Harbour Capital Advisors LLC raised its position in Zions Bancorporation (NASDAQ:ZION) by 4,471.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,165,240 shares of the bank’s stock after buying an additional 1,139,753 shares during the period. Harbour Capital Advisors LLC owned 0.58% of Zions Bancorporation worth $26,537,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the company. Exane Derivatives acquired a new stake in Zions Bancorporation during the second quarter worth $132,000. Global X Management Co. LLC raised its stake in Zions Bancorporation by 340.4% in the first quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock worth $127,000 after buying an additional 2,335 shares during the last quarter. Segantii Capital Management Ltd acquired a new stake in Zions Bancorporation during the first quarter worth $151,000. Cypress Capital Management LLC WY acquired a new stake in Zions Bancorporation during the first quarter worth $169,000. Finally, FNY Partners Fund LP acquired a new stake in Zions Bancorporation during the first quarter worth $188,000. Institutional investors and hedge funds own 95.13% of the company’s stock.
Shares of Zions Bancorporation (NASDAQ ZION) opened at 43.92 on Friday. The firm has a 50-day moving average price of $44.79 and a 200-day moving average price of $42.82. The stock has a market cap of $8.88 billion, a P/E ratio of 17.48 and a beta of 1.44. Zions Bancorporation has a 52-week low of $28.75 and a 52-week high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.11. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. The business had revenue of $660 million for the quarter, compared to analysts’ expectations of $640.34 million. During the same quarter last year, the firm earned $0.44 earnings per share. On average, analysts anticipate that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th will be issued a dividend of $0.12 per share. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. Zions Bancorporation’s dividend payout ratio (DPR) is 19.12%.
Zions Bancorporation declared that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $465.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
A number of research firms have weighed in on ZION. Bank of America Corporation upgraded Zions Bancorporation from a “neutral” rating to a “buy” rating and increased their target price for the stock from $50.00 to $52.00 in a research note on Wednesday. Robert W. Baird downgraded Zions Bancorporation from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $46.12 to $43.00 in a research report on Monday, August 7th. Wells Fargo & Company began coverage on Zions Bancorporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $56.00 price target on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and set a $46.00 price target on shares of Zions Bancorporation in a research report on Friday, July 14th. Finally, BidaskClub raised Zions Bancorporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $44.33.
In related news, insider David E. Blackford sold 1,242 shares of the stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $40.73, for a total value of $50,586.66. Following the transaction, the insider now directly owns 28,696 shares of the company’s stock, valued at approximately $1,168,788.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Edward Schreiber sold 13,000 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $44.98, for a total value of $584,740.00. Following the completion of the transaction, the insider now directly owns 51,517 shares in the company, valued at $2,317,234.66. The disclosure for this sale can be found here. Insiders have sold 40,422 shares of company stock worth $1,746,332 in the last 90 days. Insiders own 1.46% of the company’s stock.
Zions Bancorporation Company 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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