Bank of America Corp DE Lowers Stock Holdings in Zions Bancorporation, National Association (NASDAQ:ZION)

Bank of America Corp DE cut its position in Zions Bancorporation, National Association (NASDAQ:ZION - Free Report) by 4.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 618,597 shares of the bank's stock after selling 31,826 shares during the quarter. Bank of America Corp DE owned approximately 0.42% of Zions Bancorporation, National Association worth $33,559,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Zions Bancorporation, National Association by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 19,037,323 shares of the bank's stock valued at $1,032,775,000 after purchasing an additional 285,588 shares during the period. Dimensional Fund Advisors LP grew its position in Zions Bancorporation, National Association by 2.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,807,221 shares of the bank's stock valued at $369,295,000 after buying an additional 175,656 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Zions Bancorporation, National Association by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,882,983 shares of the bank's stock valued at $264,902,000 after buying an additional 194,995 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in Zions Bancorporation, National Association by 0.5% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,698,530 shares of the bank's stock valued at $146,396,000 after buying an additional 14,070 shares during the period. Finally, First Trust Advisors LP raised its position in Zions Bancorporation, National Association by 20.8% during the 4th quarter. First Trust Advisors LP now owns 2,267,568 shares of the bank's stock worth $123,016,000 after buying an additional 390,601 shares during the last quarter. Hedge funds and other institutional investors own 76.84% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Zions Bancorporation, National Association from $59.00 to $61.00 and gave the company an "underweight" rating in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods lowered their price objective on Zions Bancorporation, National Association from $65.00 to $58.00 and set a "market perform" rating on the stock in a report on Tuesday, April 22nd. Truist Financial began coverage on Zions Bancorporation, National Association in a research note on Tuesday, May 13th. They set a "hold" rating and a $52.00 target price for the company. Wells Fargo & Company reduced their price target on Zions Bancorporation, National Association from $58.00 to $47.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Finally, Royal Bank of Canada decreased their price target on Zions Bancorporation, National Association from $63.00 to $53.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 22nd. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $57.94.

Zions Bancorporation, National Association Price Performance

NASDAQ:ZION traded up $0.10 during trading hours on Thursday, reaching $46.74. 236,284 shares of the company traded hands, compared to its average volume of 1,574,621. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.80 and a quick ratio of 0.80. The firm's 50-day moving average is $46.50 and its 200-day moving average is $52.79. The stock has a market cap of $6.90 billion, a P/E ratio of 9.44, a P/E/G ratio of 1.61 and a beta of 0.88. Zions Bancorporation, National Association has a 1-year low of $39.32 and a 1-year high of $63.22.

Zions Bancorporation, National Association (NASDAQ:ZION - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The bank reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. The business had revenue of $795.00 million for the quarter, compared to analyst estimates of $792.49 million. During the same quarter last year, the company earned $0.96 earnings per share. Equities research analysts expect that Zions Bancorporation, National Association will post 5.39 earnings per share for the current fiscal year.

Zions Bancorporation, National Association declared that its Board of Directors has initiated a stock repurchase plan on Monday, February 24th that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 0.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Zions Bancorporation, National Association Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.68%. Zions Bancorporation, National Association's dividend payout ratio (DPR) is presently 33.59%.

Zions Bancorporation, National Association Company Profile

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments.