Caxton Associates LP Purchases Shares of 150,000 Zions Bancorporation (ZION)
Caxton Associates LP purchased a new position in Zions Bancorporation (NASDAQ:ZION) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 150,000 shares of the bank’s stock, valued at approximately $6,587,000. Caxton Associates LP owned about 0.07% of Zions Bancorporation at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Advisors Asset Management Inc. purchased a new position in shares of Zions Bancorporation in the 2nd quarter worth about $108,000. Exane Derivatives purchased a new position in shares of Zions Bancorporation in the 2nd quarter worth about $132,000. Global X Management Co. LLC raised its position in shares of Zions Bancorporation by 340.4% in the 1st quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock worth $127,000 after purchasing an additional 2,335 shares during the last quarter. FNY Partners Fund LP purchased a new position in shares of Zions Bancorporation in the 1st quarter worth about $188,000. Finally, Bray Capital Advisors purchased a new position in shares of Zions Bancorporation in the 2nd quarter worth about $216,000. 92.35% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on ZION shares. BidaskClub raised Zions Bancorporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a research report on Friday, July 14th. Zacks Investment Research raised Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Thursday, July 13th. Bank of America Corporation raised Zions Bancorporation from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $50.00 to $52.00 in a research report on Wednesday, August 16th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 price target (up previously from $45.00) on shares of Zions Bancorporation in a research report on Friday, July 7th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $46.71.
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In other news, insider David E. Blackford sold 9,533 shares of the firm’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $44.94, for a total value of $428,413.02. Following the completion of the transaction, the insider now directly owns 22,997 shares in the company, valued at $1,033,485.18. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Roger B. Porter acquired 1,616 shares of Zions Bancorporation stock in a transaction dated Tuesday, August 22nd. The stock was purchased at an average price of $43.99 per share, with a total value of $71,087.84. Following the completion of the purchase, the director now owns 42,001 shares of the company’s stock, valued at $1,847,623.99. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 27,118 shares of company stock valued at $1,222,407. Company insiders own 1.46% of the company’s stock.
Zions Bancorporation (NASDAQ:ZION) traded up 0.46% during midday trading on Friday, hitting $47.88. The company’s stock had a trading volume of 2,316,072 shares. Zions Bancorporation has a one year low of $30.07 and a one year high of $48.33. The company has a market cap of $9.68 billion, a price-to-earnings ratio of 19.06 and a beta of 1.44. The company’s 50-day moving average is $44.57 and its 200 day moving average is $42.89.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $660.00 million during the quarter, compared to analysts’ expectations of $640.34 million. During the same period last year, the business posted $0.44 earnings per share. On average, analysts predict that Zions Bancorporation will post $2.82 EPS for the current year.
Zions Bancorporation declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $465.00 million in shares. This repurchase authorization permits the bank to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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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