Public Sector Pension investment Board Cuts Stake in Zions Bancorporation (ZION)
Public Sector Pension investment Board lowered its position in shares of Zions Bancorporation (NASDAQ:ZION) by 52.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,187 shares of the bank’s stock after selling 24,100 shares during the period. Public Sector Pension investment Board’s holdings in Zions Bancorporation were worth $974,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in ZION. Advisors Asset Management Inc. bought a new stake in shares of Zions Bancorporation in the second quarter valued at about $108,000. Global X Management Co. LLC lifted its stake in 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 acquiring an additional 2,335 shares during the period. Exane Derivatives bought a new position in Zions Bancorporation during the 2nd quarter worth about $132,000. Segantii Capital Management Ltd bought a new position in Zions Bancorporation during the 1st quarter worth about $151,000. Finally, FNY Partners Fund LP bought a new position in Zions Bancorporation during the 1st quarter worth about $188,000. Hedge funds and other institutional investors own 92.35% of the company’s stock.
In other news, Director Roger B. Porter acquired 1,616 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was acquired at an average cost of $43.99 per share, with a total value of $71,087.84. Following the completion of the acquisition, the director now owns 42,001 shares of the company’s stock, valued at $1,847,623.99. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $46.38, for a total value of $46,380.00. Following the completion of the sale, the general counsel now directly owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The disclosure for this sale can be found here. Insiders sold a total of 27,118 shares of company stock valued at $1,222,407 over the last three months. Company insiders own 1.46% of the company’s stock.
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A number of research analysts have commented on ZION shares. Robert W. Baird downgraded shares of Zions Bancorporation from a “neutral” rating to an “underperform” rating and set a $43.00 target price on the stock. in a research report on Monday. BMO Capital Markets restated a “hold” rating and issued a $47.00 price target on shares of Zions Bancorporation in a report on Thursday, July 27th. Wells Fargo & Company started coverage on shares of Zions Bancorporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 price target for the company. Bank of America Corporation raised shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and upped 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 shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Thursday, July 13th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $46.48.
Zions Bancorporation (ZION) opened at 47.28 on Tuesday. The firm has a market capitalization of $9.56 billion, a P/E ratio of 18.82 and a beta of 1.44. Zions Bancorporation has a 52-week low of $30.07 and a 52-week high of $48.33. The company has a 50 day moving average price of $44.28 and a 200 day moving average price of $42.77.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $660.00 million for the quarter, compared to analyst estimates of $640.34 million. During the same period last year, the business earned $0.44 EPS. On average, equities analysts forecast that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
Zions Bancorporation declared that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $465.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
Zions Bancorporation 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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