Los Angeles Capital Management & Equity Research Inc. trimmed its position in Zions Bancorporation (NASDAQ:ZION) by 14.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 85,429 shares of the bank’s stock after selling 14,981 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Zions Bancorporation were worth $4,031,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. Advisors Asset Management Inc. bought a new position in shares of Zions Bancorporation during the 2nd quarter valued at approximately $108,000. Americafirst Capital Management LLC bought a new position in shares of Zions Bancorporation during the 2nd quarter valued at approximately $175,000. Conning Inc. bought a new position in shares of Zions Bancorporation during the 3rd quarter valued at approximately $210,000. Global X Management Co. LLC grew its position in shares of Zions Bancorporation by 58.6% during the 2nd quarter. Global X Management Co. LLC now owns 4,792 shares of the bank’s stock valued at $210,000 after acquiring an additional 1,771 shares during the period. Finally, Bray Capital Advisors bought a new position in Zions Bancorporation in the 2nd quarter worth approximately $216,000. 93.15% of the stock is owned by institutional investors and hedge funds.
ZION has been the subject of several analyst reports. FIG Partners reaffirmed an “outperform” rating and issued a $54.00 price objective (up from $50.00) on shares of Zions Bancorporation in a report on Wednesday, July 26th. BMO Capital Markets reaffirmed a “hold” rating and issued a $47.00 price objective on shares of Zions Bancorporation in a report on Thursday, July 27th. Robert W. Baird downgraded shares of Zions Bancorporation from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $46.12 to $43.00 in a report on Monday, August 7th. Wells Fargo & Company initiated coverage on shares of Zions Bancorporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $56.00 target price on the stock. Finally, Bank of America Corporation upgraded shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and increased their target price for the stock from $50.00 to $52.00 in a research note on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $48.76.
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Shares of Zions Bancorporation (NASDAQ ZION) opened at $46.89 on Wednesday. Zions Bancorporation has a 52 week low of $38.15 and a 52 week high of $48.33. The firm has a market cap of $9,407.93, a PE ratio of 17.71, a PEG ratio of 1.82 and a beta of 1.48. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.80 and a current ratio of 0.80.
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 analysts’ consensus estimates of $0.73 by ($0.01). Zions Bancorporation had a net margin of 22.70% and a return on equity of 8.54%. The business had revenue of $661.00 million for the quarter, compared to analysts’ expectations of $666.83 million. During the same period last year, the business earned $0.57 earnings per share. sell-side analysts forecast that Zions Bancorporation will post 2.8 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, November 15th will be given a dividend of $0.16 per share. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.12. This represents a $0.64 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date is Tuesday, November 14th. Zions Bancorporation’s dividend payout ratio (DPR) is 24.06%.
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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