Zions Bancorporation (ZION) Position Lessened by Voya Investment Management LLC

Voya Investment Management LLC cut its holdings in Zions Bancorporation (NASDAQ:ZION) by 2.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,754 shares of the bank’s stock after selling 3,130 shares during the quarter. Voya Investment Management LLC owned approximately 0.05% of Zions Bancorporation worth $4,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of ZION. Vanguard Group Inc. boosted its position in Zions Bancorporation by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 21,245,566 shares of the bank’s stock valued at $932,892,000 after acquiring an additional 882,190 shares in the last quarter. BlackRock Inc. boosted its position in Zions Bancorporation by 4,464.8% during the 1st quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock valued at $493,142,000 after acquiring an additional 11,484,250 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in Zions Bancorporation by 2.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,590,330 shares of the bank’s stock valued at $157,651,000 after acquiring an additional 68,904 shares in the last quarter. Northern Trust Corp boosted its position in Zions Bancorporation by 6.7% during the 2nd quarter. Northern Trust Corp now owns 2,189,740 shares of the bank’s stock valued at $96,152,000 after acquiring an additional 137,230 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in Zions Bancorporation by 13.7% during the 2nd quarter. Wells Fargo & Company MN now owns 2,168,564 shares of the bank’s stock valued at $95,221,000 after acquiring an additional 260,640 shares in the last quarter. 92.30% of the stock is currently owned by institutional investors.

Shares of Zions Bancorporation (ZION) opened at 46.72 on Friday. The firm’s 50-day moving average is $44.96 and its 200-day moving average is $43.08. Zions Bancorporation has a 52 week low of $30.47 and a 52 week high of $48.33. The stock has a market capitalization of $9.45 billion, a price-to-earnings ratio of 18.60 and a beta of 1.44.

Zions Bancorporation (NASDAQ:ZION) last announced its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.11. The company had revenue of $660.00 million during the quarter, compared to the consensus estimate of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. During the same period last year, the firm earned $0.44 earnings per share. Analysts forecast that Zions Bancorporation will post $2.81 earnings per share for the current fiscal year.

Zions Bancorporation declared that its board has initiated a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in shares. This repurchase authorization authorizes the bank to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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Several research firms have weighed in on ZION. BidaskClub cut Zions Bancorporation from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $46.00 price objective on shares of Zions Bancorporation in a research report on Friday, July 14th. Bank of America Corporation raised Zions Bancorporation from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $50.00 to $52.00 in a research report on Wednesday, August 16th. Morgan Stanley reaffirmed an “equal weight” rating and set a $49.00 price objective (up from $48.00) on shares of Zions Bancorporation in a research report on Wednesday, October 4th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $54.00 price objective on shares of Zions Bancorporation in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $46.95.

In related news, Director Roger B. Porter purchased 1,616 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was acquired at an average price of $43.99 per share, with a total value of $71,087.84. Following the completion of the acquisition, the director now owns 42,001 shares in the company, valued at approximately $1,847,623.99. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $46.38, for a total transaction of $46,380.00. Following the completion of the transaction, the general counsel now directly owns 23,484 shares of the company’s stock, valued at approximately $1,089,187.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,118 shares of company stock valued at $1,222,407. Corporate insiders own 1.46% of the company’s stock.

About Zions Bancorporation

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

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