Alliancebernstein L.P. Trims Stock Holdings in 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 shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 24.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,501,658 shares of the bank's stock after selling 478,898 shares during the quarter. Alliancebernstein L.P. owned 1.02% of Zions Bancorporation, N.A. worth $74,873,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several research analysts recently issued reports on the company. DA Davidson lifted their target price on Zions Bancorporation, N.A. from $57.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Truist Financial raised their price objective on Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the company a "hold" rating in a research note on Wednesday, July 23rd. 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. Royal Bank Of Canada increased their target price on shares of Zions Bancorporation, N.A. from $57.00 to $62.00 and gave the company a "sector perform" rating in a report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. boosted 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. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $60.95.

Zions Bancorporation, N.A. Stock Performance

NASDAQ ZION traded up $0.16 on Friday, hitting $58.42. 1,343,024 shares of the stock traded hands, compared to its average volume of 1,251,049. 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 business's fifty day moving average is $55.33 and its two-hundred day moving average is $50.50. Zions Bancorporation, N.A. has a 12 month low of $39.32 and a 12 month high of $63.22. The firm has a market capitalization of $8.62 billion, a price-to-earnings ratio of 10.68, a PEG ratio of 1.52 and a beta of 0.97.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its earnings results on Monday, July 21st. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.27. The firm had revenue of $838.00 million for the quarter, compared to analyst estimates of $810.24 million. Zions Bancorporation, N.A. had a return on equity of 13.76% and a net margin of 16.98%.During the same period in the previous year, the company posted $1.28 earnings per share. As a group, equities analysts anticipate that Zions Bancorporation, N.A. will post 5.39 EPS for the current fiscal 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 issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.1%. 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 currently 32.91%.

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.