Amundi Raises Stock Position in Zions Bancorporation, N.A. $ZION

Key Points

• Amundi increased its Zions Bancorporation position by 415.2% in the second quarter, owning 189,013 shares valued at approximately $13.1 million. Institutional investors collectively hold 76.84% of the bank’s outstanding stock.
• Zions reported quarterly EPS of $1.74, exceeding estimates of $1.57, while revenue rose 35.7% year over year to $1.14 billion. The bank also authorized a $75 million share repurchase program and raised its quarterly dividend to $0.48 per share.
• Analyst sentiment remains mixed, with five Buy, twelve Hold, and three Sell ratings; the consensus rating is Hold with an average price target of $71.29.

Amundi increased its position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 415.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 189,013 shares of the bank's stock after buying an additional 152,328 shares during the period. Amundi owned about 0.13% of Zions Bancorporation, N.A. worth $13,078,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Elevation Wealth Partners LLC increased its position in shares of Zions Bancorporation, N.A. by 528.8% during the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank's stock worth $29,000 after purchasing an additional 349 shares in the last quarter. Leonteq Securities AG purchased a new position in Zions Bancorporation, N.A. in the 4th quarter worth $32,000. Trust Co. of Vermont acquired a new stake in Zions Bancorporation, N.A. during the 2nd quarter worth about $35,000. Atlas Capital Advisors Inc. purchased a new position in shares of Zions Bancorporation, N.A. in the fourth quarter worth about $36,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Zions Bancorporation, N.A. in the second quarter valued at approximately $45,000. 76.84% of the stock is currently owned by institutional investors.

Insider Activity

In other Zions Bancorporation, N.A. news, EVP Scott A. Law sold 4,608 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total transaction of $333,711.36. Following the transaction, the executive vice president 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total value of $62,267.10. Following the completion of the transaction, the executive vice president owned 17,449 shares in the company, valued at $1,215,322.85. The trade was a 4.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 88,787 shares of company stock valued at $6,283,858 over the last 90 days. Insiders own 1.43% of the company's stock.

Analysts Set New Price Targets

ZION has been the subject of a number of recent research reports. Cantor Fitzgerald lifted their price objective on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Morgan Stanley restated an "underweight" rating and set a $77.00 price target on shares of Zions Bancorporation, N.A. in a research report on Tuesday. Wells Fargo & Company lifted their price objective on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an "equal weight" rating in a report on Tuesday, July 21st. Robert W. Baird raised their price objective on Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a "neutral" rating in a report on Tuesday, July 21st. Finally, DA Davidson upped their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Five analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $71.29.

Zions Bancorporation, N.A. Stock Performance

NASDAQ:ZION opened at $68.75 on Friday. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $10.03 billion, a PE ratio of 8.76, a price-to-earnings-growth ratio of 1.15 and a beta of 0.78. The business's fifty day moving average price is $69.71 and its 200 day moving average price is $64.25.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings data on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 23.92% and a return on equity of 13.72%. Zions Bancorporation, N.A.'s revenue for the quarter was up 35.7% on a year-over-year basis. During the same period last year, the firm posted $1.63 EPS. On average, sell-side analysts anticipate that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. announced that its board has authorized a share buyback plan on Thursday, July 30th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the bank to repurchase up to 0.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Zions Bancorporation, N.A. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were given a dividend of $0.48 per share. The ex-dividend date was Thursday, August 13th. This represents a $1.92 dividend on an annualized basis and a yield of 2.8%. 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 24.46%.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is a financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides a broad range of banking and related financial services to individuals, small and midsize businesses, commercial clients, and public-sector organizations.

The company's services include commercial and consumer lending, deposits, home loans, cash management, treasury services, wealth management, investment services, and capital markets activities.

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