Laffer Investments cut its holdings in shares of Zions Bancorporation (NASDAQ:ZION) by 6.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,145 shares of the bank’s stock after selling 2,620 shares during the quarter. Laffer Investments’ holdings in Zions Bancorporation were worth $1,705,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. purchased a new position in Zions Bancorporation during the second quarter worth about $108,000. Americafirst Capital Management LLC purchased a new position in Zions Bancorporation during the second quarter worth about $175,000. Conning Inc. purchased a new position in Zions Bancorporation during the third quarter worth about $210,000. Janney Montgomery Scott LLC purchased a new position in Zions Bancorporation during the third quarter worth about $212,000. Finally, Magnetar Financial LLC purchased a new position in Zions Bancorporation during the third quarter worth about $215,000. Hedge funds and other institutional investors own 92.64% of the company’s stock.
Shares of Zions Bancorporation (NASDAQ:ZION) opened at $49.22 on Friday. The company has a market capitalization of $10,079.07, a PE ratio of 18.97, a price-to-earnings-growth ratio of 1.95 and a beta of 1.48. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.80 and a current ratio of 0.80. Zions Bancorporation has a 12 month low of $38.43 and a 12 month high of $52.20.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.72 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.01). The firm had revenue of $661.00 million for the quarter, compared to analyst estimates of $666.83 million. Zions Bancorporation had a return on equity of 8.54% and a net margin of 22.70%. During the same quarter in the prior year, the company earned $0.57 earnings per share. sell-side analysts anticipate that Zions Bancorporation will post 2.8 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 22nd. Stockholders of record on Wednesday, November 15th were paid a $0.16 dividend. The ex-dividend date was Tuesday, November 14th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.30%. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.12. Zions Bancorporation’s dividend payout ratio (DPR) is 24.06%.
In other news, insider Bruce K. Alexander sold 6,089 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $47.97, for a total value of $292,089.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Thomas E. Laursen sold 1,600 shares of the stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $46.55, for a total value of $74,480.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,979 shares of company stock valued at $2,057,927. Insiders own 1.46% of the company’s stock.
Several equities analysts recently weighed in on ZION shares. Royal Bank of Canada increased their target price on Zions Bancorporation from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 24th. B. Riley set a $54.00 target price on Zions Bancorporation and gave the stock a “buy” rating in a research report on Monday, November 20th. FBR & Co reiterated a “buy” rating and set a $54.00 target price on shares of Zions Bancorporation in a research report on Tuesday, October 24th. Robert W. Baird upgraded Zions Bancorporation from an “underperform” rating to a “neutral” rating and set a $43.00 target price on the stock in a research report on Friday, September 8th. Finally, Zacks Investment Research downgraded Zions Bancorporation from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company’s stock. Zions Bancorporation has a consensus rating of “Buy” and a consensus price target of $49.84.
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Zions Bancorporation 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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