Hancock Holding Co. Maintains Stake in Zions Bancorporation (ZION)
Hancock Holding Co. maintained its position in shares of Zions Bancorporation (NASDAQ:ZION) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,700 shares of the bank’s stock at the end of the 2nd quarter. Hancock Holding Co.’s holdings in Zions Bancorporation were worth $953,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Advisors Asset Management Inc. purchased a new stake in shares of Zions Bancorporation in the 2nd quarter worth approximately $108,000. Exane Derivatives bought a new position in Zions Bancorporation in the 2nd quarter valued at approximately $132,000. Global X Management Co. LLC lifted its position in Zions Bancorporation by 340.4% in the 1st quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock valued at $127,000 after acquiring an additional 2,335 shares in the last quarter. Segantii Capital Management Ltd bought a new position in Zions Bancorporation in the 1st quarter valued at approximately $151,000. Finally, FNY Partners Fund LP bought a new position in Zions Bancorporation in the 1st quarter valued at approximately $188,000. Institutional investors own 92.35% of the company’s stock.
Zions Bancorporation (ZION) opened at 47.18 on Friday. The company has a 50-day moving average price of $44.09 and a 200-day moving average price of $42.70. Zions Bancorporation has a one year low of $29.64 and a one year high of $48.33. The company has a market capitalization of $9.54 billion, a PE ratio of 18.78 and a beta of 1.45.
Zions Bancorporation (NASDAQ:ZION) last posted its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.11. The company had revenue of $660.00 million during the quarter, compared to the consensus estimate of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. During the same period in the previous year, the firm posted $0.44 earnings per share. Analysts expect that Zions Bancorporation will post $2.82 earnings per share for the current fiscal year.
Zions Bancorporation declared that its board has initiated a share repurchase plan on Wednesday, June 28th that allows the company to buyback $465.00 million in shares. This buyback authorization allows the bank to repurchase up to 5.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Several equities analysts recently issued reports on the company. Robert W. Baird cut Zions Bancorporation from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $46.12 to $43.00 in a research report on Monday, August 7th. BMO Capital Markets reaffirmed a “hold” rating and issued a $47.00 price objective on shares of Zions Bancorporation in a research report on Thursday, July 27th. Wells Fargo & Company assumed coverage on Zions Bancorporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 price objective on the stock. Bank of America Corporation raised Zions Bancorporation from a “neutral” rating to a “buy” rating and upped their price objective for the company from $50.00 to $52.00 in a research report on Wednesday, August 16th. Finally, Zacks Investment Research raised Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Thursday, July 13th. Thirteen investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $46.48.
In related news, General Counsel Thomas E. Laursen sold 1,000 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $46.38, for a total transaction of $46,380.00. Following the completion of the transaction, the general counsel now directly owns 23,484 shares in the company, valued at $1,089,187.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roger B. Porter bought 1,616 shares of the firm’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 completion of the transaction, the director now directly owns 42,001 shares of the company’s stock, valued at $1,847,623.99. The disclosure for this purchase can be found here. Insiders have sold 27,118 shares of company stock valued at $1,222,407 over the last 90 days. 1.46% of the stock is currently owned by insiders.
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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