State Board of Administration of Florida Retirement System lowered its stake in Zions Bancorporation NA (NASDAQ:ZION) by 2.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 324,471 shares of the bank’s stock after selling 6,908 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Zions Bancorporation NA were worth $14,734,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of ZION. Smith Asset Management Group LP bought a new position in Zions Bancorporation NA during the 4th quarter worth approximately $27,000. First Interstate Bank bought a new position in Zions Bancorporation NA during the 1st quarter worth approximately $27,000. Buffington Mohr McNeal bought a new position in Zions Bancorporation NA during the 1st quarter worth approximately $30,000. CSat Investment Advisory L.P. grew its position in Zions Bancorporation NA by 97.9% during the 4th quarter. CSat Investment Advisory L.P. now owns 754 shares of the bank’s stock worth $31,000 after acquiring an additional 373 shares during the last quarter. Finally, Doyle Wealth Management bought a new position in Zions Bancorporation NA during the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 98.34% of the company’s stock.
Shares of ZION stock traded up $0.16 during trading hours on Friday, reaching $45.73. The company’s stock had a trading volume of 51,640 shares, compared to its average volume of 1,927,690. The firm has a market cap of $8.24 billion, a P/E ratio of 11.05, a P/E/G ratio of 1.13 and a beta of 1.49. Zions Bancorporation NA has a one year low of $38.08 and a one year high of $59.19. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.83.
The company also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 16th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, May 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.62%. Zions Bancorporation NA’s dividend payout ratio is presently 29.41%.
In related news, General Counsel Thomas E. Laursen sold 2,050 shares of Zions Bancorporation NA stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $48.50, for a total transaction of $99,425.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Terry Alan Shirey sold 493 shares of Zions Bancorporation NA stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $50.80, for a total value of $25,044.40. The disclosure for this sale can be found here. Insiders have sold 30,052 shares of company stock worth $1,461,848 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.
A number of brokerages have recently weighed in on ZION. ValuEngine lowered Zions Bancorporation NA from a “hold” rating to a “sell” rating in a research report on Wednesday, March 20th. JPMorgan Chase & Co. lowered Zions Bancorporation NA from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $53.00 to $50.00 in a research report on Thursday, April 4th. Wedbush lifted their price objective on Zions Bancorporation NA from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 23rd. BidaskClub lowered Zions Bancorporation NA from a “sell” rating to a “strong sell” rating in a research report on Friday, March 22nd. Finally, Vining Sparks reiterated a “buy” rating and issued a $63.00 price objective on shares of Zions Bancorporation NA in a research report on Thursday, January 24th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $54.87.
Zions Bancorporation NA 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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