Zions Bancorporation (ZION) Stake Raised by CIBC Asset Management Inc
CIBC Asset Management Inc raised its position in Zions Bancorporation (NASDAQ:ZION) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,968 shares of the bank’s stock after buying an additional 23 shares during the period. CIBC Asset Management Inc’s holdings in Zions Bancorporation were worth $1,052,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Hennessy Advisors Inc. acquired a new position in Zions Bancorporation during the first quarter worth $1,344,000. KAMES CAPITAL plc bought a new stake in shares of Zions Bancorporation during the first quarter worth about $43,032,000. Breton Hill Capital Ltd. increased its stake in shares of Zions Bancorporation by 0.6% in the first quarter. Breton Hill Capital Ltd. now owns 24,182 shares of the bank’s stock worth $1,016,000 after buying an additional 155 shares during the period. Strs Ohio bought a new stake in shares of Zions Bancorporation during the first quarter worth about $402,000. Finally, Shell Asset Management Co. increased its stake in shares of 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 period. 94.93% of the stock is owned by hedge funds and other institutional investors.
Zions Bancorporation (NASDAQ ZION) opened at 44.11 on Friday. Zions Bancorporation has a 1-year low of $28.08 and a 1-year high of $48.33. The firm’s 50 day moving average price is $44.52 and its 200-day moving average price is $42.76. The stock has a market cap of $8.92 billion, a price-to-earnings ratio of 17.56 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the 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 prior year, the company posted $0.44 earnings per share. On average, equities analysts anticipate that Zions Bancorporation will post $2.82 earnings per share for the current year.
Zions Bancorporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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 issued a $0.12 dividend. The ex-dividend date is Tuesday, August 15th. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.09%. Zions Bancorporation’s dividend payout ratio (DPR) is 12.75%.
COPYRIGHT VIOLATION WARNING: “Zions Bancorporation (ZION) Stake Raised by CIBC Asset Management Inc” was published by Daily Political and is the sole property of of Daily Political. If you are viewing this news story on another site, it was stolen and reposted in violation of United States & international trademark & copyright legislation. The original version of this news story can be read at https://www.dailypolitical.com/2017/08/13/zions-bancorporation-zion-stake-raised-by-cibc-asset-management-inc.html.
A number of brokerages have issued reports on ZION. Robert W. Baird downgraded Zions Bancorporation from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $46.12 to $43.00 in a research report on Monday, August 7th. Wells Fargo & Company initiated coverage on Zions Bancorporation in a research note on Wednesday. They issued an “outperform” rating and a $56.00 price objective on the stock. 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. BidaskClub raised Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, Barclays PLC reissued an “overweight” rating and issued a $50.00 price objective (up previously from $48.00) on shares of Zions Bancorporation in a research note on Friday, June 16th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the stock. Zions Bancorporation currently has an average rating of “Hold” and a consensus target price of $44.04.
In other Zions Bancorporation news, insider David E. Blackford sold 2,090 shares of the stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $39.61, for a total value of $82,784.90. Following the completion of the transaction, the insider now directly 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 at this link. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $46.38, for a total transaction of $46,380.00. Following the completion of the transaction, the general counsel now directly owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,779 shares of company stock valued at $1,128,012. 1.46% of the stock is currently 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.
Want to see what other hedge funds are holding ZION? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zions Bancorporation (NASDAQ:ZION).
Receive News & Ratings for Zions Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zions Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.