Jason D. Arbuckle, Senior Vice President and Controller at Zions Bancorporation (NASDAQ:ZION), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On November 21, Arbuckle sold 147 shares of Zions Bancorporation common stock at an average price of $59.184, totaling approximately $8,700.
In addition to this sale, Arbuckle engaged in multiple stock option exercises on November 22 and November 25. These transactions included the acquisition of 672 shares through stock options, with prices ranging from $45.65 to $52.90. The total value of these option exercises amounted to approximately $32,616.
Furthermore, Arbuckle disposed of shares to cover tax obligations, resulting in a value of $32,897, with prices ranging from $60.60 to $62.31. Following these transactions, Arbuckle holds direct ownership of 1,671.819 shares of Zions Bancorporation common stock.
In other recent news, Zions Bancorp has announced a $500 million subordinated debt offering, set to mature in 2035. As part of its financial strategy, the company also disclosed plans to redeem several of its preferred stock series and $88 million of its existing subordinated debt in the fourth quarter of 2024. Piper Sandler and Evercore ISI, among other analyst firms, have maintained neutral ratings on Zions Bancorp's stock, while revising their price targets due to the company's strong financial performance.
Zions Bancorp has also declared regular quarterly dividends of $0.43 per common share and on its perpetual preferred shares, reflecting its solid financial health. The company reported an operating earnings per share of $1.36, surpassing the consensus estimate of $1.17, and a net earnings increase to $204 million. Furthermore, Zions Bancorp has plans to acquire four FirstBank branches in California, pending regulatory approval.
Several financial firms, including Keefe, Bruyette & Woods, Piper Sandler, RBC Capital Markets, Baird, and Stephens, have adjusted their stock targets for Zions Bancorp upwards due to its strong financial performance. These revisions followed the bank's robust expense management, positive operating leverage, and strong credit quality. These are recent developments in Zions Bancorp's ongoing operations.
InvestingPro Insights
Recent insider transactions at Zions Bancorporation (NASDAQ:ZION) align with the company's strong market performance. According to InvestingPro data, ZION's stock has shown impressive returns, with a 42.89% price total return over the past six months and an even more striking 82.82% return over the last year. This upward trajectory is further supported by the stock trading at 97.64% of its 52-week high, indicating sustained investor confidence.
The bank's financial health appears robust, with a market capitalization of $9.14 billion and a P/E ratio of 14.15, suggesting a reasonable valuation relative to earnings. Zions Bancorporation's commitment to shareholder value is evident in its dividend policy. An InvestingPro Tip highlights that the company has maintained dividend payments for 54 consecutive years, with a current dividend yield of 2.84%. This long-standing dividend history, coupled with a 4.88% dividend growth in the last twelve months, underscores the bank's financial stability and shareholder-friendly approach.
Another InvestingPro Tip reveals that 13 analysts have revised their earnings upwards for the upcoming period, potentially signaling positive expectations for the company's future performance. This optimism is reflected in the stock's recent momentum, with InvestingPro data showing an 18.85% price total return over the past month.
For investors seeking a deeper understanding of Zions Bancorporation's prospects, InvestingPro offers 11 additional tips, providing a comprehensive analysis of the company's financial health and market position.
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