Balyasny Asset Management LLC Increases Stake in Zions Bancorporation (ZION)
Balyasny Asset Management LLC grew its position in Zions Bancorporation (NASDAQ:ZION) by 705.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,186,472 shares of the bank’s stock after purchasing an additional 2,791,044 shares during the period. Zions Bancorporation makes up 0.6% of Balyasny Asset Management LLC’s holdings, making the stock its 25th largest position. Balyasny Asset Management LLC owned approximately 1.58% of Zions Bancorporation worth $139,918,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Advisors Asset Management Inc. acquired a new stake in Zions Bancorporation during the second quarter worth about $108,000. Global X Management Co. LLC grew its holdings 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 acquiring an additional 2,335 shares during the period. Exane Derivatives acquired a new stake in Zions Bancorporation during the second quarter worth about $132,000. Segantii Capital Management Ltd acquired a new stake in Zions Bancorporation during the first quarter worth about $151,000. Finally, FNY Partners Fund LP acquired a new stake in Zions Bancorporation during the first quarter worth about $188,000. 92.35% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently commented on ZION. Robert W. Baird lowered Zions Bancorporation from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $46.12 to $43.00 in a report on Monday, August 7th. BMO Capital Markets reiterated a “hold” rating and set a $47.00 price target on shares of Zions Bancorporation in a research report on Thursday, July 27th. Wells Fargo & Company started coverage on Zions Bancorporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $56.00 price target on the stock. Bank of America Corporation upgraded Zions Bancorporation from a “neutral” rating to a “buy” rating and increased their price target for the stock from $50.00 to $52.00 in a research report on Wednesday, August 16th. Finally, Zacks Investment Research upgraded Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Thursday, July 13th. Thirteen research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $46.48.
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In other news, insider David E. Blackford sold 9,533 shares of the company’s 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 completion of the sale, the insider now directly owns 22,997 shares in the company, valued at approximately $1,033,485.18. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Edward Schreiber sold 13,000 shares of the company’s 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 disclosure for this sale can be found here. In the last three months, insiders have sold 27,118 shares of company stock worth $1,222,407. Corporate insiders own 1.46% of the company’s stock.
Zions Bancorporation (NASDAQ ZION) remained flat at $46.59 during midday trading on Thursday. The company’s stock had a trading volume of 632,363 shares. Zions Bancorporation has a 12-month low of $29.64 and a 12-month high of $48.33. The firm has a market capitalization of $9.42 billion, a PE ratio of 18.55 and a beta of 1.45. The stock has a 50 day moving average of $44.09 and a 200-day moving average of $42.70.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.11. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. The company had revenue of $660.00 million for the quarter, compared to analyst estimates of $640.34 million. During the same quarter in the prior year, the company posted $0.44 EPS. Equities analysts anticipate that Zions Bancorporation will post $2.82 EPS for the current year.
Zions Bancorporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are 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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