IBM Retirement Fund raised its position in shares of Zions Bancorp (NASDAQ:ZION) by 0.7% during the second quarter, Holdings Channel reports. The firm owned 20,336 shares of the company’s stock after buying an additional 144 shares during the period. IBM Retirement Fund’s holdings in Zions Bancorp were worth $511,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in ZION. Canada Pension Plan Investment Board increased its position in shares of Zions Bancorp by 2.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,000 shares of the company’s stock worth $121,000 after buying an additional 100 shares during the period. Seven Eight Capital LLC increased its position in shares of Zions Bancorp by 235.4% in the first quarter. Seven Eight Capital LLC now owns 6,412 shares of the company’s stock worth $155,000 after buying an additional 4,500 shares during the period. MAI Capital Management increased its position in shares of Zions Bancorp by 0.3% in the second quarter. MAI Capital Management now owns 8,641 shares of the company’s stock worth $217,000 after buying an additional 27 shares during the period. Sentry Investment Management LLC acquired a new position in shares of Zions Bancorp during the first quarter worth about $304,000. Finally, Ngam Advisors L.P. increased its position in Zions Bancorp by 5.8% in the first quarter. Ngam Advisors L.P. now owns 13,776 shares of the company’s stock valued at $334,000 after buying an additional 755 shares during the last quarter. Hedge funds and other institutional investors own 87.36% of the company’s stock.
Zions Bancorp (NASDAQ:ZION) traded up 1.09% during mid-day trading on Friday, hitting $30.61. The company’s stock had a trading volume of 2,982,454 shares. Zions Bancorp has a 52-week low of $19.65 and a 52-week high of $31.28. The company’s 50 day moving average is $29.69 and its 200-day moving average is $27.02. The stock has a market cap of $6.28 billion, a P/E ratio of 18.45 and a beta of 1.64.
Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. Zions Bancorp had a return on equity of 5.62% and a net margin of 16.37%. During the same period in the previous year, the company earned $0.41 earnings per share. On average, equities analysts predict that Zions Bancorp will post $1.85 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Thursday, August 18th were issued a $0.08 dividend. The ex-dividend date was Tuesday, August 16th. This represents a $0.32 annualized dividend and a dividend yield of 1.05%. This is a positive change from Zions Bancorp’s previous quarterly dividend of $0.06. Zions Bancorp’s payout ratio is presently 19.28%.
Several research analysts have recently weighed in on ZION shares. Deutsche Bank AG reiterated a “hold” rating on shares of Zions Bancorp in a research note on Saturday, June 4th. Susquehanna upgraded Zions Bancorp from a “neutral” rating to a “positive” rating and increased their price target for the stock from $25.00 to $36.00 in a research note on Tuesday, June 7th. Maxim Group upgraded Zions Bancorp from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 7th. TheStreet upgraded Zions Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, June 6th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $32.00 price target on shares of Zions Bancorp in a research note on Thursday, June 16th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Zions Bancorp has a consensus rating of “Hold” and an average price target of $31.75.
In related news, insider David E. Blackford sold 1,620 shares of Zions Bancorp stock in a transaction on Friday, July 29th. The stock was sold at an average price of $27.81, for a total value of $45,052.20. Following the completion of the sale, the insider now owns 29,429 shares of the company’s stock, valued at $818,420.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Keith D. Maio sold 9,000 shares of Zions Bancorp stock in a transaction on Friday, July 29th. The stock was sold at an average price of $27.97, for a total value of $251,730.00. Following the completion of the sale, the executive vice president now directly owns 44,072 shares of the company’s stock, valued at approximately $1,232,693.84. The disclosure for this sale can be found here. 2.06% of the stock is owned by corporate insiders.
About Zions Bancorp
Zions Bancorporation is a financial holding company. The Company operates through seven segments: Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado and The Commerce Bank of Washington. It focuses on providing community banking services and its core business lines are small and medium-sized business and corporate banking; commercial and residential development, construction and term lending; retail banking; treasury cash management and related products and services; residential mortgage servicing and lending; trust and wealth management; limited capital markets activities, including municipal finance advisory and underwriting, and investment activities.
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