Zions Bancorporation (ZION) Insider Edward Schreiber Sells 13,000 Shares
Zions Bancorporation (NASDAQ:ZION) insider Edward Schreiber sold 13,000 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $44.98, for a total value of $584,740.00. Following the sale, the insider now owns 51,517 shares of the company’s stock, valued at $2,317,234.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Zions Bancorporation (NASDAQ:ZION) opened at 45.13 on Wednesday. Zions Bancorporation has a 52-week low of $28.29 and a 52-week high of $48.33. The firm has a market capitalization of $9.12 billion, a P/E ratio of 17.97 and a beta of 1.44. The company’s 50-day moving average price is $44.69 and its 200-day moving average price is $42.78.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly 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 business had revenue of $660 million for the quarter, compared to analyst estimates of $640.34 million. During the same quarter in the prior year, the business earned $0.44 EPS. On average, equities research analysts expect that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
Zions Bancorporation declared that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 17th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.06%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio is 12.75%.
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A number of hedge funds and other institutional investors have recently made changes to their positions in ZION. Cadence Capital Management LLC raised its position in shares of Zions Bancorporation by 0.4% in the second quarter. Cadence Capital Management LLC now owns 8,139 shares of the bank’s stock worth $357,000 after buying an additional 34 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Zions Bancorporation by 0.3% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,054 shares of the bank’s stock worth $661,000 after buying an additional 39 shares during the period. Contravisory Investment Management Inc. raised its position in shares of Zions Bancorporation by 0.8% in the second quarter. Contravisory Investment Management Inc. now owns 5,794 shares of the bank’s stock worth $254,000 after buying an additional 45 shares during the period. Veritable L.P. raised its position in shares of Zions Bancorporation by 0.9% in the second quarter. Veritable L.P. now owns 5,775 shares of the bank’s stock worth $254,000 after buying an additional 50 shares during the period. Finally, Sii Investments Inc. WI raised its position in shares of Zions Bancorporation by 0.4% in the first quarter. Sii Investments Inc. WI now owns 24,586 shares of the bank’s stock worth $1,033,000 after buying an additional 99 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.
Several research firms have commented on ZION. Robert W. Baird downgraded shares of Zions Bancorporation from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $46.12 to $43.00 in a research report on Monday, August 7th. BMO Capital Markets reissued a “hold” rating and set a $47.00 target price on shares of Zions Bancorporation in a research report on Thursday, July 27th. Wells Fargo & Company began coverage on shares of Zions Bancorporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $56.00 target price on the stock. Bank of America Corporation raised shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and increased their target price for the stock from $50.00 to $52.00 in a research report on Wednesday. Finally, Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $44.33.
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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