Third Avenue Management LLC Decreases Position in Zions Bancorporation (ZION)
Third Avenue Management LLC cut its stake in Zions Bancorporation (NASDAQ:ZION) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 557,558 shares of the bank’s stock after selling 7,100 shares during the quarter. Zions Bancorporation makes up approximately 1.1% of Third Avenue Management LLC’s portfolio, making the stock its 29th largest holding. Third Avenue Management LLC owned approximately 0.28% of Zions Bancorporation worth $24,483,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of ZION. Advisors Asset Management Inc. purchased a new position in Zions Bancorporation in the 2nd quarter valued at about $108,000. Global X Management Co. LLC lifted its stake in Zions Bancorporation by 340.4% in the 1st quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock valued at $127,000 after buying an additional 2,335 shares in the last quarter. Exane Derivatives purchased a new position in Zions Bancorporation in the 2nd quarter valued at about $132,000. Segantii Capital Management Ltd purchased a new position in Zions Bancorporation in the 1st quarter valued at about $151,000. Finally, FNY Partners Fund LP purchased a new position in Zions Bancorporation in the 1st quarter valued at about $188,000. 92.35% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Roger B. Porter acquired 1,616 shares of Zions Bancorporation stock in a transaction that occurred on Tuesday, August 22nd. The shares were acquired at an average price of $43.99 per share, with a total value of $71,087.84. Following the completion of the purchase, the director now owns 42,001 shares of the company’s stock, valued at approximately $1,847,623.99. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider David E. Blackford sold 9,533 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $44.94, for a total transaction of $428,413.02. Following the transaction, the insider now directly owns 22,997 shares in the company, valued at approximately $1,033,485.18. The disclosure for this sale can be found here. Insiders have sold 27,118 shares of company stock worth $1,222,407 in the last three months. Insiders own 1.46% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Third Avenue Management LLC Decreases Position in Zions Bancorporation (ZION)” was published by Watch List News and is the sole property of of Watch List News. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of U.S. and international copyright and trademark law. The legal version of this piece of content can be viewed at https://www.watchlistnews.com/third-avenue-management-llc-decreases-position-in-zions-bancorporation-zion/1599120.html.
A number of research analysts recently weighed in on the stock. Robert W. Baird lowered shares of Zions Bancorporation from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $46.12 to $43.00 in a research note on Monday, August 7th. Bank of America Corporation raised shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and raised their price target for the company from $50.00 to $52.00 in a research note on Wednesday, August 16th. Wells Fargo & Company began coverage on shares of Zions Bancorporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 price target on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $46.00 target price on shares of Zions Bancorporation in a research note on Friday, July 14th. Finally, BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Thirteen analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $46.48.
Zions Bancorporation (NASDAQ:ZION) traded up 0.51% during mid-day trading on Friday, reaching $47.18. 1,982,622 shares of the company traded hands. The stock has a 50-day moving average of $44.09 and a 200 day moving average of $42.70. Zions Bancorporation has a 52-week low of $29.64 and a 52-week high of $48.33. The stock has a market capitalization of $9.54 billion, a PE ratio of 18.78 and a beta of 1.45.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.11. The business had revenue of $660.00 million for the quarter, compared to the consensus estimate 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 firm posted $0.44 earnings per share. Equities research analysts expect that Zions Bancorporation will post $2.82 earnings per share for the current year.
Zions Bancorporation declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Zions Bancorporation 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.
Want to see what other hedge funds are holding ZION? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zions Bancorporation (NASDAQ:ZION).
Receive News & Ratings for Zions Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zions Bancorporation and related companies with Analyst Ratings Network's FREE daily email newsletter.