State Board of Administration of Florida Retirement System grew its holdings in Zions Bancorp (NASDAQ:ZION) by 0.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 307,502 shares of the bank’s stock after purchasing an additional 2,270 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.16% of Zions Bancorp worth $15,421,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Alps Advisors Inc. boosted its holdings in shares of Zions Bancorp by 13.5% during the 3rd quarter. Alps Advisors Inc. now owns 9,343 shares of the bank’s stock valued at $469,000 after acquiring an additional 1,108 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Zions Bancorp by 11.5% during the 2nd quarter. Janney Montgomery Scott LLC now owns 11,794 shares of the bank’s stock worth $621,000 after buying an additional 1,215 shares during the period. MainStreet Investment Advisors LLC lifted its holdings in Zions Bancorp by 1.9% during the 3rd quarter. MainStreet Investment Advisors LLC now owns 65,772 shares of the bank’s stock worth $3,298,000 after buying an additional 1,254 shares during the period. Financial Counselors Inc. lifted its holdings in Zions Bancorp by 3.2% during the 2nd quarter. Financial Counselors Inc. now owns 42,253 shares of the bank’s stock worth $2,226,000 after buying an additional 1,308 shares during the period. Finally, First Republic Investment Management Inc. lifted its holdings in Zions Bancorp by 9.7% during the 2nd quarter. First Republic Investment Management Inc. now owns 15,176 shares of the bank’s stock worth $799,000 after buying an additional 1,338 shares during the period. 94.40% of the stock is currently owned by institutional investors.
Several 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 downgraded Zions Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, September 7th. ValuEngine raised Zions Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th. Morgan Stanley dropped their price objective on Zions Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. Finally, Piper Jaffray Companies raised Zions Bancorp from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $54.00 to $57.00 in a research note on Tuesday, November 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $58.57.
Zions Bancorp (NASDAQ:ZION) last posted its earnings results on Monday, October 22nd. The bank reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.08. The firm had revenue of $701.00 million for the quarter, compared to the consensus estimate of $699.87 million. Zions Bancorp had a return on equity of 11.84% and a net margin of 26.57%. During the same quarter in the prior year, the business posted $0.72 earnings per share. As a group, equities research analysts forecast that Zions Bancorp will post 4.07 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 21st. Stockholders of record on Wednesday, November 14th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, November 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.48%. Zions Bancorp’s payout ratio is currently 41.96%.
In other news, insider Leeanne B. Linderman sold 5,878 shares of the company’s stock in a transaction on Friday, November 9th. The shares were sold at an average price of $50.26, for a total value of $295,428.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Thomas E. Laursen sold 1,381 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $48.33, for a total transaction of $66,743.73. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,259 shares of company stock worth $1,170,272. Insiders own 1.60% of the company’s stock.
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Zions Bancorp 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.
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