Bp Plc Buys New Position in Zions Bancorporation (NASDAQ:ZION)
Bp Plc bought a new stake in Zions Bancorporation (NASDAQ:ZION) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,000 shares of the bank’s stock, valued at approximately $1,054,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Chevy Chase Trust Holdings Inc. raised its position in shares of Zions Bancorporation by 2.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 174,603 shares of the bank’s stock valued at $7,334,000 after buying an additional 4,375 shares in the last quarter. Creative Planning raised its position in shares of Zions Bancorporation by 5.9% in the first quarter. Creative Planning now owns 28,167 shares of the bank’s stock valued at $1,183,000 after buying an additional 1,565 shares in the last quarter. Cypress Capital Management LLC WY bought a new position in shares of Zions Bancorporation during the first quarter valued at about $169,000. Hartford Investment Management Co. raised its position in shares of Zions Bancorporation by 0.9% in the first quarter. Hartford Investment Management Co. now owns 51,444 shares of the bank’s stock valued at $2,161,000 after buying an additional 442 shares in the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of Zions Bancorporation by 1.3% in the first quarter. Retirement Systems of Alabama now owns 97,848 shares of the bank’s stock valued at $4,110,000 after buying an additional 1,292 shares in the last quarter. 94.93% of the stock is currently owned by institutional investors and hedge funds.
Zions Bancorporation (NASDAQ:ZION) opened at 44.11 on Friday. Zions Bancorporation has a 52-week low of $28.08 and a 52-week high of $48.33. The company’s 50 day moving average is $44.52 and its 200-day moving average is $42.76. The company has a market capitalization of $8.92 billion, a price-to-earnings ratio of 17.56 and a beta of 1.44.
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 the Thomson Reuters’ consensus estimate of $0.62 by $0.11. The business had revenue of $660 million for the quarter, compared to analysts’ expectations of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. During the same quarter in the prior year, the business earned $0.44 EPS. Equities analysts anticipate that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 15th. This represents a $0.48 annualized dividend and a yield of 1.09%. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio is currently 12.75%.
Zions Bancorporation declared that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
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ZION has been the topic of several research analyst reports. Keefe, Bruyette & Woods set a $44.00 target price on shares of Zions Bancorporation and gave the stock a “hold” rating in a research note on Monday, April 17th. Barclays PLC increased their target price on shares of Zions Bancorporation from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 25th. Deutsche Bank AG raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and increased their target price for the stock from $45.00 to $46.00 in a research note on Thursday, May 4th. Morgan Stanley reissued an “equal weight” rating and set a $43.00 target price on shares of Zions Bancorporation in a research note on Friday, May 19th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Zions Bancorporation from a “buy” rating to a “neutral” rating and cut their target price for the stock from $48.00 to $44.00 in a research note on Wednesday, May 24th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the stock. Zions Bancorporation presently has a consensus rating of “Hold” and a consensus target price of $44.04.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 1,000 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $46.38, for a total transaction of $46,380.00. Following the transaction, the general counsel now owns 23,484 shares in the company, valued at approximately $1,089,187.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David E. Blackford sold 942 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $40.44, for a total transaction of $38,094.48. Following the transaction, the insider now owns 29,415 shares in the company, valued at approximately $1,189,542.60. The disclosure for this sale can be found here. Insiders have sold a total of 26,779 shares of company stock worth $1,128,012 in the last 90 days. Company insiders own 1.46% of the company’s stock.
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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