Zions Bancorporation (NASDAQ:ZION) Position Increased by Convergence Investment Partners LLC
Convergence Investment Partners LLC increased its position in shares of Zions Bancorporation (NASDAQ:ZION) by 3.0% during the second quarter, Holdings Channel reports. The institutional investor owned 95,974 shares of the bank’s stock after buying an additional 2,823 shares during the period. Zions Bancorporation comprises approximately 0.6% of Convergence Investment Partners LLC’s holdings, making the stock its 27th largest position. Convergence Investment Partners LLC’s holdings in Zions Bancorporation were worth $4,214,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. KAMES CAPITAL plc bought a new position in shares of Zions Bancorporation during the first quarter worth about $43,032,000. Breton Hill Capital Ltd. raised its position 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 in the last quarter. Strs Ohio bought a new position in shares of Zions Bancorporation during the first quarter worth about $402,000. Shell Asset Management Co. raised its position 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 in the last quarter. Finally, Acadian Asset Management LLC raised its position in shares of Zions Bancorporation by 10,038.3% in the first quarter. Acadian Asset Management LLC now owns 74,415 shares of the bank’s stock worth $3,126,000 after buying an additional 73,681 shares in the last quarter. Hedge funds and other institutional investors own 94.93% of the company’s stock.
Zions Bancorporation (ZION) opened at 44.11 on Friday. The firm has a market cap of $8.92 billion, a P/E ratio of 17.56 and a beta of 1.44. Zions Bancorporation has a one year low of $28.08 and a one year high of $48.33. The firm’s 50-day moving average price is $44.52 and its 200 day moving average price is $42.76.
Zions Bancorporation (NASDAQ:ZION) last posted its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.11. The business had revenue of $660 million for the quarter, compared to analyst estimates 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 in the previous year, the firm earned $0.44 EPS. On average, equities research analysts forecast that Zions Bancorporation will post $2.82 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 17th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, August 15th. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.09%. Zions Bancorporation’s payout ratio is presently 12.75%.
Zions Bancorporation declared that its board has authorized a share repurchase program on Wednesday, June 28th that allows the company to buyback $465.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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ZION has been the subject of a number of research analyst reports. Robert W. Baird downgraded shares of Zions Bancorporation from a “neutral” rating to an “underperform” rating and cut their price target for the company from $46.12 to $43.00 in a report on Monday, August 7th. BMO Capital Markets reissued a “hold” rating and issued a $47.00 price target on shares of Zions Bancorporation in a report on Thursday, July 27th. Wells Fargo & Company initiated coverage on shares of Zions Bancorporation in a report on Wednesday. They issued an “outperform” rating and a $56.00 price target for the company. Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Thursday, July 13th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the stock. Zions Bancorporation currently has an average rating of “Hold” and a consensus target price of $44.04.
In related news, insider Joseph L. Reilly sold 11,972 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $40.24, for a total transaction of $481,753.28. Following the transaction, the insider now directly owns 67,791 shares of the company’s stock, valued at approximately $2,727,909.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $46.38, for a total value of $46,380.00. Following the transaction, the general counsel now directly owns 23,484 shares in the company, valued at $1,089,187.92. 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 three months. 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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