AQR Capital Management LLC raised its stake in shares of Zions Bancorporation (NASDAQ:ZION) by 84.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,291,516 shares of the bank’s stock after buying an additional 590,502 shares during the period. AQR Capital Management LLC owned 0.64% of Zions Bancorporation worth $54,244,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in ZION. BlueCrest Capital Management Ltd raised its position in Zions Bancorporation by 190.3% in the first quarter. BlueCrest Capital Management Ltd now owns 244,901 shares of the bank’s stock valued at $10,286,000 after buying an additional 160,526 shares in the last quarter. Gotham Asset Management LLC raised its position in Zions Bancorporation by 8.0% in the first quarter. Gotham Asset Management LLC now owns 6,253 shares of the bank’s stock valued at $263,000 after buying an additional 462 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in Zions Bancorporation during the first quarter valued at approximately $512,000. Sii Investments Inc. WI raised its position in Zions Bancorporation by 0.4% in the first quarter. Sii Investments Inc. WI now owns 24,586 shares of the bank’s stock valued at $1,033,000 after buying an additional 99 shares in the last quarter. Finally, Two Sigma Securities LLC purchased a new stake in shares of Zions Bancorporation during the first quarter worth about $294,000. 94.62% of the stock is currently owned by institutional investors.
Zions Bancorporation (ZION) opened at 44.08 on Wednesday. The company’s 50-day moving average is $42.86 and its 200-day moving average is $42.49. The stock has a market capitalization of $8.93 billion, a PE ratio of 19.85 and a beta of 1.44. Zions Bancorporation has a 12 month low of $25.65 and a 12 month high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last issued its earnings results on Monday, April 24th. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.07. Zions Bancorporation had a net margin of 20.50% and a return on equity of 7.44%. The company had revenue of $621 million for the quarter, compared to analysts’ expectations of $619.90 million. During the same period in the prior year, the business earned $0.38 EPS. Equities research analysts forecast that Zions Bancorporation will post $2.60 EPS for the current year.
Zions Bancorporation announced that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $465.00 million in shares. This buyback authorization permits the bank to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
A number of brokerages have issued reports on ZION. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $46.00 price target on shares of Zions Bancorporation in a report on Friday, July 14th. Jefferies Group LLC reissued a “buy” rating and issued a $49.00 price target on shares of Zions Bancorporation in a report on Friday, July 14th. Zacks Investment Research raised shares of Zions Bancorporation from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Thursday, July 13th. Morgan Stanley reissued an “equal weight” rating and issued a $46.00 price target (up previously from $45.00) on shares of Zions Bancorporation in a report on Friday, July 7th. Finally, FIG Partners raised their price target on shares of Zions Bancorporation from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $43.23.
In other Zions Bancorporation news, insider Leeanne B. Linderman sold 29,078 shares of the stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $41.00, for a total transaction of $1,192,198.00. Following the completion of the sale, the insider now directly owns 15,746 shares of the company’s stock, valued at $645,586. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David E. Blackford sold 2,090 shares of the stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $39.61, for a total transaction of $82,784.90. Following the sale, the insider now directly owns 23,578 shares of the company’s stock, valued at $933,924.58. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,184 shares of company stock worth $1,880,815. 1.46% of the stock is 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.
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