Koch Industries Inc. bought a new position in shares of Zions Bancorporation (NASDAQ:ZION) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 346,301 shares of the bank’s stock, valued at approximately $339,000. Koch Industries Inc. owned 0.17% of Zions Bancorporation at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. raised its stake in shares of Zions Bancorporation by 4,464.8% in the 1st quarter. BlackRock Inc. now owns 11,741,470 shares of the bank’s stock valued at $493,142,000 after acquiring an additional 11,484,250 shares during the period. Balyasny Asset Management LLC grew its holdings in shares of Zions Bancorporation by 705.8% in the second quarter. Balyasny Asset Management LLC now owns 3,186,472 shares of the bank’s stock valued at $139,918,000 after purchasing an additional 2,791,044 shares in the last quarter. Cramer Rosenthal Mcglynn LLC grew its holdings in shares of Zions Bancorporation by 276.0% in the second quarter. Cramer Rosenthal Mcglynn LLC now owns 1,823,738 shares of the bank’s stock valued at $80,080,000 after purchasing an additional 1,338,748 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Zions Bancorporation by 16,303.3% in the second quarter. Janus Henderson Group PLC now owns 1,231,071 shares of the bank’s stock valued at $54,056,000 after purchasing an additional 1,223,566 shares in the last quarter. Finally, Harbour Capital Advisors LLC grew its holdings in shares of Zions Bancorporation by 4,471.9% in the second quarter. Harbour Capital Advisors LLC now owns 1,165,240 shares of the bank’s stock valued at $26,537,000 after purchasing an additional 1,139,753 shares in the last quarter. 92.28% of the stock is currently owned by institutional investors.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 1,000 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $46.38, for a total value of $46,380.00. Following the transaction, the general counsel now owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Roger B. Porter purchased 1,616 shares of the stock in a transaction on Tuesday, August 22nd. The stock was acquired at an average price of $43.99 per share, with a total value of $71,087.84. Following the completion of the acquisition, the director now directly owns 42,001 shares of the company’s stock, valued at $1,847,623.99. The disclosure for this purchase can be found here. Insiders sold 17,585 shares of company stock worth $793,994 in the last three months. Insiders own 1.46% of the company’s stock.
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Several research firms have commented on ZION. BidaskClub cut shares of Zions Bancorporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $46.00 price target on shares of Zions Bancorporation in a report on Friday, July 14th. Bank of America Corporation upgraded shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $50.00 to $52.00 in a report on Wednesday, August 16th. Morgan Stanley restated an “equal weight” rating and set a $49.00 price objective (up previously from $48.00) on shares of Zions Bancorporation in a research report on Wednesday, October 4th. Finally, BMO Capital Markets restated a “hold” rating and set a $47.00 price objective on shares of Zions Bancorporation in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $48.00.
Shares of Zions Bancorporation (NASDAQ ZION) traded down 0.23% during midday trading on Friday, hitting $46.82. 224,087 shares of the company were exchanged. The company’s 50 day moving average price is $45.53 and its 200 day moving average price is $43.40. Zions Bancorporation has a one year low of $30.85 and a one year high of $48.33. The firm has a market cap of $9.47 billion, a P/E ratio of 18.64 and a beta of 1.44.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings results on Monday, October 23rd. The bank reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.01). Zions Bancorporation had a net margin of 22.70% and a return on equity of 8.54%. The firm had revenue of $661.00 million for the quarter, compared to analyst estimates of $666.83 million. During the same period last year, the company earned $0.57 EPS. Equities analysts expect that Zions Bancorporation will post $2.80 EPS for the current year.
Zions Bancorporation 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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