Insider Buying: Zions Bancorporation (ZION) Director Buys 1,616 Shares of Stock
Zions Bancorporation (NASDAQ:ZION) Director Roger B. Porter purchased 1,616 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was bought at an average cost of $43.99 per share, with a total value of $71,087.84. Following the purchase, the director now owns 42,001 shares of the company’s stock, valued at approximately $1,847,623.99. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.
Shares of Zions Bancorporation (NASDAQ ZION) traded down 0.14% during midday trading on Wednesday, reaching $43.93. The company’s stock had a trading volume of 1,497,247 shares. Zions Bancorporation has a 52-week low of $28.75 and a 52-week high of $48.33. The stock has a 50-day moving average price of $44.76 and a 200-day moving average price of $42.84. The stock has a market cap of $8.88 billion, a price-to-earnings ratio of 17.49 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 period in the previous year, the company earned $0.44 earnings per share. Equities research analysts anticipate that Zions Bancorporation will post $2.83 earnings per share for the current fiscal year.
Zions Bancorporation declared that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $465.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th will be issued a $0.12 dividend. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 1.09%. The ex-dividend date is Tuesday, August 15th. Zions Bancorporation’s payout ratio is currently 19.12%.
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Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Zions Bancorporation by 4.3% in the second quarter. Vanguard Group Inc. now owns 21,245,566 shares of the bank’s stock valued at $932,892,000 after buying an additional 882,190 shares in the last quarter. State Street Corp raised its position in Zions Bancorporation by 8.7% in the second quarter. State Street Corp now owns 12,373,314 shares of the bank’s stock valued at $543,315,000 after buying an additional 986,548 shares in the last quarter. BlackRock Inc. raised its position in Zions Bancorporation by 4,464.8% in the first quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock valued at $493,142,000 after buying an additional 11,484,250 shares in the last quarter. American Century Companies Inc. raised its position in Zions Bancorporation by 11.6% in the first quarter. American Century Companies Inc. now owns 6,598,091 shares of the bank’s stock valued at $277,120,000 after buying an additional 684,015 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in Zions Bancorporation by 2.0% in the second quarter. TIAA CREF Investment Management LLC now owns 3,590,330 shares of the bank’s stock valued at $157,651,000 after buying an additional 68,904 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on ZION shares. Barclays PLC increased their price target on Zions Bancorporation from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, April 25th. BMO Capital Markets reissued a “hold” rating and issued a $44.00 price target on shares of Zions Bancorporation in a research note on Thursday, June 29th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $44.00 price target on shares of Zions Bancorporation in a research note on Monday, June 19th. Jefferies Group LLC reissued a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a research note on Thursday, June 8th. Finally, Wells Fargo & Company started coverage on Zions Bancorporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 price target for the company. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company. The stock currently 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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