Artemis Investment Management LLP lifted its stake in shares of Zions Bancorporation (NASDAQ:ZION) by 332.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,751,662 shares of the bank’s stock after purchasing an additional 1,346,240 shares during the quarter. Zions Bancorporation comprises about 1.7% of Artemis Investment Management LLP’s investment portfolio, making the stock its 14th largest position. Artemis Investment Management LLP owned approximately 0.87% of Zions Bancorporation worth $82,635,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently bought and sold shares of the company. Advisors Asset Management Inc. acquired a new position in shares of Zions Bancorporation during the 2nd quarter worth $108,000. Exane Derivatives acquired a new position in shares of Zions Bancorporation during the 2nd quarter worth $132,000. Americafirst Capital Management LLC acquired a new position in shares of Zions Bancorporation during the 2nd quarter worth $175,000. Global X Management Co. LLC grew its stake in shares of Zions Bancorporation by 58.6% during the 2nd quarter. Global X Management Co. LLC now owns 4,792 shares of the bank’s stock worth $210,000 after purchasing an additional 1,771 shares during the period. Finally, Conning Inc. acquired a new position in shares of Zions Bancorporation during the 3rd quarter worth $210,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.
Zions Bancorporation (NASDAQ:ZION) last posted its earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.01). Zions Bancorporation had a return on equity of 8.54% and a net margin of 22.70%. The company had revenue of $661.00 million during the quarter, compared to analyst estimates of $666.83 million. During the same quarter last year, the firm posted $0.57 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, November 15th will be issued a $0.16 dividend. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.12. This represents a $0.64 annualized dividend and a yield of 1.38%. The ex-dividend date is Tuesday, November 14th. Zions Bancorporation’s payout ratio is 18.05%.
A number of research firms have recently weighed in on ZION. Bank of America Corporation raised shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and upped their price target for the stock from $50.00 to $52.00 in a research note on Wednesday, August 16th. BidaskClub cut shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $46.00 price target on shares of Zions Bancorporation in a research note on Friday, July 14th. Morgan Stanley reaffirmed an “equal weight” rating and set a $49.00 price target (up from $48.00) on shares of Zions Bancorporation in a research note on Wednesday, October 4th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $47.00 price target on shares of Zions Bancorporation in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $48.00.
In related news, Director Roger B. Porter bought 1,616 shares of Zions Bancorporation stock in a transaction that occurred on Tuesday, August 22nd. The stock was purchased at an average cost of $43.99 per share, for a total transaction of $71,087.84. Following the acquisition, the director now owns 42,001 shares in the company, valued at $1,847,623.99. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $46.38, for a total value of $46,380.00. Following the completion of the sale, the general counsel now owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,585 shares of company stock valued at $793,994. Corporate insiders own 1.46% of the company’s stock.
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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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