Zions Bancorp (ZION) Stake Lifted by Elizabeth Park Capital Advisors Ltd.
Elizabeth Park Capital Advisors Ltd. grew its holdings in shares of Zions Bancorp (NASDAQ:ZION) by 1.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 311,873 shares of the bank’s stock after buying an additional 5,000 shares during the quarter. Zions Bancorp accounts for about 4.5% of Elizabeth Park Capital Advisors Ltd.’s investment portfolio, making the stock its 4th biggest position. Elizabeth Park Capital Advisors Ltd. owned 0.16% of Zions Bancorp worth $16,433,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in Zions Bancorp by 74.7% in the first quarter. JPMorgan Chase & Co. now owns 5,381,320 shares of the bank’s stock worth $283,756,000 after purchasing an additional 2,300,318 shares in the last quarter. LSV Asset Management grew its stake in Zions Bancorp by 47.2% in the second quarter. LSV Asset Management now owns 2,474,512 shares of the bank’s stock worth $130,382,000 after purchasing an additional 793,439 shares in the last quarter. Victory Capital Management Inc. grew its stake in Zions Bancorp by 118.1% in the second quarter. Victory Capital Management Inc. now owns 1,404,327 shares of the bank’s stock worth $73,994,000 after purchasing an additional 760,488 shares in the last quarter. EJF Capital LLC grew its stake in Zions Bancorp by 36.6% in the first quarter. EJF Capital LLC now owns 1,650,943 shares of the bank’s stock worth $87,054,000 after purchasing an additional 442,280 shares in the last quarter. Finally, Boston Advisors LLC grew its stake in Zions Bancorp by 730.3% in the second quarter. Boston Advisors LLC now owns 432,651 shares of the bank’s stock worth $22,796,000 after purchasing an additional 380,543 shares in the last quarter. 94.22% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider David E. Blackford sold 6,180 shares of the stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $58.24, for a total transaction of $359,923.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Thomas E. Laursen sold 945 shares of the stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $52.73, for a total value of $49,829.85. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,516 shares of company stock valued at $1,076,921. Company insiders own 1.60% of the company’s stock.
Zions Bancorp (NASDAQ:ZION) last posted its earnings results on Monday, July 23rd. The bank reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.03). The company had revenue of $686.00 million for the quarter, compared to analysts’ expectations of $687.26 million. Zions Bancorp had a return on equity of 10.86% and a net margin of 25.03%. During the same quarter in the prior year, the company earned $0.73 EPS. analysts anticipate that Zions Bancorp will post 3.95 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 23rd. Shareholders of record on Thursday, August 16th will be issued a dividend of $0.30 per share. The ex-dividend date is Wednesday, August 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.23%. This is a positive change from Zions Bancorp’s previous quarterly dividend of $0.24. Zions Bancorp’s dividend payout ratio is currently 41.96%.
Several research analysts recently issued reports on the company. BidaskClub raised Zions Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, August 4th. BMO Capital Markets reissued a “hold” rating and issued a $55.00 price objective on shares of Zions Bancorp in a research note on Thursday, July 12th. Susquehanna Bancshares set a $54.00 price objective on Zions Bancorp and gave the stock a “hold” rating in a research note on Monday, April 23rd. Piper Jaffray Companies reissued a “hold” rating on shares of Zions Bancorp in a research note on Tuesday, April 24th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $61.00 price objective on shares of Zions Bancorp in a research note on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $58.90.
About Zions Bancorp
Zions Bancorporation, a financial holding company, provides a range of banking and related services primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers community banking services, such as small and medium-sized business and corporate banking; commercial and residential development, construction, and term lending; retail banking; treasury cash management and related products and services; and residential mortgage servicing and lending.
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