Allianz Asset Management GmbH Acquires 195,706 Shares of Zions Bancorporation, N.A. $ZION

Key Points

• Allianz Asset Management increased its stake in Zions Bancorporation by 18.4% in the fourth quarter, buying 195,706 additional shares and bringing its total holding to 1,257,880 shares worth about $73.6 million.
• Zions Bancorporation reported better-than-expected quarterly earnings, with EPS of $1.56 versus analyst estimates of $1.43, and revenue of $859 million slightly above expectations.
• The bank recently raised shareholder returns with a $0.45 quarterly dividend and approved a $225 million share repurchase program, while analysts currently maintain an overall Hold consensus rating.

Allianz Asset Management GmbH boosted its holdings in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 18.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,257,880 shares of the bank's stock after acquiring an additional 195,706 shares during the quarter. Allianz Asset Management GmbH owned 0.85% of Zions Bancorporation, N.A. worth $73,636,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Torren Management LLC bought a new position in Zions Bancorporation, N.A. in the 4th quarter worth about $32,000. Leonteq Securities AG bought a new position in Zions Bancorporation, N.A. in the 4th quarter worth about $32,000. Community Bank N.A. bought a new position in Zions Bancorporation, N.A. in the 3rd quarter worth about $36,000. V Square Quantitative Management LLC bought a new position in Zions Bancorporation, N.A. in the 4th quarter worth about $42,000. Finally, International Assets Investment Management LLC bought a new position in Zions Bancorporation, N.A. in the 4th quarter worth about $49,000. 76.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ZION. JPMorgan Chase & Co. increased their price objective on Zions Bancorporation, N.A. from $62.00 to $67.00 and gave the company a "neutral" rating in a research report on Tuesday, April 21st. Piper Sandler reduced their price objective on Zions Bancorporation, N.A. from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Thursday, April 2nd. Truist Financial increased their price objective on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the company a "hold" rating in a research report on Tuesday, April 21st. TD Cowen increased their price objective on Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the company a "hold" rating in a research report on Tuesday, April 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. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $65.53.

Insider Activity at Zions Bancorporation, N.A.

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of Zions Bancorporation, N.A. stock in a transaction on Friday, May 8th. The stock was sold at an average price of $62.50, for a total value of $263,062.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.43% of the company's stock.

Zions Bancorporation, N.A. Trading Up 1.5%

ZION opened at $65.82 on Thursday. The business has a 50 day moving average of $61.63 and a 200-day moving average of $59.50. The stock has a market cap of $9.68 billion, a PE ratio of 10.24, a PEG ratio of 2.15 and a beta of 0.81. Zions Bancorporation, N.A. has a 52 week low of $46.19 and a 52 week high of $66.61. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.27.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data on Monday, April 20th. The bank reported $1.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. The business had revenue of $859.00 million during the quarter, compared to analysts' expectations 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 quarter in the previous year, the business earned $1.13 earnings per share. Equities research analysts predict that Zions Bancorporation, N.A. will post 6.44 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. Shareholders of record on Thursday, May 14th were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.7%. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is presently 27.99%.

Zions Bancorporation, N.A. announced that its board has approved a share buyback program on Saturday, May 2nd that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the bank to buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

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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