16,395 Shares of Zions Bancorporation, N.A. $ZION Acquired by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. acquired 16,395 Zions Bancorporation shares worth approximately $1.03 million during the third quarter. Institutional investors collectively own 76.84% of ZION.
• Zions’ latest quarterly results exceeded expectations, with earnings of $1.74 per share and revenue of $1.14 billion, up 35.7% year over year. The bank also authorized a $75 million share-repurchase plan and increased its quarterly dividend to $0.48.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $71.59. Meanwhile, company insiders sold 88,787 shares worth about $6.28 million in the latest quarter.

First Citizens Bank & Trust Co. bought a new position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 16,395 shares of the bank's stock, valued at approximately $1,027,000.

Several other institutional investors have also made changes to their positions in the company. Fragasso Financial Advisors Inc acquired a new stake in shares of Zions Bancorporation, N.A. during the third quarter valued at approximately $375,000. NorthCrest Asset Manangement LLC purchased a new stake in shares of Zions Bancorporation, N.A. in the 3rd quarter valued at approximately $452,000. Wedmont Private Capital lifted its position in shares of Zions Bancorporation, N.A. by 4.3% in the 3rd quarter. Wedmont Private Capital now owns 15,468 shares of the bank's stock valued at $970,000 after acquiring an additional 641 shares in the last quarter. Diversified Management Inc. lifted its position in shares of Zions Bancorporation, N.A. by 474.6% in the 3rd quarter. Diversified Management Inc. now owns 38,051 shares of the bank's stock valued at $2,384,000 after acquiring an additional 31,429 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Zions Bancorporation, N.A. by 5.2% in the 3rd quarter. GAMMA Investing LLC now owns 13,546 shares of the bank's stock worth $849,000 after purchasing an additional 666 shares during the period. 76.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, President Scott Mclean sold 33,285 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the sale, the president directly owned 73,043 shares in the company, valued at approximately $5,159,027.09. This trade represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Law sold 4,608 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the sale, the executive vice president directly owned 32,890 shares of the company's stock, valued at $2,381,893.80. This trade represents a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 88,787 shares of company stock worth $6,283,858 in the last quarter. 1.43% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on ZION. Truist Financial lowered their price objective on shares of Zions Bancorporation, N.A. from $72.00 to $67.00 and set a "hold" rating on the stock in a research report on Friday, October 9th. Wall Street Zen raised shares of Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Robert W. Baird raised shares of Zions Bancorporation, N.A. from a "neutral" rating to an "outperform" rating and set a $75.00 target price on the stock in a research note on Thursday. Royal Bank Of Canada increased their target price on Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the company a "sector perform" rating in a report on Tuesday, July 21st. Finally, Morgan Stanley raised their target price on Zions Bancorporation, N.A. from $77.00 to $78.00 and gave the stock an "underweight" rating in a research report on Monday, September 28th. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $71.59.

Zions Bancorporation, N.A. Trading Up 2.0%

NASDAQ:ZION opened at $63.01 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. Zions Bancorporation, N.A. has a fifty-two week low of $46.19 and a fifty-two week high of $73.34. The stock's 50-day moving average is $66.51 and its two-hundred day moving average is $65.54. The stock has a market cap of $9.20 billion, a PE ratio of 8.03, a price-to-earnings-growth ratio of 1.01 and a beta of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.17. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%. The firm's quarterly revenue was up 35.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.63 EPS. As a group, equities research analysts forecast that Zions Bancorporation, N.A. will post 6.60 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 30th that authorizes the company to buy back $75.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 0.7% of its shares through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were paid a $0.48 dividend. The ex-dividend date was Thursday, August 13th. This represents a $1.92 annualized dividend and a yield of 3.0%. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is currently 24.46%.

Zions Bancorporation, N.A. Company Profile

Zions Bancorporation, N.A. is a regional financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides banking and financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and consumer lending, checking and savings accounts, treasury management, mortgage services, private banking, wealth management, and capital markets services. Zions operates through locally recognized brands including Zions Bank, Amegy Bank, California Bank & Trust, Nevada State Bank, and Vectra Bank Colorado.

Founded in 1873, Zions has expanded its presence across the western United States, serving customers in markets that include Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Wyoming.

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