.41% of the stock is currently owned by institutional investors.
Zions Bancorp opened at $56.35 on Wednesday, according to MarketBeat. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.05. Zions Bancorp has a 1 year low of $41.22 and a 1 year high of $59.19. The firm has a market capitalization of $11.15 billion, a P/E ratio of 19.70, a PEG ratio of 1.54 and a beta of 1.35.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 24th. Investors of record on Thursday, May 17th were paid a $0.24 dividend. This is a boost from Zions Bancorp’s previous quarterly dividend of $0.20. This represents a $0.96 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend was Wednesday, May 16th. Zions Bancorp’s payout ratio is currently 33.57%.
Several analysts have weighed in on the stock. Raymond James raised shares of Zions Bancorp from a “market perform” rating to an “outperform” rating and set a $61.00 target price on the stock in a research report on Thursday, March 15th. They noted that the move was a valuation call. Barclays boosted their target price on shares of Zions Bancorp from $59.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 24th. Wedbush started coverage on shares of Zions Bancorp in a research report on Monday, May 14th. They set a “neutral” rating and a $62.00 target price on the stock. UBS Group upgraded shares of Zions Bancorp from a “market perform” rating to an “outperform” rating in a research note on Thursday, March 15th. Finally, Sandler O’Neill restated a “buy” rating and set a $61.00 price objective on shares of Zions Bancorp in a research note on Tuesday, April 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the stock. Zions Bancorp currently has an average rating of “Buy” and a consensus target price of $58.29.
In related news, insider Bruce K. Alexander sold 3,892 shares of the business’s stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $56.32, for a total value of $219,197.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider David E. Blackford sold 6,180 shares of the business’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $58.24, for a total transaction of $359,923.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,315 shares of company stock valued at $2,803,649. Company insiders own 1.60% of the company’s stock.
Zions Bancorp Company Profile
Zions Bancorporation, a financial holding company, provides a range of banking and related services primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers community banking services, such as small and medium-sized business and corporate banking; commercial and residential development, construction, and term lending; retail banking; treasury cash management and related products and services; and residential mortgage servicing and lending.
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