Bank of New York Mellon Corp acquired a new stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,271,295 shares of the bank's stock, valued at approximately $87,961,000. Bank of New York Mellon Corp owned 0.86% of Zions Bancorporation, N.A. as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ZION. Private Advisory Group LLC purchased a new position in Zions Bancorporation, N.A. in the 2nd quarter worth approximately $9,461,000. Focus Partners Advisor Solutions LLC bought a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter worth $542,000. State of Wyoming bought a new stake in Zions Bancorporation, N.A. during the second quarter worth about $242,000. Handelsbanken Fonder AB grew its holdings in shares of Zions Bancorporation, N.A. by 17.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 46,100 shares of the bank's stock valued at $3,190,000 after purchasing an additional 6,700 shares during the last quarter. Finally, Arista Wealth Management LLC bought a new stake in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at about $230,000. 76.84% of the stock is currently owned by hedge funds and other institutional investors.
Zions Bancorporation, N.A. Stock Performance
Shares of ZION stock opened at $67.87 on Tuesday. The company's fifty day moving average price is $69.74 and its 200-day moving average price is $63.72. The stock has a market cap of $9.91 billion, a PE ratio of 8.65, a price-to-earnings-growth ratio of 1.62 and a beta of 0.81. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34.
Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings results on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.17. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $877.44 million. During the same period last year, the company posted $1.63 EPS. Zions Bancorporation, N.A.'s revenue was up 35.7% on a year-over-year basis. On average, equities analysts expect that Zions Bancorporation, N.A. will post 6.6 EPS for the current fiscal year.
Zions Bancorporation, N.A. announced that its board has approved a stock repurchase plan on Saturday, May 2nd that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 2.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its stock is undervalued.
Zions Bancorporation, N.A. Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were paid a $0.48 dividend. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. This represents a $1.92 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Thursday, August 13th. Zions Bancorporation, N.A.'s payout ratio is currently 24.46%.
Insider Transactions at Zions Bancorporation, N.A.
In other news, EVP Derek Steward sold 894 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total transaction of $62,267.10. Following the sale, the executive vice president owned 17,449 shares in the company, valued at $1,215,322.85. This represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Scott J. Mclean sold 33,285 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the sale, the president directly owned 73,043 shares of the company's stock, valued at $5,159,027.09. This trade represents a 31.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 88,787 shares of company stock worth $6,283,858. Corporate insiders own 1.43% of the company's stock.
Wall Street Analyst Weigh In
ZION has been the topic of several recent research reports. Cantor Fitzgerald raised their price target on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Wells Fargo & Company increased their price target on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 21st. Evercore downgraded shares of Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 price objective for the company. in a research note on Thursday, July 23rd. JPMorgan Chase & Co. downgraded Zions Bancorporation, N.A. from a "neutral" rating to an "underweight" rating and set a $75.00 price target on the stock. in a report on Tuesday, July 21st. Finally, Wall Street Zen raised Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Zions Bancorporation, N.A. has a consensus rating of "Hold" and a consensus price target of $71.29.
Read Our Latest Stock Analysis on ZION
About Zions Bancorporation, N.A.
(
Free Report)
Zions Bancorporation, N.A. is a bank holding company headquartered in Salt Lake City, Utah, offering a full suite of banking and financial services to individuals, businesses and institutions. Through its primary subsidiary, Zions Bank, the company provides commercial banking, retail banking and wealth management solutions designed to serve the needs of small businesses, middle‐market firms and high‐net‐worth clients. Its service portfolio includes deposit accounts, cash‐management tools, lending products, mortgage origination, treasury services and investment advisory services.
The company's commercial banking segment delivers custom credit and treasury management services, including working capital lines of credit, equipment financing and international trade finance.
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