Everence Capital Management Inc. Takes $260,000 Position in Zions Bancorp (ZION)
Everence Capital Management Inc. purchased a new position in Zions Bancorp (NASDAQ:ZION) in the fourth quarter, HoldingsChannel reports. The fund purchased 5,120 shares of the bank’s stock, valued at approximately $260,000.
A number of other hedge funds also recently added to or reduced their stakes in ZION. Steward Partners Investment Advisory LLC increased its stake in shares of Zions Bancorp by 2,081.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,010 shares of the bank’s stock valued at $152,000 after purchasing an additional 2,872 shares in the last quarter. Americafirst Capital Management LLC bought a new position in shares of Zions Bancorp during the second quarter valued at approximately $175,000. RNC Capital Management LLC bought a new position in shares of Zions Bancorp during the fourth quarter valued at approximately $203,000. Conning Inc. bought a new position in shares of Zions Bancorp during the third quarter valued at approximately $210,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of Zions Bancorp during the third quarter valued at approximately $212,000. 93.30% of the stock is owned by institutional investors.
In related news, insider Joseph L. Reilly sold 23,271 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $46.70, for a total value of $1,086,755.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Thomas E. Laursen sold 1,600 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $46.55, for a total transaction of $74,480.00. The disclosure for this sale can be found here. Insiders sold 52,425 shares of company stock worth $2,513,426 in the last 90 days. 1.46% of the stock is currently owned by corporate insiders.
Zions Bancorp (NASDAQ:ZION) last announced its quarterly earnings results on Monday, January 22nd. The bank reported $0.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.07. The company had revenue of $665.00 million during the quarter, compared to the consensus estimate of $670.55 million. Zions Bancorp had a net margin of 21.58% and a return on equity of 9.04%. During the same quarter last year, the firm earned $0.60 earnings per share. research analysts forecast that Zions Bancorp will post 3.66 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 22nd. Investors of record on Thursday, February 15th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $0.80 annualized dividend and a yield of 1.48%. This is a boost from Zions Bancorp’s previous quarterly dividend of $0.16. Zions Bancorp’s dividend payout ratio (DPR) is currently 24.43%.
ZION has been the subject of a number of analyst reports. Jefferies Group reaffirmed a “buy” rating and set a $54.00 target price on shares of Zions Bancorp in a research note on Thursday, October 12th. FBR & Co reaffirmed a “buy” rating and set a $54.00 target price on shares of Zions Bancorp in a research note on Tuesday, October 24th. Royal Bank of Canada raised their target price on shares of Zions Bancorp from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, October 24th. Barclays set a $52.00 target price on shares of Zions Bancorp and gave the company an “overweight” rating in a research note on Tuesday, October 24th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $44.00 target price on shares of Zions Bancorp in a research note on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. Zions Bancorp has an average rating of “Buy” and an average target price of $54.78.
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Zions Bancorp Company 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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