Scott J. McLean, President and COO of Zions Bancorporation (NASDAQ:ZION), recently sold 890 shares of the company's common stock. The transaction, recorded on December 17, 2024, was executed at a price of $59.92 per share, totaling approximately $53,328. The stock has shown strong momentum with a 38% gain over the past six months, according to InvestingPro data. Following this sale, McLean holds 73,396 shares of Zions Bancorporation stock. The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission. The $7.86B market cap bank currently trades at a P/E ratio of 12.3 and offers a 3.06% dividend yield, with InvestingPro analysis suggesting the stock is currently undervalued. For detailed insider trading patterns and additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Zions Bancorp has made significant strides in its financial performance. The company announced a $500 million subordinated debt offering with a fixed-to-floating interest rate structure. Zions Bancorp 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.
Analyst firms, including Piper Sandler and Evercore ISI, have maintained neutral and outperform ratings respectively on Zions Bancorp's stock. Piper Sandler reaffirmed a price target of $54.00, while Evercore ISI raised its price target to $68.00, citing the bank's strong fundamental performance.
Zions Bancorp declared regular quarterly dividends of $0.43 per common share and on its perpetual preferred shares, indicating 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.
Moreover, Zions Bancorp plans to acquire four FirstBank branches in California, pending regulatory approval. Keefe, Bruyette & Woods, RBC Capital Markets, Baird, and Stephens have adjusted their stock targets for Zions Bancorp upwards due to its strong financial performance. These are recent developments in Zions Bancorp's ongoing operations.
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