Massachusetts Financial Services Co. MA trimmed its position in Zions Bancorp (NASDAQ:ZION) by 21.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 201,959 shares of the bank’s stock after selling 54,896 shares during the period. Massachusetts Financial Services Co. MA owned about 0.10% of Zions Bancorp worth $10,128,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the stock. IFM Investors Pty Ltd bought a new position in Zions Bancorp during the second quarter worth $285,000. State of Alaska Department of Revenue boosted its position in Zions Bancorp by 43.6% during the second quarter. State of Alaska Department of Revenue now owns 56,750 shares of the bank’s stock worth $2,988,000 after purchasing an additional 17,230 shares during the period. Trust Co bought a new position in Zions Bancorp during the first quarter worth $313,000. Harbour Capital Advisors LLC bought a new position in Zions Bancorp during the second quarter worth $295,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Zions Bancorp by 4.7% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 61,007 shares of the bank’s stock worth $3,214,000 after purchasing an additional 2,723 shares during the period. Institutional investors own 94.75% of the company’s stock.
A number of equities research analysts have recently weighed in on ZION shares. Morgan Stanley dropped their target price on Zions Bancorp from $61.00 to $59.00 and set an “equal weight” rating for the company in a report on Tuesday, September 18th. ValuEngine downgraded Zions Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, October 17th. Jefferies Financial Group reissued a “buy” rating and set a $60.00 target price on shares of Zions Bancorp in a report on Friday, July 13th. BidaskClub raised Zions Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, August 4th. Finally, BMO Capital Markets dropped their target price on Zions Bancorp from $55.00 to $52.00 and set a “market perform” rating for the company in a report on Tuesday, October 23rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $58.19.
ZION stock opened at $49.19 on Wednesday. The stock has a market capitalization of $9.36 billion, a P/E ratio of 17.20, a P/E/G ratio of 1.39 and a beta of 1.36. Zions Bancorp has a 52 week low of $43.50 and a 52 week high of $59.19. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.82 and a quick ratio of 0.82.
Zions Bancorp (NASDAQ:ZION) last posted its quarterly earnings results on Monday, October 22nd. The bank reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.08. The business had revenue of $701.00 million during the quarter, compared to the consensus estimate of $699.87 million. Zions Bancorp had a return on equity of 11.84% and a net margin of 26.57%. During the same quarter in the previous year, the firm earned $0.72 earnings per share. On average, sell-side analysts predict that Zions Bancorp will post 4.08 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Investors of record on Wednesday, November 14th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Tuesday, November 13th. Zions Bancorp’s dividend payout ratio (DPR) is presently 41.96%.
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Zions Bancorp Company Profile
Zions Bancorporation, National Association provides various banking and related services primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers community banking services, such as 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 services; trust and wealth management services; capital markets services, including municipal finance advisory and underwriting; and investment services.
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