Edward Schreiber Sells 13,000 Shares of Zions Bancorporation (ZION) Stock
Zions Bancorporation (NASDAQ:ZION) insider Edward Schreiber sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $44.98, for a total transaction of $584,740.00. Following the sale, the insider now directly owns 51,517 shares of the company’s stock, valued at approximately $2,317,234.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Zions Bancorporation (ZION) traded up 0.58% during midday trading on Tuesday, hitting $45.13. 1,235,573 shares of the stock traded hands. Zions Bancorporation has a 52 week low of $27.77 and a 52 week high of $48.33. The company has a market capitalization of $9.12 billion, a price-to-earnings ratio of 17.97 and a beta of 1.44. The stock’s 50-day moving average price is $44.61 and its 200 day moving average price is $42.77.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.11. The firm had revenue of $660 million during the quarter, compared to analyst estimates of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. During the same period in the previous year, the business posted $0.44 EPS. On average, equities research analysts predict that Zions Bancorporation will post $2.82 EPS for the current year.
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 issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.06%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Tuesday, August 15th. Zions Bancorporation’s payout ratio is presently 12.75%.
Zions Bancorporation announced that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to repurchase $465.00 million in shares. This repurchase authorization allows the bank to purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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ZION has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Wednesday, June 28th. Deutsche Bank AG raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and upped their price target for the stock from $45.00 to $46.00 in a report on Thursday, May 4th. BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Jefferies Group LLC reaffirmed a “buy” rating and set a $49.00 price target on shares of Zions Bancorporation in a report on Thursday, June 8th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $45.00 price target (up previously from $43.00) on shares of Zions Bancorporation in a report on Monday, June 5th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $44.04.
Several large investors have recently made changes to their positions in ZION. Hennessy Advisors Inc. acquired a new stake in shares of Zions Bancorporation during the first quarter worth $1,344,000. KAMES CAPITAL plc acquired a new stake in shares of Zions Bancorporation during the first quarter worth $43,032,000. Breton Hill Capital Ltd. raised its stake in shares of Zions Bancorporation by 0.6% in the first quarter. Breton Hill Capital Ltd. now owns 24,182 shares of the bank’s stock worth $1,016,000 after buying an additional 155 shares during the last quarter. Strs Ohio acquired a new stake in shares of Zions Bancorporation during the first quarter worth $402,000. Finally, Shell Asset Management Co. raised its stake in shares of Zions Bancorporation by 16.5% in the first quarter. Shell Asset Management Co. now owns 42,592 shares of the bank’s stock worth $1,789,000 after buying an additional 6,033 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.
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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