Eagle Asset Management Inc. reduced its position in shares of Zions Bancorporation (NASDAQ:ZION) by 0.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 91,521 shares of the bank’s stock after selling 248 shares during the period. Eagle Asset Management Inc.’s holdings in Zions Bancorporation were worth $4,018,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ZION. Advisors Asset Management Inc. acquired a new stake in shares of Zions Bancorporation during the 2nd quarter valued at approximately $108,000. Global X Management Co. LLC raised its position in shares of Zions Bancorporation by 340.4% during the 1st quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock valued at $127,000 after acquiring an additional 2,335 shares in the last quarter. Exane Derivatives acquired a new stake in shares of Zions Bancorporation during the 2nd quarter valued at approximately $132,000. Segantii Capital Management Ltd acquired a new stake in shares of Zions Bancorporation during the 1st quarter valued at approximately $151,000. Finally, FNY Partners Fund LP acquired a new stake in shares of Zions Bancorporation during the 1st quarter valued at approximately $188,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Zions Bancorporation (NASDAQ:ZION) opened at 41.64 on Friday. The company has a market cap of $8.42 billion, a PE ratio of 16.58 and a beta of 1.45. Zions Bancorporation has a 1-year low of $29.63 and a 1-year high of $48.33. The stock has a 50 day moving average price of $44.39 and a 200 day moving average price of $42.82.

Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $640.34 million. During the same quarter in the previous year, the company posted $0.44 EPS. Equities analysts forecast that Zions Bancorporation will post $2.82 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th were given a $0.12 dividend. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. The ex-dividend date was Tuesday, August 15th. This represents a $0.48 annualized dividend and a yield of 1.15%. Zions Bancorporation’s payout ratio is presently 19.12%.

Zions Bancorporation announced that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $465.00 million in shares. This repurchase authorization permits the bank to purchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

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Several research firms recently issued reports on ZION. Robert W. Baird raised Zions Bancorporation from an “underperform” rating to a “neutral” rating and set a $43.00 price target on the stock in a research report on Friday. Bank of America Corporation raised Zions Bancorporation from a “neutral” rating to a “buy” rating and upped their price target for the company from $50.00 to $52.00 in a research report on Wednesday, August 16th. Wells Fargo & Company began coverage on Zions Bancorporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $56.00 price target on the stock. BMO Capital Markets reissued a “hold” rating and set a $47.00 price target on shares of Zions Bancorporation in a research report on Thursday, July 27th. Finally, FIG Partners reissued an “outperform” rating and set a $54.00 price target (up from $50.00) on shares of Zions Bancorporation in a research report on Wednesday, July 26th. Thirteen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $45.00.

In other Zions Bancorporation news, Director Roger B. Porter acquired 1,616 shares of the business’s stock in a transaction on Tuesday, August 22nd. The stock was purchased at an average price of $43.99 per share, for a total transaction of $71,087.84. Following the transaction, the director now owns 42,001 shares in the company, valued at approximately $1,847,623.99. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider David E. Blackford sold 9,533 shares of Zions Bancorporation stock in a transaction on Friday, July 28th. The shares were sold at an average price of $44.94, for a total value of $428,413.02. Following the completion of the transaction, the insider now owns 22,997 shares of the company’s stock, valued at approximately $1,033,485.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,118 shares of company stock valued at $1,222,407. Corporate insiders own 1.46% of the company’s stock.

Zions Bancorporation 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.

Institutional Ownership by Quarter for Zions Bancorporation (NASDAQ:ZION)

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