Edward Schreiber Sells 13,000 Shares of Zions Bancorporation (ZION) Stock
Zions Bancorporation (NASDAQ:ZION) insider Edward Schreiber sold 13,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $44.98, for a total transaction of $584,740.00. Following the completion of the transaction, the insider now directly owns 51,517 shares in the company, valued at $2,317,234.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Zions Bancorporation (NASDAQ:ZION) traded up 0.58% during midday trading on Tuesday, hitting $45.13. 1,235,573 shares of the company traded hands. Zions Bancorporation has a 12-month low of $27.77 and a 12-month high of $48.33. The company has a market capitalization of $9.12 billion, a price-to-earnings ratio of 17.97 and a beta of 1.44. The stock’s 50-day moving average price is $44.61 and its 200 day moving average price is $42.77.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results 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 business had revenue of $660 million for the quarter, compared to analyst estimates of $640.34 million. During the same quarter in the prior year, the business earned $0.44 EPS. On average, equities analysts forecast that Zions Bancorporation will post $2.82 EPS for the current year.
Zions Bancorporation declared that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $465.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 17th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.06%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio is 12.75%.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. bought a new position in shares of Zions Bancorporation during the second quarter worth approximately $108,000. Global X Management Co. LLC raised its position in shares of Zions Bancorporation by 340.4% in the first quarter. Global X Management Co. LLC now owns 3,021 shares of the bank’s stock worth $127,000 after buying an additional 2,335 shares during the period. Exane Derivatives bought a new position in shares of Zions Bancorporation during the second quarter worth approximately $132,000. Segantii Capital Management Ltd bought a new position in shares of Zions Bancorporation during the first quarter worth approximately $151,000. Finally, Cypress Capital Management LLC WY bought a new position in shares of Zions Bancorporation during the first quarter worth approximately $169,000. Institutional investors and hedge funds own 95.13% of the company’s stock.
ZION has been the topic of a number of research reports. Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Wednesday, June 28th. Deutsche Bank AG raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and upped their price target for the stock from $45.00 to $46.00 in a research note on Thursday, May 4th. BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a research note on Thursday, June 8th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $45.00 price target (up from $43.00) on shares of Zions Bancorporation in a research note on Monday, June 5th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $44.04.
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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