Massmutual Trust Co. FSB ADV acquired a new stake in Zions Bancorporation (NASDAQ:ZION) during the fourth quarter, Holdings Channel reports. The fund acquired 38,253 shares of the company’s stock, valued at approximately $1,646,000.
A number of other hedge funds have also recently modified their holdings of ZION. Quantbot Technologies LP boosted its stake in Zions Bancorporation by 3,174.4% in the second quarter. Quantbot Technologies LP now owns 92,960 shares of the company’s stock valued at $2,336,000 after buying an additional 90,121 shares during the period. Hanlon Investment Management Inc. bought a new stake in Zions Bancorporation during the second quarter valued at approximately $4,066,000. Neuberger Berman Group LLC boosted its stake in Zions Bancorporation by 0.3% in the second quarter. Neuberger Berman Group LLC now owns 18,136 shares of the company’s stock valued at $456,000 after buying an additional 61 shares during the period. Twin Capital Management Inc. boosted its stake in Zions Bancorporation by 46.4% in the second quarter. Twin Capital Management Inc. now owns 128,320 shares of the company’s stock valued at $3,225,000 after buying an additional 40,650 shares during the period. Finally, Convergence Investment Partners LLC bought a new stake in Zions Bancorporation during the second quarter valued at approximately $4,170,000. 90.63% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Zions Bancorporation (NASDAQ:ZION) traded up 2.45% on Tuesday, hitting $45.08. 2,456,460 shares of the stock were exchanged. Zions Bancorporation has a 1-year low of $20.08 and a 1-year high of $45.21. The stock’s 50-day moving average is $42.98 and its 200-day moving average is $35.74. The stock has a market cap of $9.16 billion, a price-to-earnings ratio of 22.65 and a beta of 1.47.
Zions Bancorporation (NASDAQ:ZION) last announced its quarterly earnings results on Monday, January 23rd. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Zions Bancorporation had a net margin of 18.99% and a return on equity of 6.80%. During the same period in the prior year, the business earned $0.43 EPS. Analysts forecast that Zions Bancorporation will post $2.46 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 23rd. Stockholders of record on Thursday, February 16th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Tuesday, February 14th. Zions Bancorporation’s payout ratio is 16.08%.
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Several research firms have recently commented on ZION. Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Thursday, December 1st. RBC Capital Markets reissued a “buy” rating on shares of Zions Bancorporation in a research note on Saturday, December 17th. J P Morgan Chase & Co raised shares of Zions Bancorporation from a “neutral” rating to an “overweight” rating and increased their price target for the company from $34.00 to $50.00 in a research note on Thursday, January 5th. Susquehanna Bancshares Inc cut shares of Zions Bancorporation from a “positive” rating to a “neutral” rating and increased their price target for the company from $36.00 to $39.00 in a research note on Thursday, December 1st. They noted that the move was a valuation call. Finally, FBR & Co increased their price objective on shares of Zions Bancorporation from $32.00 to $34.00 and gave the company a “market perform” rating in a report on Tuesday, October 25th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and twelve have issued a buy rating to the company. Zions Bancorporation has an average rating of “Hold” and a consensus price target of $40.18.
In related news, General Counsel Thomas E. Laursen sold 1,740 shares of the firm’s stock in a transaction that occurred on Thursday, January 26th. The shares were sold at an average price of $43.15, for a total value of $75,081.00. Following the sale, the general counsel now directly owns 23,707 shares of the company’s stock, valued at $1,022,957.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruce K. Alexander sold 18,608 shares of the firm’s stock in a transaction that occurred on Friday, November 18th. The shares were sold at an average price of $38.35, for a total transaction of $713,616.80. Following the completion of the sale, the insider now directly owns 22,403 shares in the company, valued at $859,155.05. The disclosure for this sale can be found here. Over the last three months, insiders sold 99,924 shares of company stock worth $4,059,564. Insiders own 2.06% of the company’s stock.
Zions Bancorporation 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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