Zweig DiMenna Associates LLC raised its position in Zions Bancorporation (NASDAQ:ZION) by 75.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 359,730 shares of the company’s stock after buying an additional 154,530 shares during the period. Zweig DiMenna Associates LLC’s holdings in Zions Bancorporation were worth $11,159,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of ZION. Wells Fargo & Company MN raised its stake in shares of Zions Bancorporation by 64.7% in the third quarter. Wells Fargo & Company MN now owns 3,658,682 shares of the company’s stock worth $113,492,000 after buying an additional 1,437,234 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Zions Bancorporation by 28.7% in the third quarter. TIAA CREF Investment Management LLC now owns 3,844,626 shares of the company’s stock worth $119,260,000 after buying an additional 857,388 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Zions Bancorporation by 105.2% in the third quarter. Ameriprise Financial Inc. now owns 1,316,880 shares of the company’s stock worth $40,844,000 after buying an additional 675,111 shares during the last quarter. Heartland Advisors Inc. acquired a new stake in shares of Zions Bancorporation during the third quarter worth about $17,268,000. Finally, Redwood Investments LLC acquired a new stake in shares of Zions Bancorporation during the third quarter worth about $16,675,000. Institutional investors and hedge funds own 89.11% of the company’s stock.
Shares of Zions Bancorporation (NASDAQ:ZION) opened at 42.82 on Wednesday. The firm has a market capitalization of $8.70 billion, a P/E ratio of 21.52 and a beta of 1.47. Zions Bancorporation has a 1-year low of $19.65 and a 1-year high of $44.33. The stock’s 50 day moving average is $43.04 and its 200 day moving average is $35.27.
Zions Bancorporation (NASDAQ:ZION) last released its earnings results on Monday, January 23rd. The company reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.08. Zions Bancorporation had a net margin of 18.99% and a return on equity of 6.80%. During the same quarter last year, the firm posted $0.43 EPS. Equities analysts predict that Zions Bancorporation will post $2.46 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 23rd. Shareholders of record on Thursday, February 16th will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, February 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.75%. Zions Bancorporation’s dividend payout ratio (DPR) is presently 16.08%.
A number of research analysts have recently weighed in on ZION shares. Morgan Stanley lowered Zions Bancorporation from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $34.00 to $38.00 in a research report on Wednesday, November 16th. They noted that the move was a valuation call. RBC Capital Markets restated an “outperform” rating and set a $40.00 price objective (up previously from $32.00) on shares of Zions Bancorporation in a research report on Thursday, November 10th. Zacks Investment Research lowered Zions Bancorporation from a “buy” rating to a “hold” rating in a research report on Monday, December 5th. Bank of America Corporation upgraded Zions Bancorporation from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $36.00 to $45.00 in a research report on Thursday, December 15th. Finally, Goldman Sachs Group, Inc. (The) raised their price objective on Zions Bancorporation to $50.00 and gave the company a “buy” rating in a research report on Tuesday, January 24th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and twelve have given a buy rating to the company. Zions Bancorporation presently has a consensus rating of “Hold” and an average target price of $40.18.
In other Zions Bancorporation news, Director Shelley Thomas Williams sold 26,127 shares of the stock in a transaction that occurred on Monday, January 30th. The shares were sold at an average price of $42.05, for a total transaction of $1,098,640.35. Following the sale, the director now directly owns 25,127 shares in the company, valued at approximately $1,056,590.35. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, General Counsel Thomas E. Laursen sold 1,740 shares of the stock in a transaction that occurred on Thursday, January 26th. The stock was sold at an average price of $43.15, for a total transaction of $75,081.00. Following the sale, the general counsel now owns 23,707 shares in the company, valued at $1,022,957.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 129,695 shares of company stock worth $5,171,696. 2.06% of the stock is owned by company insiders.
Zions Bancorporation Company Profile
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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