Magnetar Financial LLC Invests $215,000 in Zions Bancorporation (ZION)
Magnetar Financial LLC bought a new stake in Zions Bancorporation (NASDAQ:ZION) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,553 shares of the bank’s stock, valued at approximately $215,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ZION. Strs Ohio boosted its holdings in Zions Bancorporation by 94.7% in the second quarter. Strs Ohio now owns 18,675 shares of the bank’s stock valued at $820,000 after purchasing an additional 9,084 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Zions Bancorporation by 68.7% during the 2nd quarter. IFP Advisors Inc now owns 5,451 shares of the bank’s stock worth $239,000 after acquiring an additional 2,220 shares in the last quarter. Retirement Systems of Alabama boosted its stake in shares of Zions Bancorporation by 0.4% during the 2nd quarter. Retirement Systems of Alabama now owns 98,246 shares of the bank’s stock worth $4,314,000 after acquiring an additional 398 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of Zions Bancorporation by 193.5% during the 2nd quarter. Pictet Asset Management Ltd. now owns 107,079 shares of the bank’s stock worth $4,291,000 after acquiring an additional 70,600 shares in the last quarter. Finally, Global X Management Co. LLC boosted its stake in shares of Zions Bancorporation by 58.6% during the 2nd quarter. Global X Management Co. LLC now owns 4,792 shares of the bank’s stock worth $210,000 after acquiring an additional 1,771 shares in the last quarter. 92.64% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Bruce K. Alexander sold 6,089 shares of Zions Bancorporation stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $47.97, for a total value of $292,089.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Thomas E. Laursen sold 1,600 shares of Zions Bancorporation stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $46.55, for a total transaction of $74,480.00. The disclosure for this sale can be found here. Insiders have sold a total of 43,979 shares of company stock valued at $2,057,927 in the last 90 days. Insiders own 1.46% of the company’s stock.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.01). The firm had revenue of $661.00 million for the quarter, compared to analyst estimates of $666.83 million. Zions Bancorporation had a return on equity of 8.54% and a net margin of 22.70%. During the same quarter in the prior year, the business earned $0.57 EPS. research analysts forecast that Zions Bancorporation will post 2.8 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 22nd. Stockholders of record on Wednesday, November 15th were issued a dividend of $0.16 per share. The ex-dividend date was Tuesday, November 14th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.28%. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.12. Zions Bancorporation’s dividend payout ratio (DPR) is currently 24.06%.
Several equities research analysts have recently issued reports on ZION shares. B. Riley set a $54.00 target price on shares of Zions Bancorporation and gave the stock a “buy” rating in a research note on Monday, November 20th. FBR & Co reissued a “buy” rating and set a $54.00 target price on shares of Zions Bancorporation in a research note on Tuesday, October 24th. Jefferies Group reissued a “buy” rating and set a $54.00 target price on shares of Zions Bancorporation in a research note on Thursday, October 12th. BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Wednesday, December 6th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $49.00 target price (up from $48.00) on shares of Zions Bancorporation in a research note on Wednesday, October 4th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company’s stock. Zions Bancorporation currently has an average rating of “Buy” and a consensus target price of $49.84.
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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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