Zions Bancorporation (NASDAQ:ZION) insider Dianne R. James sold 1,585 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $45.22, for a total transaction of $71,673.70. Following the completion of the transaction, the insider now owns 21,866 shares in the company, valued at $988,780.52. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Zions Bancorporation (ZION) traded down 2.81% during mid-day trading on Thursday, hitting $43.85. 1,696,863 shares of the stock traded hands. Zions Bancorporation has a 1-year low of $28.75 and a 1-year high of $48.33. The stock has a 50-day moving average of $44.79 and a 200 day moving average of $42.80. The firm has a market cap of $8.87 billion, a price-to-earnings ratio of 17.46 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, topping the consensus estimate of $0.62 by $0.11. The business had revenue of $660 million during the quarter, compared to analyst estimates 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 in the prior year, the firm earned $0.44 earnings per share. On average, equities analysts expect that Zions Bancorporation will post $2.82 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio is currently 19.12%.
Zions Bancorporation declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to buyback $465.00 million in shares. This buyback authorization permits the bank to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Several equities analysts have weighed in on the stock. Barclays PLC boosted their target price on shares of Zions Bancorporation from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, April 25th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $46.00 target price on shares of Zions Bancorporation in a report on Friday, July 14th. BidaskClub lowered shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Bank of America Corporation upgraded shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $50.00 to $52.00 in a report on Wednesday. Finally, Morgan Stanley restated an “equal weight” rating and issued a $45.00 price objective (up from $43.00) on shares of Zions Bancorporation in a report on Monday, June 5th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $44.33.
Several institutional investors have recently added to or reduced their stakes in the company. Chevy Chase Trust Holdings Inc. raised its position in Zions Bancorporation by 2.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 174,603 shares of the bank’s stock valued at $7,334,000 after buying an additional 4,375 shares in the last quarter. Cypress Capital Management LLC WY purchased a new position in Zions Bancorporation during the first quarter valued at approximately $169,000. Hartford Investment Management Co. raised its position in Zions Bancorporation by 0.9% in the first quarter. Hartford Investment Management Co. now owns 51,444 shares of the bank’s stock valued at $2,161,000 after buying an additional 442 shares in the last quarter. Retirement Systems of Alabama raised its position in Zions Bancorporation by 1.3% in the first quarter. Retirement Systems of Alabama now owns 97,848 shares of the bank’s stock valued at $4,110,000 after buying an additional 1,292 shares in the last quarter. Finally, Douglas Lane & Associates LLC raised its position in Zions Bancorporation by 0.3% in the first quarter. Douglas Lane & Associates LLC now owns 221,009 shares of the bank’s stock valued at $9,282,000 after buying an additional 730 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.
About Zions Bancorporation
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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