15,242 Shares in Zions Bancorporation, N.A. $ZION Acquired by Kentucky Retirement Systems

Key Points

• Kentucky Retirement Systems acquired 15,242 Zions Bancorporation shares worth approximately $878,000 during the first quarter. Institutional investors own 76.84% of the bank’s stock.
• Analysts remain mixed, with six Buy, 12 Hold and two Sell ratings; the consensus rating is Hold with a $71.29 price target. ZION opened at $69.70 and recently traded near its 12-month high of $73.34.
• Zions authorized a $225 million share-repurchase program and increased its quarterly dividend from $0.45 to $0.48 per share, implying an annualized yield of about 2.8%.

Kentucky Retirement Systems acquired a new position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 15,242 shares of the bank's stock, valued at approximately $878,000.

Several other large investors also recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its holdings in shares of Zions Bancorporation, N.A. by 76.3% during the 1st quarter. Royal Bank of Canada now owns 137,434 shares of the bank's stock worth $6,853,000 after acquiring an additional 59,483 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Zions Bancorporation, N.A. by 18.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,960 shares of the bank's stock valued at $2,042,000 after acquiring an additional 6,393 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Zions Bancorporation, N.A. by 0.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 504,860 shares of the bank's stock valued at $25,172,000 after purchasing an additional 2,659 shares during the period. Focus Partners Wealth grew its holdings in shares of Zions Bancorporation, N.A. by 91.7% in the first quarter. Focus Partners Wealth now owns 21,502 shares of the bank's stock valued at $1,072,000 after purchasing an additional 10,283 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Zions Bancorporation, N.A. by 52.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,816 shares of the bank's stock valued at $94,000 after purchasing an additional 625 shares during the period. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Zions Bancorporation, N.A.

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. 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 completion of the sale, the executive vice president owned 17,449 shares of the company's stock, valued at $1,215,322.85. This trade represents a 4.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 5,653 shares of company stock valued at $359,958. Company insiders own 1.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ZION shares. Stephens reduced their target price on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 21st. Robert W. Baird increased their price target on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a "neutral" rating in a research note on Tuesday, July 21st. Truist Financial raised their price target on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a "hold" rating in a report on Friday, July 10th. JPMorgan Chase & Co. lowered shares of Zions Bancorporation, N.A. from a "neutral" rating to an "underweight" rating and set a $75.00 price target on the stock. in a research report on Tuesday, July 21st. Finally, Weiss Ratings upgraded Zions Bancorporation, N.A. from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 4th. Six research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $71.29.

Zions Bancorporation, N.A. Stock Up 0.3%

Shares of NASDAQ:ZION opened at $69.70 on Friday. The company has a market capitalization of $10.25 billion, a price-to-earnings ratio of 8.88, a PEG ratio of 1.66 and a beta of 0.80. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The business has a 50-day moving average price of $67.51 and a 200 day moving average price of $62.50. 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. declared that its board has approved a stock repurchase program on Saturday, May 2nd that permits the company to buyback $225.00 million in shares. This buyback authorization permits the bank to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th will be given a dividend of $0.48 per share. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Thursday, August 13th. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is 22.93%.

Zions Bancorporation, N.A. Profile

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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