Paradigm Asset Management Co. LLC Acquires 32,050 Shares of Zions Bancorporation (ZION)
Paradigm Asset Management Co. LLC raised its position in Zions Bancorporation (NASDAQ:ZION) by 6,410.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,550 shares of the bank’s stock after buying an additional 32,050 shares during the period. Paradigm Asset Management Co. LLC’s holdings in Zions Bancorporation were worth $1,429,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Advisors Asset Management Inc. acquired a new stake in shares of Zions Bancorporation during the second quarter worth $108,000. Global X Management Co. LLC boosted its stake in shares of Zions Bancorporation by 340.4% in 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 in the last quarter. Exane Derivatives acquired a new stake in shares of Zions Bancorporation during the second quarter worth $132,000. Segantii Capital Management Ltd acquired a new stake in shares of Zions Bancorporation during the first quarter worth $151,000. Finally, FNY Partners Fund LP acquired a new stake in shares of Zions Bancorporation during the first quarter worth $188,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.
Shares of Zions Bancorporation (NASDAQ:ZION) opened at 44.70 on Friday. The company has a 50 day moving average of $44.74 and a 200 day moving average of $42.87. The firm has a market capitalization of $9.04 billion, a PE ratio of 17.79 and a beta of 1.44. Zions Bancorporation has a 52-week low of $29.63 and a 52-week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last announced its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) 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 million for the quarter, compared to analyst estimates of $640.34 million. During the same quarter last year, the firm earned $0.44 EPS. On average, analysts anticipate that Zions Bancorporation will post $2.83 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Thursday, August 17th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend was Tuesday, August 15th. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio (DPR) is currently 19.12%.
Zions Bancorporation declared that its board has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
A number of brokerages recently weighed in on ZION. 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 note on Thursday, July 13th. Jefferies Group LLC reiterated a “buy” rating and set a $49.00 price target on shares of Zions Bancorporation in a research note on Friday, July 14th. BidaskClub upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. BMO Capital Markets reiterated a “hold” rating and set a $47.00 price target on shares of Zions Bancorporation in a research note on Thursday, July 27th. Finally, Barclays PLC reiterated an “overweight” rating and set a $50.00 price target (up previously from $48.00) on shares of Zions Bancorporation in a research note on Friday, June 16th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $44.33.
In other news, Director Roger B. Porter bought 1,616 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were acquired at an average price of $43.99 per share, with a total value of $71,087.84. Following the transaction, the director now owns 42,001 shares in the company, valued at $1,847,623.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David E. Blackford sold 2,090 shares of Zions Bancorporation stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $39.61, for a total value of $82,784.90. Following the completion of the sale, the insider now directly owns 23,578 shares in the company, valued at approximately $933,924.58. The disclosure for this sale can be found here. In the last three months, insiders sold 29,208 shares of company stock worth $1,305,192. 1.46% of the stock is owned by insiders.
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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