Dianne R. James Sells 1,585 Shares of Zions Bancorporation (ZION) Stock
Zions Bancorporation (NASDAQ:ZION) insider Dianne R. James sold 1,585 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $45.22, for a total transaction of $71,673.70. Following the transaction, the insider now directly owns 21,866 shares in the company, valued at $988,780.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Zions Bancorporation (NASDAQ ZION) traded down 0.02% on Wednesday, hitting $45.12. 1,506,883 shares of the company were exchanged. The stock has a market capitalization of $9.12 billion, a P/E ratio of 17.96 and a beta of 1.44. The company has a 50 day moving average price of $44.76 and a 200-day moving average price of $42.80. Zions Bancorporation has a 52 week low of $28.29 and a 52 week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share 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 million for the quarter, compared to analysts’ expectations of $640.34 million. During the same quarter in the prior year, the business earned $0.44 EPS. On average, equities analysts expect that Zions Bancorporation will post $2.82 earnings per share for the current fiscal year.
Zions Bancorporation declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $465.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Tuesday, August 15th. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio is 12.75%.
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ZION has been the topic of several research analyst reports. 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. BMO Capital Markets reissued a “hold” rating and set a $44.00 target price on shares of Zions Bancorporation in a research note on Thursday, June 29th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $44.00 target price on shares of Zions Bancorporation in a research note on Monday, June 19th. Jefferies Group LLC reissued a “buy” rating and set a $49.00 target price on shares of Zions Bancorporation in a research note on Thursday, June 8th. Finally, Wells Fargo & Company initiated coverage on shares of Zions Bancorporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $56.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $44.33.
Several institutional investors have recently modified their holdings of ZION. Public Employees Retirement System of Ohio raised its stake in Zions Bancorporation by 53.0% in the second quarter. Public Employees Retirement System of Ohio now owns 263,602 shares of the bank’s stock valued at $11,575,000 after buying an additional 91,366 shares in the last quarter. Colony Group LLC purchased a new stake in Zions Bancorporation during the second quarter valued at about $308,000. Koch Industries Inc. purchased a new stake in Zions Bancorporation during the second quarter valued at about $339,000. Sterling Capital Management LLC raised its stake in Zions Bancorporation by 8.6% in the second quarter. Sterling Capital Management LLC now owns 22,543 shares of the bank’s stock valued at $990,000 after buying an additional 1,794 shares in the last quarter. Finally, Nomura Holdings Inc. raised its stake in Zions Bancorporation by 2,836.1% in the second quarter. Nomura Holdings Inc. now owns 374,851 shares of the bank’s stock valued at $16,430,000 after buying an additional 362,084 shares in the last quarter. Hedge funds and other institutional investors own 95.13% 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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