First Mercantile Trust Co. lessened its stake in shares of Zions Bancorporation (NASDAQ:ZION) by 16.0% during the first quarter, HoldingsChannel.com reports. The fund owned 6,490 shares of the bank’s stock after selling 1,240 shares during the period. First Mercantile Trust Co.’s holdings in Zions Bancorporation were worth $342,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the business. BlackRock Inc. increased its stake in Zions Bancorporation by 0.9% during the 4th quarter. BlackRock Inc. now owns 13,421,671 shares of the bank’s stock worth $682,222,000 after acquiring an additional 115,554 shares during the period. American Century Companies Inc. increased its stake in Zions Bancorporation by 2.2% during the 4th quarter. American Century Companies Inc. now owns 6,301,387 shares of the bank’s stock worth $320,300,000 after acquiring an additional 136,198 shares during the period. Thrivent Financial for Lutherans increased its stake in Zions Bancorporation by 3.3% during the 1st quarter. Thrivent Financial for Lutherans now owns 4,566,875 shares of the bank’s stock worth $240,811,000 after acquiring an additional 147,789 shares during the period. Thrivent Financial For Lutherans increased its stake in Zions Bancorporation by 2.0% during the 4th quarter. Thrivent Financial For Lutherans now owns 4,419,086 shares of the bank’s stock worth $224,623,000 after acquiring an additional 87,684 shares during the period. Finally, TIAA CREF Investment Management LLC increased its stake in Zions Bancorporation by 1.8% during the 4th quarter. TIAA CREF Investment Management LLC now owns 3,412,016 shares of the bank’s stock worth $173,433,000 after acquiring an additional 59,927 shares during the period. Hedge funds and other institutional investors own 94.90% of the company’s stock.
A number of research firms have commented on ZION. Wedbush began coverage on Zions Bancorporation in a research note on Monday, May 14th. They set a “neutral” rating and a $62.00 price objective on the stock. Susquehanna Bancshares set a $54.00 price objective on Zions Bancorporation and gave the stock a “hold” rating in a research note on Monday, April 23rd. BidaskClub upgraded Zions Bancorporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, April 27th. Piper Jaffray restated a “hold” rating on shares of Zions Bancorporation in a research note on Tuesday, April 24th. Finally, BMO Capital Markets lowered their price objective on Zions Bancorporation from $60.00 to $57.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 24th. One analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $57.59.
In related news, President Scott J. Mclean sold 31,309 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $56.15, for a total transaction of $1,758,000.35. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Thomas E. Laursen sold 1,400 shares of the business’s stock in a transaction on Friday, April 27th. The stock was sold at an average price of $55.17, for a total value of $77,238.00. The disclosure for this sale can be found here. Insiders have sold a total of 86,274 shares of company stock worth $4,795,027 in the last 90 days. 1.60% of the stock is currently owned by corporate insiders.
Shares of ZION stock opened at $57.77 on Friday. The firm has a market cap of $11.39 billion, a P/E ratio of 20.20, a PEG ratio of 1.60 and a beta of 1.39. Zions Bancorporation has a twelve month low of $39.34 and a twelve month high of $58.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.81 and a current ratio of 0.81.
Zions Bancorporation (NASDAQ:ZION) last issued its quarterly earnings data on Monday, April 23rd. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.27. The business had revenue of $680.00 million for the quarter, compared to analyst estimates of $666.12 million. Zions Bancorporation had a return on equity of 10.41% and a net margin of 24.49%. During the same quarter in the previous year, the company posted $0.61 EPS. equities research analysts expect that Zions Bancorporation will post 3.91 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 24th. Investors of record on Thursday, May 17th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, May 16th. This represents a $0.96 dividend on an annualized basis and a yield of 1.66%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.20. Zions Bancorporation’s payout ratio is currently 33.57%.
Zions Bancorporation Company Profile
Zions Bancorporation, a financial holding company, provides a range of banking and related services primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers community banking services, such as 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; and residential mortgage servicing and lending.
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