Sippican Capital Advisors reduced its position in shares of Zions Bancorp (NASDAQ:ZION) by 16.2% during the second quarter, Holdings Channel reports. The institutional investor owned 33,035 shares of the company’s stock after selling 6,382 shares during the period. Sippican Capital Advisors’ holdings in Zions Bancorp were worth $830,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of ZION. Wellington Management Group LLP increased its position in Zions Bancorp by 4.9% in the first quarter. Wellington Management Group LLP now owns 9,115,604 shares of the company’s stock worth $220,689,000 after buying an additional 429,375 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Zions Bancorp by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,371,029 shares of the company’s stock worth $130,033,000 after buying an additional 43,881 shares in the last quarter. JPMorgan Chase & Co. increased its position in Zions Bancorp by 109.3% in the first quarter. JPMorgan Chase & Co. now owns 5,031,900 shares of the company’s stock worth $121,823,000 after buying an additional 2,628,142 shares in the last quarter. Teachers Advisors Inc. increased its position in Zions Bancorp by 23.1% in the first quarter. Teachers Advisors Inc. now owns 2,496,107 shares of the company’s stock worth $60,431,000 after buying an additional 468,503 shares in the last quarter. Finally, Endeavour Capital Advisors Inc. increased its position in Zions Bancorp by 32.3% in the first quarter. Endeavour Capital Advisors Inc. now owns 1,811,553 shares of the company’s stock worth $43,858,000 after buying an additional 442,737 shares in the last quarter. Hedge funds and other institutional investors own 87.36% of the company’s stock.
Shares of Zions Bancorp (NASDAQ:ZION) traded up 0.97% during midday trading on Thursday, reaching $30.28. The company had a trading volume of 2,429,107 shares. The company has a 50 day moving average of $29.61 and a 200 day moving average of $26.98. Zions Bancorp has a one year low of $19.65 and a one year high of $31.28. The company has a market capitalization of $6.21 billion, a PE ratio of 18.25 and a beta of 1.64.
Zions Bancorp (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.03. Zions Bancorp had a return on equity of 5.62% and a net margin of 16.37%. During the same period in the prior year, the firm earned $0.41 EPS. Analysts predict that Zions Bancorp will post $1.85 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 18th were given a dividend of $0.08 per share. This is an increase from Zions Bancorp’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Tuesday, August 16th. This represents a $0.32 dividend on an annualized basis and a yield of 1.06%. Zions Bancorp’s dividend payout ratio (DPR) is presently 19.28%.
ZION has been the subject of a number of analyst reports. Vetr downgraded Zions Bancorp from a “hold” rating to a “sell” rating and set a $26.45 price target for the company. in a research note on Wednesday, July 27th. Piper Jaffray Cos. upgraded Zions Bancorp from a “neutral” rating to an “overweight” rating and set a $29.00 price target for the company in a research note on Thursday, July 7th. They noted that the move was a valuation call. Raymond James Financial Inc. raised their price target on Zions Bancorp from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday, September 13th. FIG Partners started coverage on Zions Bancorp in a research note on Thursday, July 7th. They set an “outperform” rating and a $29.00 target price for the company. Finally, Zacks Investment Research downgraded Zions Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $31.53.
In other Zions Bancorp news, insider David E. Blackford sold 1,620 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $27.81, for a total transaction of $45,052.20. Following the sale, the insider now owns 29,429 shares in the company, valued at $818,420.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark Richard Young sold 65,000 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $20.72, for a total value of $1,346,800.00. Following the sale, the insider now owns 56,245 shares in the company, valued at approximately $1,165,396.40. The disclosure for this sale can be found here. Company insiders own 2.06% of the company’s stock.
Zions Bancorp 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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