CIBC World Markets Inc. raised its holdings in shares of Zions Bancorp (NASDAQ:ZION) by 123.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 68,258 shares of the bank’s stock after buying an additional 37,762 shares during the period. CIBC World Markets Inc.’s holdings in Zions Bancorp were worth $3,597,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Centaurus Financial Inc. purchased a new stake in shares of Zions Bancorp in the 1st quarter valued at approximately $106,000. NuWave Investment Management LLC lifted its position in shares of Zions Bancorp by 306.4% in the 1st quarter. NuWave Investment Management LLC now owns 2,089 shares of the bank’s stock valued at $109,000 after acquiring an additional 1,575 shares in the last quarter. Three Peaks Capital Management LLC purchased a new stake in shares of Zions Bancorp in the 1st quarter valued at approximately $112,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Zions Bancorp in the 2nd quarter valued at approximately $122,000. Finally, Whittier Trust Co. lifted its position in shares of Zions Bancorp by 493.1% in the 1st quarter. Whittier Trust Co. now owns 2,420 shares of the bank’s stock valued at $128,000 after acquiring an additional 2,012 shares in the last quarter. Hedge funds and other institutional investors own 94.22% of the company’s stock.
In other news, insider Leeanne B. Linderman sold 5,006 shares of the stock in a transaction on Thursday, August 2nd. The shares were 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 SEC, which is accessible through the SEC website. Also, insider David E. Blackford sold 1,024 shares of the stock in a transaction on Friday, June 1st. The stock was sold at an average price of $55.51, for a total transaction of $56,842.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,336 shares of company stock worth $716,998. 1.60% of the stock is currently owned by company insiders.
Several equities research analysts recently commented on the stock. Wedbush assumed coverage on shares of Zions Bancorp in a research report on Monday, May 14th. They issued a “neutral” rating and a $62.00 price target for the company. BidaskClub downgraded shares of Zions Bancorp from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 26th. Morgan Stanley increased their target price on shares of Zions Bancorp from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Friday, April 27th. Barclays increased their target price on shares of Zions Bancorp from $59.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 24th. Finally, BMO Capital Markets cut their target price on shares of Zions Bancorp from $60.00 to $57.00 and set a “market perform” rating for the company in a research report on Tuesday, April 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Zions Bancorp currently has a consensus rating of “Buy” and an average target price of $58.90.
ZION stock opened at $53.98 on Tuesday. Zions Bancorp has a 12-month low of $41.22 and a 12-month high of $59.19. The company has a market capitalization of $10.32 billion, a price-to-earnings ratio of 18.87, a P/E/G ratio of 1.45 and a beta of 1.38. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.81 and a quick ratio of 0.81.
Zions Bancorp (NASDAQ:ZION) last announced its quarterly earnings results on Monday, July 23rd. The bank reported $0.89 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.03). Zions Bancorp had a return on equity of 10.86% and a net margin of 25.03%. The business had revenue of $686.00 million for the quarter, compared to analyst estimates of $687.26 million. During the same quarter last year, the company earned $0.73 EPS. research analysts expect that Zions Bancorp will post 3.95 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 23rd. Stockholders of record on Thursday, August 16th will be paid a dividend of $0.30 per share. This is a positive change from Zions Bancorp’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Wednesday, August 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.22%. Zions Bancorp’s dividend payout ratio is 41.96%.
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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