ING Groep NV Acquires Shares of 6,172 Zions Bancorporation (ZION)
ING Groep NV acquired a new stake in Zions Bancorporation (NASDAQ:ZION) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,172 shares of the bank’s stock, valued at approximately $291,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in ZION. Tocqueville Asset Management L.P. grew its holdings in shares of Zions Bancorporation by 8.6% during the second quarter. Tocqueville Asset Management L.P. now owns 8,675 shares of the bank’s stock worth $381,000 after purchasing an additional 688 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Zions Bancorporation by 11.4% during the second quarter. Pacer Advisors Inc. now owns 31,429 shares of the bank’s stock worth $1,380,000 after purchasing an additional 3,223 shares during the last quarter. Korea Investment CORP grew its holdings in shares of Zions Bancorporation by 13.6% during the third quarter. Korea Investment CORP now owns 147,400 shares of the bank’s stock worth $6,954,000 after purchasing an additional 17,600 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Zions Bancorporation by 16,303.3% during the second quarter. Janus Henderson Group PLC now owns 1,231,071 shares of the bank’s stock worth $54,056,000 after purchasing an additional 1,223,566 shares during the last quarter. Finally, TCW Group Inc. grew its holdings in shares of Zions Bancorporation by 1.0% during the third quarter. TCW Group Inc. now owns 2,953,568 shares of the bank’s stock worth $139,349,000 after purchasing an additional 28,685 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.
In related news, insider Bruce K. Alexander sold 6,089 shares of the stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $47.97, for a total transaction of $292,089.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Keith D. Maio sold 13,019 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $46.44, for a total transaction of $604,602.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,979 shares of company stock valued at $2,057,927. Company insiders own 1.46% of the company’s stock.
Several brokerages have issued reports on ZION. B. Riley set a $54.00 price objective on Zions Bancorporation and gave the stock a “buy” rating in a report on Monday, November 20th. Piper Jaffray Companies reiterated a “hold” rating and set a $44.00 target price on shares of Zions Bancorporation in a research note on Tuesday, October 24th. Barclays set a $52.00 target price on shares of Zions Bancorporation and gave the stock an “overweight” rating in a research note on Tuesday, October 24th. Royal Bank Of Canada increased their target price on shares of Zions Bancorporation from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 24th. Finally, FBR & Co reiterated a “buy” rating and set a $54.00 target price on shares of Zions Bancorporation in a research note on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $49.30.
Shares of Zions Bancorporation (NASDAQ ZION) traded up $0.23 during trading hours on Friday, hitting $49.78. 2,145,509 shares of the stock were exchanged, compared to its average volume of 2,511,852. The firm has a market cap of $9,605.68, a price-to-earnings ratio of 18.08, a P/E/G ratio of 1.86 and a beta of 1.48. Zions Bancorporation has a 12 month low of $38.23 and a 12 month high of $50.51. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). The company had revenue of $661.00 million during the quarter, compared to analyst estimates of $666.83 million. Zions Bancorporation had a return on equity of 8.54% and a net margin of 22.70%. During the same period in the prior year, the company posted $0.57 earnings per share. equities analysts forecast that Zions Bancorporation will post 2.8 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, November 15th were paid a dividend of $0.16 per share. The ex-dividend date was Tuesday, November 14th. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.12. This represents a $0.64 annualized dividend and a yield of 1.29%. Zions Bancorporation’s dividend payout ratio is currently 24.06%.
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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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