TCI Wealth Advisors Inc. maintained its position in shares of Zions Bancorporation (NASDAQ:ZION) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,736 shares of the bank’s stock at the end of the 2nd quarter. Zions Bancorporation accounts for about 1.1% of TCI Wealth Advisors Inc.’s investment portfolio, making the stock its 21st largest holding. TCI Wealth Advisors Inc.’s holdings in Zions Bancorporation were worth $2,228,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Advisors Asset Management Inc. bought a new stake in shares of Zions Bancorporation during the 2nd quarter worth approximately $108,000. Global X Management Co. LLC lifted its stake in shares of Zions Bancorporation by 340.4% during the 1st quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock worth $127,000 after acquiring an additional 2,335 shares during the last quarter. Exane Derivatives bought a new stake in shares of Zions Bancorporation during the 2nd quarter worth approximately $132,000. Segantii Capital Management Ltd bought a new stake in shares of Zions Bancorporation during the 1st quarter worth approximately $151,000. Finally, FNY Partners Fund LP bought a new stake in shares of Zions Bancorporation during the 1st quarter worth approximately $188,000. 92.45% of the stock is owned by institutional investors and hedge funds.
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In other news, General Counsel Thomas E. Laursen sold 1,000 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $46.38, for a total value of $46,380.00. Following the sale, the general counsel now directly owns 23,484 shares in the company, valued at $1,089,187.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider David E. Blackford sold 9,533 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $44.94, for a total value of $428,413.02. Following the completion of the sale, the insider now owns 22,997 shares in the company, valued at $1,033,485.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,118 shares of company stock worth $1,222,407. Insiders own 1.46% of the company’s stock.
ZION has been the subject of a number of research analyst reports. Robert W. Baird raised Zions Bancorporation from an “underperform” rating to a “neutral” rating and set a $43.00 price target for the company in a research note on Friday, September 8th. BMO Capital Markets reissued a “hold” rating and set a $44.00 price target on shares of Zions Bancorporation in a research note on Thursday, June 29th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $44.00 price target on shares of Zions Bancorporation in a research note on Monday, June 19th. Jefferies Group LLC reissued a “buy” rating and set a $49.00 price target on shares of Zions Bancorporation in a research note on Thursday, June 8th. Finally, Wells Fargo & Company initiated coverage on Zions Bancorporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $56.00 price target for the company. Thirteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $45.41.
Shares of Zions Bancorporation (NASDAQ ZION) traded up 0.74% on Thursday, hitting $43.37. The stock had a trading volume of 1,066,054 shares. Zions Bancorporation has a 12-month low of $29.63 and a 12-month high of $48.33. The stock has a 50 day moving average of $44.34 and a 200 day moving average of $42.76. The firm has a market cap of $8.77 billion, a price-to-earnings ratio of 17.27 and a beta of 1.45.
Zions Bancorporation (NASDAQ:ZION) last announced 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 business had revenue of $660.00 million for the quarter, compared to analysts’ expectations of $640.34 million. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same period last year, the firm earned $0.44 earnings per share. Equities analysts predict that Zions Bancorporation will post $2.82 earnings per share 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 paid a $0.12 dividend. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a dividend yield of 1.11%. The ex-dividend date was Tuesday, August 15th. Zions Bancorporation’s dividend payout ratio (DPR) is presently 19.12%.
Zions Bancorporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are 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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