Public Employees Retirement Association of Colorado Lowers Stake in Zions Bancorporation (ZION)
Public Employees Retirement Association of Colorado lowered its stake in Zions Bancorporation (NASDAQ:ZION) by 0.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,110 shares of the bank’s stock after selling 78 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Zions Bancorporation were worth $1,849,000 as of its most recent filing with the SEC.
A number of other large investors have also recently bought and sold shares of the company. Contravisory Investment Management Inc. raised its stake in Zions Bancorporation by 0.8% in the second quarter. Contravisory Investment Management Inc. now owns 5,794 shares of the bank’s stock valued at $254,000 after buying an additional 45 shares during the period. Sii Investments Inc. WI raised its stake in Zions Bancorporation by 0.4% in the first quarter. Sii Investments Inc. WI now owns 24,586 shares of the bank’s stock valued at $1,033,000 after buying an additional 99 shares during the period. Mason Street Advisors LLC raised its stake in Zions Bancorporation by 0.4% in the first quarter. Mason Street Advisors LLC now owns 27,973 shares of the bank’s stock valued at $1,175,000 after buying an additional 105 shares during the period. Breton Hill Capital Ltd. raised its stake in Zions Bancorporation by 0.6% in the first quarter. Breton Hill Capital Ltd. now owns 24,182 shares of the bank’s stock valued at $1,016,000 after buying an additional 155 shares during the period. Finally, Advantus Capital Management Inc raised its stake in Zions Bancorporation by 0.9% in the first quarter. Advantus Capital Management Inc now owns 20,313 shares of the bank’s stock valued at $853,000 after buying an additional 183 shares during the period. Institutional investors own 94.93% of the company’s stock.
Zions Bancorporation (ZION) opened at 44.44 on Friday. The firm has a market capitalization of $8.98 billion, a PE ratio of 17.70 and a beta of 1.44. The company has a 50-day moving average price of $44.47 and a 200-day moving average price of $42.74. Zions Bancorporation has a 12-month low of $27.77 and a 12-month high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last released its 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. The firm had revenue of $660 million during the quarter, compared to analysts’ expectations 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 company earned $0.44 EPS. On average, analysts predict that Zions Bancorporation will post $2.82 earnings per share for the current year.
The company 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 $0.12 dividend. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 1.08%. The ex-dividend date is Tuesday, August 15th. Zions Bancorporation’s payout ratio is presently 12.75%.
Zions Bancorporation announced that its board has approved a stock buyback program on Wednesday, June 28th that permits the company to repurchase $465.00 million in shares. This repurchase authorization permits the bank to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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Several research firms have commented on ZION. 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 note on Tuesday, April 25th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $46.00 price objective on shares of Zions Bancorporation in a research note on Friday, July 14th. BidaskClub lowered Zions Bancorporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Wells Fargo & Company began coverage on Zions Bancorporation in a research note on Wednesday. They set an “outperform” rating and a $56.00 price objective for the company. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $45.00 price objective (up from $43.00) on shares of Zions Bancorporation in a research note on Monday, June 5th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the company. Zions Bancorporation presently has a consensus rating of “Hold” and a consensus target price of $44.04.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 1,000 shares of Zions Bancorporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $46.38, for a total value of $46,380.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David E. Blackford sold 2,090 shares of Zions Bancorporation stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $39.61, for a total transaction of $82,784.90. Following the completion of the sale, the insider now directly owns 23,578 shares of the company’s stock, valued at $933,924.58. The disclosure for this sale can be found here. Insiders sold a total of 26,779 shares of company stock valued at $1,128,012 over the last ninety days. 1.46% of the stock is owned by corporate insiders.
About Zions Bancorporation
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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