Raymond James Financial Services Advisors Inc. Trims Position in Zions Bancorp (ZION)
Raymond James Financial Services Advisors Inc. reduced its position in Zions Bancorp (NASDAQ:ZION) by 40.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,434 shares of the bank’s stock after selling 9,170 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Zions Bancorp were worth $683,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of ZION. FSI Group LLC bought a new position in shares of Zions Bancorp during the fourth quarter valued at $2,954,000. D.A. Davidson & CO. bought a new position in shares of Zions Bancorp during the fourth quarter valued at $236,000. Toronto Dominion Bank lifted its holdings in shares of Zions Bancorp by 15.0% during the fourth quarter. Toronto Dominion Bank now owns 88,183 shares of the bank’s stock valued at $4,482,000 after acquiring an additional 11,474 shares during the period. Falcon Point Capital LLC bought a new position in shares of Zions Bancorp during the fourth quarter valued at $201,000. Finally, Keeler Thomas Management LLC bought a new position in shares of Zions Bancorp during the fourth quarter valued at $360,000. 94.63% of the stock is owned by hedge funds and other institutional investors.
Shares of Zions Bancorp (ZION) opened at $55.75 on Wednesday. Zions Bancorp has a 12 month low of $38.43 and a 12 month high of $57.29. The firm has a market capitalization of $11,300.00, a price-to-earnings ratio of 19.63, a PEG ratio of 1.67 and a beta of 1.37. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.75.
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 22nd. Stockholders of record on Thursday, February 15th were paid a $0.20 dividend. The ex-dividend date was Wednesday, February 14th. This is a positive change from Zions Bancorp’s previous quarterly dividend of $0.16. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.43%. Zions Bancorp’s dividend payout ratio (DPR) is 28.17%.
A number of brokerages have issued reports on ZION. Piper Jaffray Companies reissued a “hold” rating on shares of Zions Bancorp in a report on Tuesday, March 6th. B. Riley reissued a “buy” rating and set a $64.00 price objective (up from $60.00) on shares of Zions Bancorp in a report on Tuesday, February 27th. Sandler O’Neill reissued a “buy” rating and set a $62.00 price objective on shares of Zions Bancorp in a report on Friday, March 9th. Barclays lifted their price objective on Zions Bancorp from $56.00 to $59.00 and gave the company an “overweight” rating in a report on Friday, March 2nd. Finally, BMO Capital Markets lifted their price objective on Zions Bancorp and gave the company a “market perform” rating in a report on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $55.89.
In related news, President Scott J. Mclean sold 31,309 shares of Zions Bancorp stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $56.15, for a total value of $1,758,000.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alexander Hume sold 7,196 shares of Zions Bancorp stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $53.87, for a total value of $387,648.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,224 shares of company stock valued at $3,156,817. 1.46% of the stock is currently owned by corporate insiders.
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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