Zions Bancorporation (ZION) Stake Lifted by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Zions Bancorporation (NASDAQ:ZION) by 134.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 323,621 shares of the bank’s stock after purchasing an additional 185,301 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.16% of Zions Bancorporation worth $15,268,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Strs Ohio boosted its stake in Zions Bancorporation by 94.7% during the second quarter. Strs Ohio now owns 18,675 shares of the bank’s stock valued at $820,000 after buying an additional 9,084 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Zions Bancorporation by 40.5% during the second quarter. Great West Life Assurance Co. Can now owns 142,672 shares of the bank’s stock valued at $6,257,000 after buying an additional 41,139 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in Zions Bancorporation during the second quarter valued at about $263,000. Korea Investment CORP bought a new position in Zions Bancorporation during the second quarter valued at about $5,700,000. Finally, IFP Advisors Inc boosted its stake in Zions Bancorporation by 68.7% during the second quarter. IFP Advisors Inc now owns 5,451 shares of the bank’s stock valued at $239,000 after buying an additional 2,220 shares in the last quarter. 92.64% of the stock is owned by institutional investors.
Several research analysts recently weighed in on the company. Bank of America raised Zions Bancorporation from a “neutral” rating to a “buy” rating and raised their target price for the company from $50.00 to $52.00 in a research note on Wednesday, August 16th. BidaskClub raised Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Wednesday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $48.00 target price on shares of Zions Bancorporation in a research note on Tuesday, October 3rd. Robert W. Baird cut Zions Bancorporation from a “neutral” rating to an “underperform” rating and set a $43.00 target price for the company. in a research note on Monday, October 2nd. Finally, Barclays set a $52.00 target price on Zions Bancorporation and gave the company an “overweight” rating in a report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $49.84.
Shares of Zions Bancorporation (NASDAQ:ZION) opened at $50.93 on Friday. Zions Bancorporation has a fifty-two week low of $38.43 and a fifty-two week high of $52.20. The company has a market capitalization of $10,170.00, a price-to-earnings ratio of 18.77, a PEG ratio of 1.93 and a beta of 1.48. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05.
Zions Bancorporation (NASDAQ:ZION) last announced its earnings results on Monday, October 23rd. The bank reported $0.72 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.01). The company had revenue of $661.00 million for the quarter, compared to analysts’ expectations of $666.83 million. Zions Bancorporation had a net margin of 22.70% and a return on equity of 8.54%. During the same period in the prior year, the company earned $0.57 earnings per share. sell-side analysts anticipate that Zions Bancorporation will post 2.8 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, November 15th were paid a $0.16 dividend. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.12. This represents a $0.64 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend was Tuesday, November 14th. Zions Bancorporation’s dividend payout ratio is currently 23.97%.
In related news, insider Joseph L. Reilly sold 23,271 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $46.70, for a total value of $1,086,755.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Thomas E. Laursen sold 1,600 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $46.55, for a total value of $74,480.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,979 shares of company stock valued at $2,057,927. Company insiders own 1.46% of the company’s stock.
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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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