Dai Ichi Life Insurance Company Ltd trimmed its stake in Zions Bancorporation (NASDAQ:ZION) by 74.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,751 shares of the bank’s stock after selling 96,990 shares during the period. Dai Ichi Life Insurance Company Ltd’s holdings in Zions Bancorporation were worth $1,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. purchased a new stake in Zions Bancorporation in the 2nd quarter valued at about $108,000. Global X Management Co. LLC boosted its position in Zions Bancorporation by 340.4% in the 1st 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 purchased a new stake in Zions Bancorporation in the 2nd quarter valued at about $132,000. Segantii Capital Management Ltd purchased a new stake in Zions Bancorporation in the 1st quarter valued at about $151,000. Finally, FNY Partners Fund LP purchased a new stake in Zions Bancorporation in the 1st quarter valued at about $188,000. 92.45% of the stock is owned by institutional investors.
Zions Bancorporation (NASDAQ:ZION) opened at 42.65 on Friday. The firm’s 50-day moving average is $44.21 and its 200-day moving average is $42.77. Zions Bancorporation has a 52 week low of $29.63 and a 52 week high of $48.33. The firm has a market cap of $8.62 billion, a price-to-earnings ratio of 16.98 and a beta of 1.45.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.11. The business had revenue of $660.00 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 previous year, the firm earned $0.44 EPS. On average, equities analysts anticipate that Zions Bancorporation will post $2.82 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Thursday, August 17th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Tuesday, August 15th. This is an increase from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s payout ratio is currently 19.12%.
Zions Bancorporation declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $465.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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ZION has been the subject of several research reports. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price objective on shares of Zions Bancorporation in a research report on Friday, May 19th. Goldman Sachs Group, Inc. (The) cut shares of Zions Bancorporation from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $48.00 to $44.00 in a research report on Wednesday, May 24th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a research report on Thursday, June 8th. BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $50.00 price target (up previously from $48.00) on shares of Zions Bancorporation in a research report on Friday, June 16th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $45.41.
In other news, General Counsel Thomas E. Laursen sold 1,000 shares of the business’s stock in a transaction that occurred on 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 sale, the general counsel now owns 23,484 shares in the company, valued at approximately $1,089,187.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dianne R. James sold 1,585 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was 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 approximately $988,780.52. The disclosure for this sale can be found here. Insiders have sold a total of 27,118 shares of company stock valued at $1,222,407 in the last 90 days. Insiders own 1.46% of the company’s stock.
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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