Mesirow Financial Investment Management Equity Management Has $1.15 Million Position in Zions Bancorporation (ZION)
Mesirow Financial Investment Management Equity Management decreased its position in shares of Zions Bancorporation (NASDAQ:ZION) by 29.3% during the second quarter, Holdings Channel reports. The firm owned 26,275 shares of the bank’s stock after selling 10,910 shares during the period. Mesirow Financial Investment Management Equity Management’s holdings in Zions Bancorporation were worth $1,153,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of ZION. Contravisory Investment Management Inc. raised its position in Zions Bancorporation by 0.8% in the second quarter. Contravisory Investment Management Inc. now owns 5,794 shares of the bank’s stock worth $254,000 after buying an additional 45 shares during the period. Sii Investments Inc. WI raised its stake in Zions Bancorporation by 0.4% in the first quarter. Sii Investments Inc. WI now owns 24,586 shares of the bank’s stock worth $1,033,000 after buying an additional 99 shares during the last quarter. Mason Street Advisors LLC raised its stake in Zions Bancorporation by 0.4% in the first quarter. Mason Street Advisors LLC now owns 27,973 shares of the bank’s stock worth $1,175,000 after buying an additional 105 shares during the last quarter. Breton Hill Capital Ltd. raised its stake in 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. Finally, Advantus Capital Management Inc raised its stake in Zions Bancorporation by 0.9% in the first quarter. Advantus Capital Management Inc now owns 20,313 shares of the bank’s stock worth $853,000 after buying an additional 183 shares during the last quarter. 94.93% of the stock is owned by institutional investors.
Zions Bancorporation (NASDAQ ZION) opened at 45.29 on Thursday. The company’s 50-day moving average price is $44.41 and its 200 day moving average price is $42.73. The stock has a market capitalization of $9.15 billion, a P/E ratio of 18.04 and a beta of 1.44. Zions Bancorporation has a 52-week low of $27.77 and a 52-week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.11. The company had revenue of $660 million for the quarter, compared to the consensus estimate of $640.34 million. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same period last year, the firm earned $0.44 EPS. On average, equities research analysts predict that Zions Bancorporation will post $2.82 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th will be given a dividend of $0.12 per share. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Tuesday, August 15th. Zions Bancorporation’s dividend payout ratio (DPR) is currently 12.75%.
Zions Bancorporation announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
A number of analysts have commented on ZION shares. Keefe, Bruyette & Woods set a $44.00 target price on Zions Bancorporation and gave the stock a “hold” rating in a report on Monday, April 17th. Barclays PLC lifted their target price on Zions Bancorporation from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, April 25th. Deutsche Bank AG raised Zions Bancorporation from a “hold” rating to a “buy” rating and lifted their target price for the stock from $45.00 to $46.00 in a report on Thursday, May 4th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 target price on shares of Zions Bancorporation in a report on Friday, May 19th. Finally, Goldman Sachs Group, Inc. (The) lowered Zions Bancorporation from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $48.00 to $44.00 in a report on Wednesday, May 24th. Two research 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. The company presently has a consensus rating of “Hold” and a consensus price target of $43.52.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 1,000 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $46.38, for a total transaction of $46,380.00. Following the sale, the general counsel now directly owns 23,484 shares of the company’s stock, valued at approximately $1,089,187.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David E. Blackford sold 1,242 shares of the stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $40.73, for a total value of $50,586.66. Following the sale, the insider now directly owns 28,696 shares in the company, valued at $1,168,788.08. 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 over the last ninety days. 1.46% of the stock is owned by 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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