Zions Bancorporation (ZION) Shares Bought by Principal Financial Group Inc.
Principal Financial Group Inc. raised its stake in Zions Bancorporation (NASDAQ:ZION) by 1.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 319,256 shares of the bank’s stock after acquiring an additional 4,016 shares during the quarter. Principal Financial Group Inc. owned approximately 0.16% of Zions Bancorporation worth $14,018,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cadence Capital Management LLC boosted its stake in Zions Bancorporation by 0.4% in the second quarter. Cadence Capital Management LLC now owns 8,139 shares of the bank’s stock valued at $357,000 after acquiring an additional 34 shares during the last quarter. Contravisory Investment Management Inc. raised its position in shares of 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 purchasing an additional 45 shares during the period. Sii Investments Inc. WI raised its position in shares of 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 purchasing an additional 99 shares during the period. Mason Street Advisors LLC raised its position in shares of 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 purchasing an additional 105 shares during the period. Finally, Advantus Capital Management Inc raised its position in shares of 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 purchasing an additional 183 shares during the period. Hedge funds and other institutional investors own 92.35% of the company’s stock.
In other news, insider Edward Schreiber sold 13,000 shares of Zions Bancorporation stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $44.98, for a total transaction of $584,740.00. Following the sale, the insider now owns 51,517 shares in the company, valued at $2,317,234.66. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider David E. Blackford sold 9,533 shares of Zions Bancorporation stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $44.94, for a total transaction of $428,413.02. Following the sale, the insider now owns 22,997 shares in the company, valued at approximately $1,033,485.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,118 shares of company stock worth $1,222,407. Company insiders own 1.46% of the company’s stock.
Several research firms have recently issued reports on ZION. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $46.00 price target on shares of Zions Bancorporation in a research report on Friday, July 14th. BidaskClub lowered shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Bank of America Corporation raised shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and boosted their price target for the company from $50.00 to $52.00 in a research report on Wednesday, August 16th. Sanford C. Bernstein reissued a “market perform” rating and issued a $51.00 price target on shares of Zions Bancorporation in a research report on Saturday. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $45.00 price target (up previously from $43.00) on shares of Zions Bancorporation in a research report on Monday, June 5th. Thirteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Zions Bancorporation currently has a consensus rating of “Buy” and a consensus target price of $46.00.
Zions Bancorporation (NASDAQ ZION) opened at 44.41 on Wednesday. Zions Bancorporation has a 1-year low of $29.63 and a 1-year high of $48.33. The firm has a 50-day moving average of $44.09 and a 200-day moving average of $42.70. The stock has a market cap of $8.98 billion, a PE ratio of 17.68 and a beta of 1.45.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.11. The firm had revenue of $660.00 million for 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 quarter last year, the business posted $0.44 earnings per share. Analysts expect that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.08%. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio (DPR) is presently 19.12%.
Zions Bancorporation announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $465.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 5.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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.
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