Hanseatic Management Services Inc. Buys 1,610 Shares of Zions Bancorporation (ZION)
Hanseatic Management Services Inc. boosted its stake in shares of Zions Bancorporation (NASDAQ:ZION) by 3.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 53,997 shares of the bank’s stock after acquiring an additional 1,610 shares during the quarter. Zions Bancorporation comprises 1.2% of Hanseatic Management Services Inc.’s investment portfolio, making the stock its 18th biggest holding. Hanseatic Management Services Inc.’s holdings in Zions Bancorporation were worth $2,371,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Zions Bancorporation by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 21,245,566 shares of the bank’s stock worth $932,892,000 after acquiring an additional 882,190 shares during the period. BlackRock Inc. lifted its position in Zions Bancorporation by 4,464.8% during the 1st quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock worth $493,142,000 after acquiring an additional 11,484,250 shares during the period. TIAA CREF Investment Management LLC lifted its position in Zions Bancorporation by 2.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,590,330 shares of the bank’s stock worth $157,651,000 after acquiring an additional 68,904 shares during the period. Alliancebernstein L.P. lifted its position in Zions Bancorporation by 2.9% during the 1st quarter. Alliancebernstein L.P. now owns 3,285,312 shares of the bank’s stock worth $137,983,000 after acquiring an additional 91,786 shares during the period. Finally, Northern Trust Corp lifted its position in Zions Bancorporation by 6.7% during the 2nd quarter. Northern Trust Corp now owns 2,189,740 shares of the bank’s stock worth $96,152,000 after acquiring an additional 137,230 shares during the period. 92.35% of the stock is owned by institutional investors.
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A number of analysts have weighed in on the company. Zacks Investment Research raised Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Thursday, July 13th. Jefferies Group LLC reissued a “buy” rating and set a $49.00 target price on shares of Zions Bancorporation in a research note on Friday, July 14th. BidaskClub raised Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. BMO Capital Markets reissued a “hold” rating and set a $47.00 target price on shares of Zions Bancorporation in a research note on Thursday, July 27th. Finally, Barclays PLC reissued an “overweight” rating and set a $50.00 target price (up from $48.00) on shares of Zions Bancorporation in a research note on Friday, June 16th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $46.00.
Shares of Zions Bancorporation (NASDAQ:ZION) traded down 0.79% during midday trading on Friday, reaching $45.00. The company’s stock had a trading volume of 455,732 shares. The stock has a market capitalization of $9.10 billion, a PE ratio of 17.91 and a beta of 1.45. The stock’s 50 day moving average is $44.09 and its 200 day moving average is $42.70. Zions Bancorporation has a 12 month low of $29.63 and a 12 month high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly 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 company had revenue of $660.00 million for the quarter, compared to analysts’ expectations of $640.34 million. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same quarter in the prior year, the company earned $0.44 earnings per share. On average, analysts forecast that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.06%. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio is currently 19.12%.
Zions Bancorporation declared that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In other Zions Bancorporation news, insider David E. Blackford sold 9,533 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $44.94, for a total value of $428,413.02. Following the transaction, the insider now owns 22,997 shares of the company’s stock, valued at $1,033,485.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roger B. Porter purchased 1,616 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was bought at an average cost of $43.99 per share, for a total transaction of $71,087.84. Following the acquisition, the director now directly owns 42,001 shares of the company’s stock, valued at approximately $1,847,623.99. The disclosure for this purchase can be found here. Insiders sold 27,118 shares of company stock worth $1,222,407 in the last ninety days. 1.46% of the stock is owned by corporate insiders.
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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