Zions Bancorporation (ZION) Shares Bought by Chevy Chase Trust Holdings Inc.
Chevy Chase Trust Holdings Inc. increased its stake in Zions Bancorporation (NASDAQ:ZION) by 0.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 174,667 shares of the bank’s stock after buying an additional 64 shares during the period. Chevy Chase Trust Holdings Inc. owned 0.09% of Zions Bancorporation worth $7,670,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in ZION. Global X Management Co. LLC raised its position in Zions Bancorporation by 340.4% in the first 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 during the last quarter. Segantii Capital Management Ltd acquired a new position in Zions Bancorporation during the first quarter valued at approximately $151,000. Cypress Capital Management LLC WY acquired a new position in Zions Bancorporation during the first quarter valued at approximately $169,000. FNY Partners Fund LP acquired a new position in Zions Bancorporation during the first quarter valued at approximately $188,000. Finally, Penserra Capital Management LLC acquired a new position in Zions Bancorporation during the first quarter valued at approximately $194,000. 94.62% of the stock is owned by institutional investors.
Zions Bancorporation (NASDAQ:ZION) opened at 43.54 on Friday. Zions Bancorporation has a one year low of $25.78 and a one year high of $48.33. The firm has a market capitalization of $8.82 billion, a PE ratio of 19.60 and a beta of 1.44. The stock has a 50 day moving average of $43.09 and a 200-day moving average of $42.51.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings results on Monday, April 24th. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.07. The business had revenue of $621 million for the quarter, compared to analyst estimates of $619.90 million. Zions Bancorporation had a return on equity of 7.44% and a net margin of 20.50%. During the same period in the prior year, the company posted $0.38 EPS. On average, equities analysts predict that Zions Bancorporation will post $2.60 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 17th will be given a dividend of $0.12 per share. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend is Tuesday, August 15th. Zions Bancorporation’s dividend payout ratio is currently 14.41%.
Zions Bancorporation announced that its board has initiated a stock buyback plan on Wednesday, June 28th that permits the company to buyback $465.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
Several research analysts have recently commented on the stock. Jefferies Group LLC reissued a “buy” rating and issued a $49.00 price objective on shares of Zions Bancorporation in a research note on Friday, July 14th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $46.00 price objective on shares of Zions Bancorporation in a research note on Friday, July 14th. Zacks Investment Research lowered shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a research note on Friday, July 7th. BMO Capital Markets reissued a “hold” rating and issued a $44.00 price objective on shares of Zions Bancorporation in a research note on Thursday, June 29th. Finally, BidaskClub lowered shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $43.23.
In related news, insider David E. Blackford sold 942 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $40.44, for a total transaction of $38,094.48. Following the sale, the insider now directly owns 29,415 shares of the company’s stock, valued at approximately $1,189,542.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Thomas E. Laursen sold 860 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $41.16, for a total value of $35,397.60. Following the sale, the general counsel now directly owns 25,901 shares in the company, valued at $1,066,085.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,184 shares of company stock worth $1,880,815. Corporate insiders own 1.46% of the company’s stock.
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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