Insider Selling: Zions Bancorporation (NASDAQ:ZION) General Counsel Sells 1,000 Shares of Stock
Zions Bancorporation (NASDAQ:ZION) General Counsel Thomas E. Laursen sold 1,000 shares of the stock in a transaction dated Friday, August 4th. The shares were 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 $1,089,187.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Zions Bancorporation (ZION) traded down 0.78% during trading on Monday, reaching $45.76. 1,998,447 shares of the company’s stock were exchanged. The stock has a market capitalization of $9.25 billion, a price-to-earnings ratio of 18.22 and a beta of 1.44. Zions Bancorporation has a 52 week low of $26.75 and a 52 week high of $48.33. The company’s 50 day moving average price is $43.97 and its 200-day moving average price is $42.59.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.11. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The firm had revenue of $660 million for the quarter, compared to the consensus estimate of $640.34 million. During the same period in the previous year, the firm posted $0.44 earnings per share. On average, equities analysts expect that Zions Bancorporation will post $2.82 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 17th will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 15th. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. Zions Bancorporation’s payout ratio is presently 12.75%.
Zions Bancorporation announced that its board has approved a stock buyback program on Wednesday, June 28th that allows the company to repurchase $465.00 million in shares. This repurchase authorization allows the bank to purchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
A number of research analysts have issued reports on ZION shares. Deutsche Bank AG raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and increased their target price for the company from $45.00 to $46.00 in a report on Thursday, May 4th. Jefferies Group LLC reiterated a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a research report on Thursday, June 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $46.00 price target (up from $45.00) on shares of Zions Bancorporation in a research report on Friday, July 7th. Zacks Investment Research upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Zions Bancorporation from a “buy” rating to a “neutral” rating and lowered their price target for the company from $48.00 to $44.00 in a research report on Wednesday, May 24th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $43.52.
Hedge funds have recently bought and sold shares of the company. Shell Asset Management Co. increased its stake in Zions Bancorporation by 16.5% in the first quarter. Shell Asset Management Co. now owns 42,592 shares of the bank’s stock valued at $1,789,000 after buying an additional 6,033 shares in the last quarter. Acadian Asset Management LLC increased its stake in Zions Bancorporation by 10,038.3% in the first quarter. Acadian Asset Management LLC now owns 74,415 shares of the bank’s stock valued at $3,126,000 after buying an additional 73,681 shares in the last quarter. V Wealth Management LLC increased its stake in Zions Bancorporation by 3.3% in the first quarter. V Wealth Management LLC now owns 46,645 shares of the bank’s stock valued at $1,966,000 after buying an additional 1,507 shares in the last quarter. Douglas Lane & Associates LLC increased its stake in Zions Bancorporation by 0.3% in the first quarter. Douglas Lane & Associates LLC now owns 221,009 shares of the bank’s stock valued at $9,282,000 after buying an additional 730 shares in the last quarter. Finally, Retirement Systems of Alabama increased its stake in Zions Bancorporation by 1.3% in the first quarter. Retirement Systems of Alabama now owns 97,848 shares of the bank’s stock valued at $4,110,000 after buying an additional 1,292 shares in the last quarter. 94.93% of the stock is owned by institutional investors.
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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