Zions Bancorporation, N.A. $ZION Shares Bought by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC significantly increased its stake in Zions Bancorporation, N.A. by 326.4%, acquiring an additional 2,194,514 shares in the first quarter, bringing its total ownership to approximately 1.94% of the company.
• Several analysts have raised their target prices for Zions Bancorporation, with notable upgrades from Truist Financial, Citigroup, and DA Davidson, indicating a generally positive outlook for the stock.
• Zions Bancorporation recently increased its quarterly dividend from $0.43 to $0.45, reflecting a commitment to returning value to shareholders amid strong financial performance with an earnings beat in the last quarter.

AQR Capital Management LLC lifted its stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 326.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,866,759 shares of the bank's stock after purchasing an additional 2,194,514 shares during the quarter. AQR Capital Management LLC owned about 1.94% of Zions Bancorporation, N.A. worth $139,927,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Picton Mahoney Asset Management acquired a new stake in shares of Zions Bancorporation, N.A. during the 1st quarter worth approximately $25,000. Curat Global LLC acquired a new stake in shares of Zions Bancorporation, N.A. during the 1st quarter worth approximately $25,000. New Age Alpha Advisors LLC acquired a new stake in shares of Zions Bancorporation, N.A. during the 1st quarter worth approximately $40,000. Princeton Global Asset Management LLC acquired a new stake in shares of Zions Bancorporation, N.A. during the 1st quarter worth approximately $50,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Zions Bancorporation, N.A. during the 1st quarter worth approximately $52,000. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ZION shares. Truist Financial increased their price target on Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the stock a "hold" rating in a research report on Wednesday, July 23rd. 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 note on Tuesday, July 22nd. Citigroup lifted their target price on Zions Bancorporation, N.A. from $48.00 to $52.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Morgan Stanley lifted their target price on Zions Bancorporation, N.A. from $60.00 to $66.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their target price on Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Four 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 company's stock. Based on data from MarketBeat, Zions Bancorporation, N.A. currently has a consensus rating of "Hold" and an average price target of $60.78.

Zions Bancorporation, N.A. Price Performance

Shares of ZION stock traded down $0.42 during mid-day trading on Tuesday, hitting $56.60. 253,754 shares of the stock traded hands, compared to its average volume of 1,576,021. Zions Bancorporation, N.A. has a twelve month low of $39.32 and a twelve month high of $63.22. The firm has a market cap of $8.35 billion, a price-to-earnings ratio of 10.35, a price-to-earnings-growth ratio of 1.47 and a beta of 0.97. The company's 50-day simple moving average is $55.06 and its 200-day simple moving average is $50.33. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly 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. Zions Bancorporation, N.A. had a return on equity of 13.76% and a net margin of 16.98%.The company had revenue of $838.00 million for the quarter, compared to analysts' expectations of $810.24 million. During the same period last year, the firm earned $1.28 EPS. As a group, equities research analysts expect that Zions Bancorporation, N.A. will post 5.39 earnings per share for the current year.

Zions Bancorporation, N.A. Increases Dividend

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

Zions Bancorporation, N.A. Company Profile

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.