42,800 Shares in Zions Bancorporation, N.A. $ZION Acquired by Louisiana State Employees Retirement System

Key Points

• Louisiana State Employees Retirement System opened a new position in Zions Bancorporation, buying 42,800 shares worth about $2.47 million in the first quarter.
• Zions reported better-than-expected quarterly results, with earnings of $1.56 per share versus estimates of $1.43 and revenue of $859 million, while analysts now expect $6.45 EPS for the full year.
• The bank returned cash to shareholders through a $0.45 quarterly dividend and a new $225 million share buyback authorization, while analysts currently rate the stock a consensus Hold with an average price target of $66.88.

Louisiana State Employees Retirement System acquired a new stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 42,800 shares of the bank's stock, valued at approximately $2,466,000.

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Zions Bancorporation, N.A. from $62.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, April 21st. Weiss Ratings raised shares of Zions Bancorporation, N.A. from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 4th. Royal Bank Of Canada raised their price target on shares of Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the company a "sector perform" rating in a research note on Tuesday, April 21st. Robert W. Baird reaffirmed a "neutral" rating and set a $68.00 price target on shares of Zions Bancorporation, N.A. in a report on Tuesday, June 23rd. Finally, Brean Capital initiated coverage on shares of Zions Bancorporation, N.A. in a research report on Thursday, March 12th. They set a "neutral" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $66.88.

Zions Bancorporation, N.A. Price Performance

Shares of ZION opened at $69.52 on Tuesday. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $69.84. The business has a 50-day simple moving average of $63.56 and a two-hundred day simple moving average of $60.73. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.27. The stock has a market cap of $10.23 billion, a PE ratio of 10.81, a PEG ratio of 2.22 and a beta of 0.81.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings results on Monday, April 20th. The bank reported $1.56 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. The firm had revenue of $859.00 million for the quarter, compared to analyst estimates of $853.73 million. Zions Bancorporation, N.A. had a return on equity of 13.90% and a net margin of 19.53%.During the same period last year, the firm posted $1.13 earnings per share. Analysts anticipate that Zions Bancorporation, N.A. will post 6.45 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were given a dividend of $0.45 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.80 annualized dividend and a yield of 2.6%. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is currently 27.99%.

Zions Bancorporation, N.A. announced that its board has authorized a share buyback plan on Saturday, May 2nd that authorizes the company to repurchase $225.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of the business'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 transaction of $263,062.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.43% of the stock is owned by insiders.

Zions Bancorporation, N.A. Company 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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