Insider Selling: Zions Bancorporation (NASDAQ:ZION) General Counsel Sells 1,000 Shares of Stock
Zions Bancorporation (NASDAQ:ZION) General Counsel Thomas E. Laursen sold 1,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,089,187.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Shares of Zions Bancorporation (ZION) opened at 45.81 on Wednesday. The company’s 50-day moving average price is $44.20 and its 200-day moving average price is $42.66. The company has a market capitalization of $9.26 billion, a price-to-earnings ratio of 18.24 and a beta of 1.44. Zions Bancorporation has a 52-week low of $27.77 and a 52-week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the consensus estimate of $0.62 by $0.11. The business had revenue of $660 million during the quarter, compared to the consensus estimate of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. During the same period in the previous year, the business earned $0.44 earnings per share. Equities research analysts forecast that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Tuesday, August 15th. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s payout ratio is presently 12.75%.
Zions Bancorporation announced that its board has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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Several equities analysts recently weighed in on ZION shares. Barclays PLC boosted their price objective on Zions Bancorporation from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 25th. BMO Capital Markets reissued a “hold” rating and set a $44.00 price objective on shares of Zions Bancorporation in a research report on Thursday, June 29th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $44.00 price objective on shares of Zions Bancorporation in a research report on Monday, June 19th. Jefferies Group LLC reissued a “buy” rating and set a $49.00 price objective on shares of Zions Bancorporation in a research report on Thursday, June 8th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $45.00 price objective (up previously from $43.00) on shares of Zions Bancorporation in a research report on Monday, June 5th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the stock. Zions Bancorporation presently has an average rating of “Hold” and a consensus target price of $43.52.
Several hedge funds have recently bought and sold shares of ZION. Shell Asset Management Co. boosted its stake in 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 during the last quarter. Acadian Asset Management LLC boosted its stake in 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 during the last quarter. V Wealth Management LLC boosted its stake in Zions Bancorporation by 3.3% in the first quarter. V Wealth Management LLC now owns 46,645 shares of the bank’s stock worth $1,966,000 after buying an additional 1,507 shares during the last quarter. Douglas Lane & Associates LLC boosted its stake in Zions Bancorporation by 0.3% in the first quarter. Douglas Lane & Associates LLC now owns 221,009 shares of the bank’s stock worth $9,282,000 after buying an additional 730 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its stake in Zions Bancorporation by 1.3% in the first quarter. Retirement Systems of Alabama now owns 97,848 shares of the bank’s stock worth $4,110,000 after buying an additional 1,292 shares during the last quarter. 94.93% of the stock is currently owned by hedge funds and other institutional investors.
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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