Hartford Investment Management Co. reduced its position in shares of Zions Bancorporation (NASDAQ:ZION) by 2.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,937 shares of the bank’s stock after selling 1,255 shares during the quarter. Hartford Investment Management Co.’s holdings in Zions Bancorporation were worth $2,262,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of ZION. Balyasny Asset Management LLC lifted its stake in Zions Bancorporation by 705.8% in the 2nd quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock valued at $139,918,000 after buying an additional 2,791,044 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Zions Bancorporation by 146.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,698,958 shares of the bank’s stock valued at $127,330,000 after buying an additional 1,605,540 shares in the last quarter. Artemis Investment Management LLP lifted its stake in Zions Bancorporation by 332.1% in the 3rd quarter. Artemis Investment Management LLP now owns 1,751,662 shares of the bank’s stock valued at $82,635,000 after buying an additional 1,346,240 shares in the last quarter. Cramer Rosenthal Mcglynn LLC lifted its stake in Zions Bancorporation by 276.0% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,823,738 shares of the bank’s stock valued at $80,080,000 after buying an additional 1,338,748 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Zions Bancorporation by 16,303.3% in the 2nd quarter. Janus Henderson Group PLC now owns 1,231,071 shares of the bank’s stock valued at $54,056,000 after buying an additional 1,223,566 shares in the last quarter. 92.64% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on ZION shares. Robert W. Baird raised shares of Zions Bancorporation from an “underperform” rating to a “neutral” rating and set a $43.00 price target on the stock in a research note on Friday, September 8th. Wells Fargo & Company started coverage on shares of Zions Bancorporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 price target on the stock. Bank of America raised shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and raised their price target for the company from $50.00 to $52.00 in a research note on Wednesday, August 16th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $51.00 price target on shares of Zions Bancorporation in a research note on Saturday, September 16th. Finally, Zacks Investment Research lowered shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a research note on Thursday, October 5th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $49.84.
Zions Bancorporation (NASDAQ:ZION) last released its earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share for the quarter, missing the Zacks’ 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 business had revenue of $661.00 million during the quarter, compared to analysts’ expectations of $666.83 million. During the same period last year, the business earned $0.57 earnings per share. sell-side analysts predict that Zions Bancorporation will post 2.8 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 22nd. Shareholders of record on Wednesday, November 15th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.24%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.12. The ex-dividend date was Tuesday, November 14th. Zions Bancorporation’s dividend payout ratio (DPR) is 24.06%.
In other news, insider Joseph L. Reilly sold 23,271 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $46.70, for a total transaction of $1,086,755.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruce K. Alexander sold 6,089 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $47.97, for a total transaction of $292,089.33. The disclosure for this sale can be found here. Insiders sold a total of 43,979 shares of company stock worth $2,057,927 over the last three months. Corporate insiders own 1.46% of the company’s stock.
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Zions Bancorporation 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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