Sumitomo Mitsui Asset Management Company LTD Buys Shares of 16,180 Zions Bancorporation (ZION)

Sumitomo Mitsui Asset Management Company LTD acquired a new stake in Zions Bancorporation (NASDAQ:ZION) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,180 shares of the bank’s stock, valued at approximately $710,000.

Several other large investors also recently added to or reduced their stakes in ZION. Macquarie Group Ltd. raised its stake in Zions Bancorporation by 35.8% in the fourth quarter. Macquarie Group Ltd. now owns 382,743 shares of the bank’s stock worth $16,473,000 after buying an additional 100,800 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in Zions Bancorporation by 2.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 174,603 shares of the bank’s stock worth $7,334,000 after buying an additional 4,375 shares during the last quarter. Creative Planning raised its stake in Zions Bancorporation by 5.9% in the first quarter. Creative Planning now owns 28,167 shares of the bank’s stock worth $1,183,000 after buying an additional 1,565 shares during the last quarter. Cypress Capital Management LLC WY purchased a new stake in shares of Zions Bancorporation during the first quarter valued at about $169,000. Finally, Hartford Investment Management Co. raised its stake in shares of Zions Bancorporation by 0.9% in the first quarter. Hartford Investment Management Co. now owns 51,444 shares of the bank’s stock valued at $2,161,000 after buying an additional 442 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Shares of Zions Bancorporation (NASDAQ:ZION) traded up 0.16% during midday trading on Friday, reaching $43.92. 1,483,039 shares of the company’s stock traded hands. The stock has a 50 day moving average of $44.79 and a 200-day moving average of $42.82. The stock has a market cap of $8.88 billion, a P/E ratio of 17.48 and a beta of 1.44. Zions Bancorporation has a 12 month low of $28.75 and a 12 month high of $48.33.

Zions Bancorporation (NASDAQ:ZION) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.11. Zions Bancorporation had a net margin of 21.97% and a return on equity of 8.14%. The company had revenue of $660 million during the quarter, compared to analyst estimates of $640.34 million. During the same period in the prior year, the business posted $0.44 EPS. On average, equities research analysts forecast that Zions Bancorporation will post $2.82 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 17th will be issued a dividend of $0.12 per share. This is a positive change from Zions Bancorporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Tuesday, August 15th. Zions Bancorporation’s dividend payout ratio is currently 19.12%.

Zions Bancorporation declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $465.00 million in shares. This repurchase authorization allows the bank to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

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ZION has been the subject of several recent research reports. Barclays PLC increased their price objective on Zions Bancorporation from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, April 25th. Deutsche Bank AG upgraded Zions Bancorporation from a “hold” rating to a “buy” rating and raised their target price for the company from $45.00 to $46.00 in a report on Thursday, May 4th. Morgan Stanley restated an “equal weight” rating and set a $43.00 target price on shares of Zions Bancorporation in a report on Friday, May 19th. Goldman Sachs Group, Inc. (The) lowered Zions Bancorporation from a “buy” rating to a “neutral” rating and cut their target price for the company from $48.00 to $44.00 in a report on Wednesday, May 24th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a research report on Thursday, June 8th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $44.33.

In other Zions Bancorporation news, insider Dianne R. James sold 1,585 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $45.22, for a total value of $71,673.70. Following the completion of the transaction, the insider now directly owns 21,866 shares in the company, valued at approximately $988,780.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Thomas E. Laursen sold 1,000 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $46.38, for a total transaction of $46,380.00. Following the completion of the transaction, the general counsel now owns 23,484 shares of the company’s stock, valued at $1,089,187.92. The disclosure for this sale can be found here. Insiders have sold a total of 40,422 shares of company stock valued at $1,746,332 over the last quarter. 1.46% of the stock is currently owned by company 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.

Institutional Ownership by Quarter for Zions Bancorporation (NASDAQ:ZION)

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