Zions Bancorporation (ZION) Plans Dividend Increase – $0.12 Per Share
Zions Bancorporation (NASDAQ:ZION) declared a quarterly dividend on Thursday, July 20th, RTT News reports. Shareholders of record on Thursday, August 17th will be paid a dividend of 0.12 per share by the bank on Thursday, August 24th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.09%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08.
Shares of Zions Bancorporation (ZION) traded down 0.32% during trading on Thursday, hitting $43.84. The company’s stock had a trading volume of 1,578,009 shares. Zions Bancorporation has a 1-year low of $25.67 and a 1-year high of $48.33. The company has a market capitalization of $8.88 billion, a P/E ratio of 19.74 and a beta of 1.44. The firm’s 50 day moving average is $42.98 and its 200-day moving average is $42.50.
Zions Bancorporation (NASDAQ:ZION) last announced its earnings results on Monday, April 24th. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.07. Zions Bancorporation had a return on equity of 7.44% and a net margin of 20.50%. The firm had revenue of $621 million during the quarter, compared to the consensus estimate of $619.90 million. During the same quarter in the prior year, the company earned $0.38 EPS. Analysts forecast that Zions Bancorporation will post $2.60 EPS for the current fiscal year.
In related news, General Counsel Thomas E. Laursen sold 860 shares of the firm’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $41.16, for a total transaction of $35,397.60. Following the completion of the sale, the general counsel now directly owns 25,901 shares of the company’s stock, valued at approximately $1,066,085.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David E. Blackford sold 942 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $40.44, for a total value of $38,094.48. Following the sale, the insider now directly owns 29,415 shares of the company’s stock, valued at $1,189,542.60. The disclosure for this sale can be found here. Insiders have sold a total of 46,184 shares of company stock valued at $1,880,815 over the last ninety days. Insiders own 1.46% of the company’s stock.
Zions Bancorporation announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $465.00 million in shares. This buyback authorization allows the bank to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
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Several analysts recently weighed in on the company. BidaskClub downgraded Zions Bancorporation from a “buy” rating to a “hold” rating in a research note on Wednesday. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $46.00 price objective on shares of Zions Bancorporation in a research report on Friday, July 14th. Jefferies Group LLC reiterated a “buy” rating and issued a $49.00 price objective on shares of Zions Bancorporation in a research report on Friday, July 14th. Zacks Investment Research upgraded Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Thursday, July 13th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $46.00 price objective (up previously from $45.00) on shares of Zions Bancorporation in a research report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have given a buy rating to the company. Zions Bancorporation has a consensus rating of “Hold” and a consensus price target of $43.23.
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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