California Public Employees Retirement System increased its stake in shares of Zions Bancorp (NASDAQ:ZION) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 564,265 shares of the bank’s stock after buying an additional 3,233 shares during the quarter. California Public Employees Retirement System owned 0.29% of Zions Bancorp worth $29,731,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Nomura Asset Management Co. Ltd. grew its holdings in Zions Bancorp by 3.2% during the first quarter. Nomura Asset Management Co. Ltd. now owns 29,702 shares of the bank’s stock worth $1,567,000 after buying an additional 933 shares in the last quarter. Xact Kapitalforvaltning AB grew its holdings in Zions Bancorp by 6.1% during the first quarter. Xact Kapitalforvaltning AB now owns 19,895 shares of the bank’s stock worth $1,049,000 after buying an additional 1,148 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in Zions Bancorp by 11.5% during the second quarter. Janney Montgomery Scott LLC now owns 11,794 shares of the bank’s stock worth $621,000 after buying an additional 1,215 shares in the last quarter. Financial Counselors Inc. grew its holdings in Zions Bancorp by 3.2% during the second quarter. Financial Counselors Inc. now owns 42,253 shares of the bank’s stock worth $2,226,000 after buying an additional 1,308 shares in the last quarter. Finally, First Republic Investment Management Inc. grew its holdings in Zions Bancorp by 9.7% during the second quarter. First Republic Investment Management Inc. now owns 15,176 shares of the bank’s stock worth $799,000 after buying an additional 1,338 shares in the last quarter. Institutional investors and hedge funds own 94.77% of the company’s stock.
In other news, General Counsel Thomas E. Laursen sold 945 shares of the company’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $52.73, for a total transaction of $49,829.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark Richard Young sold 2,538 shares of the company’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $53.32, for a total value of $135,326.16. The disclosure for this sale can be found here. Insiders have sold a total of 18,896 shares of company stock worth $1,016,029 in the last ninety days. Insiders own 1.60% of the company’s stock.
Shares of NASDAQ ZION opened at $50.96 on Thursday. Zions Bancorp has a one year low of $43.50 and a one year high of $59.19. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $10.09 billion, a PE ratio of 17.82, a PEG ratio of 1.42 and a beta of 1.36.
Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings results on Monday, July 23rd. The bank reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.03). Zions Bancorp had a net margin of 25.03% and a return on equity of 10.86%. The firm had revenue of $686.00 million for the quarter, compared to analysts’ expectations of $687.26 million. During the same period in the prior year, the company earned $0.73 EPS. research analysts expect that Zions Bancorp will post 3.94 EPS for the current fiscal year.
ZION has been the subject of several recent research reports. BMO Capital Markets decreased their price target on Zions Bancorp from $55.00 to $53.00 and set a “market perform” rating for the company in a report on Tuesday, July 24th. Raymond James raised Zions Bancorp from an “outperform” rating to a “strong-buy” rating in a research report on Tuesday, July 10th. Zacks Investment Research raised Zions Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Monday, July 16th. BidaskClub raised Zions Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, August 4th. Finally, Morgan Stanley cut their price objective on Zions Bancorp from $63.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 26th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $58.75.
About Zions Bancorp
Zions Bancorporation, a financial holding company, provides a range of banking and related services primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers community banking services, such as small and medium-sized business and corporate banking; commercial and residential development, construction, and term lending; retail banking; treasury cash management and related products and services; and residential mortgage servicing and lending.
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