Korea Investment CORP reduced its stake in shares of Zions Bancorp (NASDAQ:ZION) by 63.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 58,054 shares of the bank’s stock after selling 101,000 shares during the period. Korea Investment CORP’s holdings in Zions Bancorp were worth $2,911,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Alliancebernstein L.P. increased its holdings in Zions Bancorp by 10.9% during the 3rd quarter. Alliancebernstein L.P. now owns 5,038,547 shares of the bank’s stock worth $252,683,000 after purchasing an additional 494,929 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Zions Bancorp by 0.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,781,686 shares of the bank’s stock worth $146,578,000 after purchasing an additional 12,681 shares in the last quarter. LSV Asset Management increased its holdings in Zions Bancorp by 1.1% during the 3rd quarter. LSV Asset Management now owns 2,502,773 shares of the bank’s stock worth $125,514,000 after purchasing an additional 28,261 shares in the last quarter. Northern Trust Corp increased its holdings in Zions Bancorp by 0.8% during the 2nd quarter. Northern Trust Corp now owns 2,228,808 shares of the bank’s stock worth $117,436,000 after purchasing an additional 17,928 shares in the last quarter. Finally, King Luther Capital Management Corp increased its holdings in Zions Bancorp by 6.9% during the 2nd quarter. King Luther Capital Management Corp now owns 1,892,158 shares of the bank’s stock worth $99,698,000 after purchasing an additional 121,722 shares in the last quarter. 94.40% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have commented on ZION. BidaskClub raised Zions Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. UBS Group lowered Zions Bancorp from a “buy” rating to a “neutral” rating in a report on Friday, September 7th. ValuEngine raised Zions Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 9th. Morgan Stanley reduced their target price on Zions Bancorp from $61.00 to $59.00 and set an “equal weight” rating for the company in a report on Tuesday, September 18th. Finally, Piper Jaffray Companies raised Zions Bancorp from a “neutral” rating to an “overweight” rating and upped their target price for the company from $54.00 to $57.00 in a report on Tuesday, November 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $58.57.
In related news, insider Leeanne B. Linderman sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $48.10, for a total value of $240,500.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider A Scott Anderson sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $47.30, for a total value of $567,600.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,259 shares of company stock worth $1,170,272. 1.60% of the stock is owned by company insiders.
Zions Bancorp stock opened at $45.89 on Thursday. Zions Bancorp has a 12 month low of $45.20 and a 12 month high of $59.19. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $9.35 billion, a P/E ratio of 16.05, a PEG ratio of 1.40 and a beta of 1.37.
Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings data on Monday, October 22nd. The bank reported $1.04 EPS for the quarter, beating the consensus estimate of $0.96 by $0.08. Zions Bancorp had a return on equity of 11.84% and a net margin of 26.57%. The business had revenue of $701.00 million for the quarter, compared to the consensus estimate of $699.87 million. During the same quarter in the prior year, the business earned $0.72 earnings per share. On average, analysts predict that Zions Bancorp will post 4.07 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 21st. Investors of record on Wednesday, November 14th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, November 13th. This represents a $1.20 annualized dividend and a yield of 2.61%. Zions Bancorp’s payout ratio is 41.96%.
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Zions Bancorp Company Profile
Zions Bancorporation, National Association provides various 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; residential mortgage servicing and lending services; trust and wealth management services; capital markets services, including municipal finance advisory and underwriting; and investment services.
Further Reading: NASDAQ
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