People s United Financial Inc. raised its stake in Zions Bancorp (NASDAQ:ZION) by 260.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 81,854 shares of the bank’s stock after buying an additional 59,172 shares during the quarter. People s United Financial Inc.’s holdings in Zions Bancorp were worth $4,313,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Segall Bryant & Hamill LLC increased its holdings in shares of Zions Bancorp by 148.6% during the second quarter. Segall Bryant & Hamill LLC now owns 349,410 shares of the bank’s stock valued at $18,410,000 after purchasing an additional 208,870 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Zions Bancorp by 2.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,208,778 shares of the bank’s stock worth $63,691,000 after acquiring an additional 31,073 shares during the period. Russell Investments Group Ltd. grew its holdings in Zions Bancorp by 0.9% during the second quarter. Russell Investments Group Ltd. now owns 173,522 shares of the bank’s stock worth $9,156,000 after acquiring an additional 1,594 shares during the period. LSV Asset Management grew its holdings in Zions Bancorp by 47.2% during the second quarter. LSV Asset Management now owns 2,474,512 shares of the bank’s stock worth $130,382,000 after acquiring an additional 793,439 shares during the period. Finally, CIBC World Markets Inc. grew its holdings in Zions Bancorp by 123.8% during the second quarter. CIBC World Markets Inc. now owns 68,258 shares of the bank’s stock worth $3,597,000 after acquiring an additional 37,762 shares during the period. Institutional investors own 94.22% of the company’s stock.
In other Zions Bancorp news, insider Leeanne B. Linderman sold 5,006 shares of the firm’s stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $53.62, for a total transaction of $268,421.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David E. Blackford sold 6,180 shares of the firm’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $58.24, for a total value of $359,923.20. The disclosure for this sale can be found here. Insiders sold a total of 19,516 shares of company stock worth $1,076,921 in the last three months. 1.60% of the stock is currently owned by company insiders.
ZION has been the topic of a number of research analyst reports. Sandler O’Neill reaffirmed a “buy” rating and set a $61.00 target price on shares of Zions Bancorp in a report on Tuesday, April 24th. BidaskClub lowered Zions Bancorp from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 26th. Jefferies Financial Group reaffirmed a “buy” rating and set a $60.00 target price on shares of Zions Bancorp in a report on Friday, July 13th. Zacks Investment Research raised Zions Bancorp from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Monday, July 16th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $61.00 target price on shares of Zions Bancorp in a report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $58.90.
Shares of ZION opened at $53.73 on Monday. The stock has a market capitalization of $10.32 billion, a P/E ratio of 18.79, a P/E/G ratio of 1.45 and a beta of 1.38. Zions Bancorp has a 1-year low of $41.22 and a 1-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.
Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings results on Monday, July 23rd. The bank reported $0.89 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.03). The company had revenue of $686.00 million during the quarter, compared to analysts’ expectations of $687.26 million. Zions Bancorp had a return on equity of 10.86% and a net margin of 25.03%. During the same period in the prior year, the business posted $0.73 EPS. equities analysts forecast that Zions Bancorp will post 3.95 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 23rd. Investors of record on Thursday, August 16th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, August 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.23%. This is a boost from Zions Bancorp’s previous quarterly dividend of $0.24. Zions Bancorp’s dividend payout ratio (DPR) is currently 41.96%.
Zions Bancorp Profile
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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