Korea Investment CORP Takes Position in Zions Bancorporation (NASDAQ:ZION)
Korea Investment CORP bought a new position in shares of Zions Bancorporation (NASDAQ:ZION) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 129,800 shares of the bank’s stock, valued at approximately $5,700,000.
A number of other large investors have also bought and sold shares of ZION. Creative Planning increased its stake in Zions Bancorporation by 5.9% in the first quarter. Creative Planning now owns 28,167 shares of the bank’s stock worth $1,183,000 after buying an additional 1,565 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Zions Bancorporation by 7.7% in the first quarter. Canada Pension Plan Investment Board now owns 9,800 shares of the bank’s stock worth $412,000 after buying an additional 700 shares during the last quarter. Sawtooth Solutions LLC boosted its stake in shares of Zions Bancorporation by 31.5% in the first quarter. Sawtooth Solutions LLC now owns 7,795 shares of the bank’s stock worth $327,000 after buying an additional 1,865 shares during the last quarter. Hartford Investment Management Co. boosted its stake in shares of Zions Bancorporation by 0.9% in the first quarter. Hartford Investment Management Co. now owns 51,444 shares of the bank’s stock worth $2,161,000 after buying an additional 442 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Zions Bancorporation by 28.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,015 shares of the bank’s stock worth $631,000 after buying an additional 3,337 shares during the last quarter. Institutional investors own 94.93% of the company’s stock.
Zions Bancorporation (ZION) opened at 44.11 on Friday. Zions Bancorporation has a 52-week low of $28.08 and a 52-week high of $48.33. The firm has a market capitalization of $8.92 billion, a PE ratio of 17.56 and a beta of 1.44. The stock’s 50 day moving average price is $44.52 and its 200 day moving average price is $42.76.
Zions Bancorporation (NASDAQ:ZION) last announced 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. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. The firm had revenue of $660 million for the quarter, compared to analysts’ expectations of $640.34 million. During the same quarter in the previous year, the company earned $0.44 earnings per share. Analysts expect 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. Investors of record on Thursday, August 17th will be issued a dividend of $0.12 per share. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $0.48 annualized dividend and a yield of 1.09%. Zions Bancorporation’s payout ratio is presently 12.75%.
Zions Bancorporation declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $465.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
A number of brokerages have recently weighed in on ZION. Zacks Investment Research raised Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Thursday, July 13th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $49.00 price objective on shares of Zions Bancorporation in a research note on Friday, July 14th. BidaskClub raised Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. BMO Capital Markets reaffirmed a “hold” rating and issued a $47.00 price objective on shares of Zions Bancorporation in a research note on Thursday, July 27th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $50.00 price objective (up from $48.00) on shares of Zions Bancorporation in a research note on Friday, June 16th. Two investment 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. The company currently has an average rating of “Hold” and an average price target of $44.04.
In related news, insider David E. Blackford sold 2,090 shares of the business’s 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 sale, the insider now owns 23,578 shares of the company’s stock, valued at $933,924.58. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David E. Blackford sold 942 shares of the business’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 value of $38,094.48. Following the sale, the insider now directly owns 29,415 shares in the company, valued at approximately $1,189,542.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,779 shares of company stock worth $1,128,012. 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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