Zions Bancorporation (ZION) Shares Bought by Cibc World Markets Corp
Cibc World Markets Corp lifted its stake in Zions Bancorporation (NASDAQ:ZION) by 35.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,635 shares of the bank’s stock after purchasing an additional 7,480 shares during the period. Cibc World Markets Corp’s holdings in Zions Bancorporation were worth $1,257,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of ZION. Tocqueville Asset Management L.P. increased its stake in Zions Bancorporation by 8.6% in the 2nd quarter. Tocqueville Asset Management L.P. now owns 8,675 shares of the bank’s stock worth $381,000 after buying an additional 688 shares during the period. Pacer Advisors Inc. lifted its holdings in Zions Bancorporation by 11.4% during the 2nd quarter. Pacer Advisors Inc. now owns 31,429 shares of the bank’s stock valued at $1,380,000 after buying an additional 3,223 shares in the last quarter. Bank of Nova Scotia boosted its position in Zions Bancorporation by 48.3% in the 1st quarter. Bank of Nova Scotia now owns 97,273 shares of the bank’s stock valued at $4,085,000 after buying an additional 31,673 shares during the period. Creative Planning boosted its position in Zions Bancorporation by 2.0% in the 2nd quarter. Creative Planning now owns 28,728 shares of the bank’s stock valued at $1,261,000 after buying an additional 561 shares during the period. Finally, Cipher Capital LP purchased a new stake in Zions Bancorporation in the 2nd quarter valued at about $1,665,000. Hedge funds and other institutional investors own 92.35% of the company’s stock.
Zions Bancorporation (NASDAQ:ZION) opened at 47.18 on Monday. Zions Bancorporation has a 12 month low of $30.07 and a 12 month high of $48.33. The firm has a market capitalization of $9.54 billion, a price-to-earnings ratio of 18.78 and a beta of 1.44. The company’s 50-day moving average price is $44.09 and its 200 day moving average price is $42.70.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.11. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The firm had revenue of $660.00 million for the quarter, compared to analyst estimates of $640.34 million. During the same period last year, the business earned $0.44 EPS. Analysts predict that Zions Bancorporation will post $2.82 EPS for the current year.
Zions Bancorporation declared that its board has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $465.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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In other Zions Bancorporation news, insider David E. Blackford sold 9,533 shares of the firm’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $44.94, for a total transaction 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Edward Schreiber sold 13,000 shares of Zions Bancorporation stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $44.98, for a total value of $584,740.00. Following the sale, the insider now owns 51,517 shares in the company, valued at approximately $2,317,234.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,118 shares of company stock valued at $1,222,407. 1.46% of the stock is owned by corporate insiders.
A number of equities analysts have commented on ZION shares. Morgan Stanley restated an “equal weight” rating and issued a $45.00 target price (up from $43.00) on shares of Zions Bancorporation in a research note on Monday, June 5th. Jefferies Group LLC reaffirmed a “buy” rating and set a $49.00 target price on shares of Zions Bancorporation in a research report on Thursday, June 8th. BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Barclays PLC reaffirmed an “overweight” rating and set a $50.00 price target (up previously from $48.00) on shares of Zions Bancorporation in a research note on Friday, June 16th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $44.00 price target on shares of Zions Bancorporation in a report on Monday, June 19th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $46.48.
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.
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