Insider Selling: Zions Bancorporation (ZION) Insider Sells 1,585 Shares of Stock
Zions Bancorporation (NASDAQ:ZION) insider Dianne R. James sold 1,585 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $45.22, for a total transaction of $71,673.70. Following the sale, the insider now owns 21,866 shares of the company’s stock, valued at $988,780.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Zions Bancorporation (ZION) traded down 0.02% on Wednesday, reaching $45.12. 1,506,883 shares of the company’s stock were exchanged. Zions Bancorporation has a 12 month low of $28.29 and a 12 month high of $48.33. The company has a market cap of $9.12 billion, a price-to-earnings ratio of 17.96 and a beta of 1.44. The firm’s 50-day moving average price is $44.76 and its 200 day moving average price is $42.80.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.11. The business had revenue of $660 million during the quarter, compared to the consensus estimate of $640.34 million. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. During the same quarter in the prior year, the firm earned $0.44 EPS. Equities research analysts predict that Zions Bancorporation will post $2.82 EPS for the current fiscal year.
Zions Bancorporation declared that its Board of Directors has initiated a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
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 paid a $0.12 dividend. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $0.48 annualized dividend and a yield of 1.06%. Zions Bancorporation’s dividend payout ratio is presently 12.75%.
A number of institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. acquired a new position in shares of Zions Bancorporation during the second quarter valued at about $108,000. Global X Management Co. LLC boosted 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 valued at $127,000 after buying an additional 2,335 shares during the period. Exane Derivatives acquired a new position in shares of Zions Bancorporation during the second quarter valued at about $132,000. Segantii Capital Management Ltd acquired a new position in shares of Zions Bancorporation during the first quarter valued at about $151,000. Finally, Cypress Capital Management LLC WY acquired a new position in shares of Zions Bancorporation during the first quarter valued at about $169,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.
A number of equities research analysts have issued reports on ZION shares. Deutsche Bank AG upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating and upped their price target for the company from $45.00 to $46.00 in a report on Thursday, May 4th. BidaskClub upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Zacks Investment Research upgraded shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Wednesday, June 28th. Jefferies Group LLC restated a “buy” rating and set a $49.00 price target on shares of Zions Bancorporation in a report on Thursday, June 8th. Finally, Bank of America Corporation upgraded shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and upped their price target for the company from $50.00 to $52.00 in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $44.33.
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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