Envestnet Asset Management Inc. Sells 1,300 Shares of Zions Bancorporation (ZION)
Envestnet Asset Management Inc. lowered its stake in Zions Bancorporation (NASDAQ:ZION) by 8.4% during the first quarter, Holdings Channel reports. The institutional investor owned 14,222 shares of the bank’s stock after selling 1,300 shares during the period. Envestnet Asset Management Inc.’s holdings in Zions Bancorporation were worth $600,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Cadence Capital Management LLC boosted its position in shares of Zions Bancorporation by 8.4% in the fourth quarter. Cadence Capital Management LLC now owns 7,501 shares of the bank’s stock worth $323,000 after buying an additional 582 shares during the period. ING Groep NV boosted its position in shares of Zions Bancorporation by 53.7% in the fourth quarter. ING Groep NV now owns 11,733 shares of the bank’s stock worth $502,000 after buying an additional 4,097 shares during the period. Wetherby Asset Management Inc. purchased a new position in shares of Zions Bancorporation during the fourth quarter worth about $202,000. Cipher Capital LP purchased a new position in shares of Zions Bancorporation during the fourth quarter worth about $491,000. Finally, FIL Ltd purchased a new position in shares of Zions Bancorporation during the fourth quarter worth about $16,385,000. 95.43% of the stock is currently owned by institutional investors.
Zions Bancorporation (NASDAQ:ZION) opened at 43.09 on Friday. The firm has a market cap of $8.73 billion, a price-to-earnings ratio of 19.40 and a beta of 1.43. The stock’s 50 day moving average is $40.87 and its 200-day moving average is $42.26. Zions Bancorporation has a one year low of $23.02 and a one year high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Monday, April 24th. The bank reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.07. The business had revenue of $621 million during the quarter, compared to analysts’ expectations of $619.90 million. Zions Bancorporation had a net margin of 20.50% and a return on equity of 7.44%. During the same quarter in the prior year, the company posted $0.38 EPS. On average, equities research analysts expect that Zions Bancorporation will post $2.58 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 25th. Shareholders of record on Thursday, May 18th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, May 16th. This represents a $0.32 annualized dividend and a yield of 0.74%. Zions Bancorporation’s payout ratio is currently 14.41%.
A number of research analysts recently issued reports on the stock. BidaskClub raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating in a research note on Tuesday. Barclays PLC reissued an “overweight” rating and issued a $50.00 price objective (up from $48.00) on shares of Zions Bancorporation in a research note on Friday. Compass Point raised shares of Zions Bancorporation from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 29th. They noted that the move was a valuation call. Piper Jaffray Companies decreased their price objective on shares of Zions Bancorporation from $43.00 to $42.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 11th. Finally, Goldman Sachs Group, Inc. (The) cut shares of Zions Bancorporation from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $48.00 to $44.00 in a research note on Wednesday, May 24th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $42.90.
In other Zions Bancorporation news, General Counsel Thomas E. Laursen sold 860 shares of the stock in a transaction on Monday, May 8th. The shares were sold at an average price of $41.16, for a total transaction of $35,397.60. Following the completion of the sale, the general counsel now owns 25,901 shares of the company’s stock, valued at approximately $1,066,085.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider David E. Blackford sold 942 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $40.44, for a total transaction of $38,094.48. Following the sale, the insider now directly owns 29,415 shares of the company’s stock, valued at approximately $1,189,542.60. The disclosure for this sale can be found here. Insiders have sold a total of 46,184 shares of company stock valued at $1,880,815 in the last three months. 1.46% of the stock is currently owned by corporate insiders.
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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