Alliancebernstein L.P. Sells 478,898 Shares of Zions Bancorporation, N.A. $ZION

Key Points

• Alliancebernstein L.P. has reduced its stake in Zions Bancorporation, N.A. by 24.2%, now holding approximately 1.02% of the company, worth around $74.87 million.
• Zions Bancorporation reported earnings of $1.58 per share for the latest quarter, exceeding analysts' expectations, with revenue reaching $838 million.
• The company announced an increase in its quarterly dividend to $0.45 per share, reflecting a yield of 3.2%, up from the previous dividend of $0.43.

Alliancebernstein L.P. lessened its holdings in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 24.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,501,658 shares of the bank's stock after selling 478,898 shares during the period. Alliancebernstein L.P. owned about 1.02% of Zions Bancorporation, N.A. worth $74,873,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ZION. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Zions Bancorporation, N.A. in the 4th quarter worth approximately $241,000. Baird Financial Group Inc. purchased a new stake in Zions Bancorporation, N.A. during the fourth quarter valued at approximately $380,000. Deutsche Bank AG lifted its position in Zions Bancorporation, N.A. by 343.3% during the fourth quarter. Deutsche Bank AG now owns 275,575 shares of the bank's stock valued at $14,950,000 after acquiring an additional 213,405 shares during the last quarter. Fiduciary Trust Co purchased a new position in shares of Zions Bancorporation, N.A. in the fourth quarter worth $220,000. Finally, Kettle Hill Capital Management LLC purchased a new position in shares of Zions Bancorporation, N.A. in the fourth quarter worth $13,771,000. Hedge funds and other institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Stock Down 2.7%

ZION stock opened at $56.52 on Friday. The firm's fifty day moving average is $54.96 and its 200 day moving average is $50.34. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $8.34 billion, a PE ratio of 10.33, a P/E/G ratio of 1.47 and a beta of 0.97. Zions Bancorporation, N.A. has a one year low of $39.32 and a one year high of $63.22.

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

Zions Bancorporation, N.A. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.2%. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Thursday, August 14th. Zions Bancorporation, N.A.'s payout ratio is presently 32.91%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Jefferies Financial Group raised shares of Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and raised their price target for the stock from $45.00 to $60.00 in a report on Tuesday, July 22nd. Wall Street Zen upgraded shares of Zions Bancorporation, N.A. from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. Wells Fargo & Company increased their price objective 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, Royal Bank Of Canada increased their price objective on shares of Zions Bancorporation, N.A. from $57.00 to $62.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Four equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $60.78.

About Zions Bancorporation, N.A.

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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