Oppenheimer Asset Management Inc. Sells 2,629 Shares of Zions Bancorp (ZION)

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Oppenheimer Asset Management Inc. decreased its holdings in Zions Bancorp (NASDAQ:ZION) by 23.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,823 shares of the bank’s stock after selling 2,629 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Zions Bancorp were worth $443,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Alps Advisors Inc. increased its holdings in shares of Zions Bancorp by 13.5% during the 3rd quarter. Alps Advisors Inc. now owns 9,343 shares of the bank’s stock worth $469,000 after buying an additional 1,108 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Zions Bancorp by 11.5% during the 2nd 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 during the last quarter. MainStreet Investment Advisors LLC increased its holdings in shares of Zions Bancorp by 1.9% during the 3rd quarter. MainStreet Investment Advisors LLC now owns 65,772 shares of the bank’s stock worth $3,298,000 after buying an additional 1,254 shares during the last quarter. Financial Counselors Inc. increased its holdings in shares of Zions Bancorp by 3.2% during the 2nd 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 during the last quarter. Finally, First Republic Investment Management Inc. increased its holdings in shares of Zions Bancorp by 9.7% during the 2nd 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 during the last quarter. Institutional investors own 94.75% of the company’s stock.

A number of brokerages have recently issued reports on ZION. Raymond James raised their price target on shares of Zions Bancorp from $56.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 29th. Zacks Investment Research upgraded shares of Zions Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a report on Monday, July 16th. ValuEngine upgraded shares of Zions Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 9th. BidaskClub upgraded shares of Zions Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Finally, Robert W. Baird upgraded shares of Zions Bancorp from an “underperform” rating to a “neutral” rating and set a $49.00 target price for the company in a report on Tuesday, October 23rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the company. Zions Bancorp presently has an average rating of “Buy” and a consensus price target of $58.57.

In other Zions Bancorp news, insider Alexander Hume sold 4,046 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $54.51, for a total value of $220,547.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider A Scott Anderson sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $47.30, for a total transaction of $567,600.00. The disclosure for this sale can be found here. Insiders sold a total of 24,965 shares of company stock valued at $1,230,717 in the last three months. 1.60% of the stock is currently owned by corporate insiders.

Shares of ZION stock opened at $49.71 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.82 and a quick ratio of 0.82. Zions Bancorp has a 52 week low of $43.50 and a 52 week high of $59.19. The company has a market capitalization of $9.56 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 1.42 and a beta of 1.36.

Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings results on Monday, October 22nd. The bank reported $1.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.08. Zions Bancorp had a net margin of 26.57% and a return on equity of 11.84%. The company had revenue of $701.00 million during the quarter, compared to analysts’ expectations of $699.87 million. During the same quarter last year, the company posted $0.72 EPS. As a group, equities analysts forecast that Zions Bancorp will post 4.08 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Wednesday, November 14th will be given a $0.30 dividend. The ex-dividend date is Tuesday, November 13th. This represents a $1.20 annualized dividend and a yield of 2.41%. Zions Bancorp’s dividend payout ratio is presently 41.96%.

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Zions Bancorp Company Profile

Zions Bancorporation, National Association provides various 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; residential mortgage servicing and lending services; trust and wealth management services; capital markets services, including municipal finance advisory and underwriting; and investment services.

Further Reading: When is a capital gain realized?

Institutional Ownership by Quarter for Zions Bancorp (NASDAQ:ZION)

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