Zions Bancorporation (ZION) Shares Sold by New Mexico Educational Retirement Board
New Mexico Educational Retirement Board lowered its position in shares of Zions Bancorporation (NASDAQ:ZION) by 8.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,822 shares of the bank’s stock after selling 1,700 shares during the period. New Mexico Educational Retirement Board’s holdings in Zions Bancorporation were worth $853,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Chevy Chase Trust Holdings Inc. increased its position in shares of Zions Bancorporation by 2.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 174,603 shares of the bank’s stock worth $7,334,000 after buying an additional 4,375 shares during the last quarter. Cypress Capital Management LLC WY bought a new position in shares of Zions Bancorporation during the first quarter worth approximately $169,000. Hartford Investment Management Co. increased its position 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. Retirement Systems of Alabama increased its position in shares of 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. Finally, Douglas Lane & Associates LLC increased its position in shares of 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. 95.13% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Zions Bancorporation (NASDAQ ZION) opened at 45.13 on Wednesday. Zions Bancorporation has a 52 week low of $28.29 and a 52 week high of $48.33. The firm has a market capitalization of $9.12 billion, a PE ratio of 17.97 and a beta of 1.44. The stock has a 50 day moving average of $44.69 and a 200-day moving average of $42.78.
Zions Bancorporation (NASDAQ:ZION) last released its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.11. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The business had revenue of $660 million during the quarter, compared to analysts’ expectations of $640.34 million. During the same period last year, the business earned $0.44 earnings per share. Equities analysts anticipate that Zions Bancorporation will post $2.82 earnings per share for the current fiscal year.
Zions Bancorporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $465.00 million in shares. This buyback authorization allows the bank to buy up to 5.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
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 paid a $0.12 dividend. 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. This represents a $0.48 annualized dividend and a dividend yield of 1.06%. Zions Bancorporation’s dividend payout ratio (DPR) is currently 12.75%.
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A number of research analysts recently commented on ZION shares. Barclays PLC boosted their price objective on shares of Zions Bancorporation from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, April 25th. Deutsche Bank AG raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and boosted their price objective for the company from $45.00 to $46.00 in a research report on Thursday, May 4th. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price objective on shares of Zions Bancorporation in a research report on Friday, May 19th. Goldman Sachs Group, Inc. (The) downgraded shares of Zions Bancorporation from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $48.00 to $44.00 in a research report on Wednesday, May 24th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $49.00 price objective on shares of Zions Bancorporation in a research report on Thursday, June 8th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the company. The company currently 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 the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $46.38, for a total transaction of $46,380.00. Following the completion of the sale, the general counsel now owns 23,484 shares of the company’s stock, valued at approximately $1,089,187.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David E. Blackford sold 1,242 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $40.73, for a total value of $50,586.66. Following the sale, the insider now directly owns 28,696 shares of the company’s stock, valued at approximately $1,168,788.08. The disclosure for this sale can be found here. Insiders sold 38,837 shares of company stock valued at $1,674,658 over the last three months. 1.46% of the stock is owned by company 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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