127,420 Shares in Zions Bancorporation, N.A. $ZION Purchased by Grimes & Company Inc.

Key Points

• Grimes & Company Inc. has acquired 127,420 shares of Zions Bancorporation, N.A., valued at approximately $6.62 million, indicating increasing interest from institutional investors.
• Zions Bancorporation reported a Q2 earnings per share of $1.58, exceeding expectations, with a revenue of $838 million, which also surpassed consensus estimates.
• The company recently increased its quarterly dividend to $0.45, representing an annualized yield of 3.2%, up from the previous dividend of $0.43.

Grimes & Company Inc. bought a new stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 127,420 shares of the bank's stock, valued at approximately $6,618,000. Grimes & Company Inc. owned about 0.09% of Zions Bancorporation, N.A. at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in ZION. Picton Mahoney Asset Management acquired a new position in shares of Zions Bancorporation, N.A. in the 1st quarter worth approximately $25,000. Curat Global LLC purchased a new stake in Zions Bancorporation, N.A. in the first quarter valued at approximately $25,000. New Age Alpha Advisors LLC acquired a new position in Zions Bancorporation, N.A. during the first quarter worth $40,000. Princeton Global Asset Management LLC purchased a new position in shares of Zions Bancorporation, N.A. during the first quarter worth $50,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Zions Bancorporation, N.A. in the first quarter valued at $52,000. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Zions Bancorporation, N.A. Stock Performance

Shares of ZION stock opened at $56.93 on Monday. The stock's 50-day moving average is $55.71 and its two-hundred day moving average is $51.26. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80. Zions Bancorporation, N.A. has a 1 year low of $39.32 and a 1 year high of $63.22. The firm has a market cap of $8.40 billion, a price-to-earnings ratio of 10.41, a PEG ratio of 1.49 and a beta of 0.93.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its earnings results on Monday, July 21st. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.27. Zions Bancorporation, N.A. had a return on equity of 13.76% and a net margin of 16.98%.The business had revenue of $838.00 million during the quarter, compared to the consensus estimate of $810.24 million. During the same period in the previous year, the business earned $1.28 EPS. Analysts predict that Zions Bancorporation, N.A. will post 5.39 earnings per share for the current year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were given a $0.45 dividend. The ex-dividend date was Thursday, August 14th. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a yield of 3.2%. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is currently 32.91%.

Wall Street Analyst Weigh In

ZION has been the subject of a number of research analyst reports. Truist Financial raised their target price on Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the company a "hold" rating in a report on Wednesday, July 23rd. Robert W. Baird increased their price target on shares of Zions Bancorporation, N.A. from $60.00 to $65.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Morgan Stanley lifted their price objective on shares of Zions Bancorporation, N.A. from $63.00 to $70.00 and gave the company an "equal weight" rating in a report on Monday, September 29th. Wells Fargo & Company upped their target price on shares of Zions Bancorporation, N.A. from $47.00 to $58.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, TD Cowen assumed coverage on shares of Zions Bancorporation, N.A. in a research report on Thursday, September 25th. They issued a "hold" rating and a $64.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $61.45.

Zions Bancorporation, N.A. 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.

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