Assenagon Asset Management S.A. Has $627,000 Stake in Zions Bancorporation, N.A. $ZION

Key Points

• Assenagon Asset Management cut its Zions Bancorporation stake by 96% in the second quarter, selling 216,111 shares and retaining 9,067 shares valued at approximately $627,000. Institutional investors and hedge funds collectively own 76.84% of the bank.
• ZION shares opened at $72.20, near their 52-week high of $73.34. The bank authorized a $225 million share repurchase program and raised its quarterly dividend from $0.45 to $0.48 per share, producing a 2.7% annualized yield.
• Analyst sentiment is mixed but leans toward holding: six analysts rate the stock Buy, 12 Hold, and two Sell, with an average price target of $71.29. Meanwhile, insiders have sold 88,787 shares worth about $6.28 million over the past 90 days.

Assenagon Asset Management S.A. cut its stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 96.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,067 shares of the bank's stock after selling 216,111 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Zions Bancorporation, N.A. were worth $627,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Bessemer Group Inc. increased its stake in Zions Bancorporation, N.A. by 5.2% in the first quarter. Bessemer Group Inc. now owns 3,159 shares of the bank's stock valued at $182,000 after purchasing an additional 157 shares in the last quarter. Michels Family Financial LLC grew its stake in Zions Bancorporation, N.A. by 1.5% in the fourth quarter. Michels Family Financial LLC now owns 12,142 shares of the bank's stock valued at $711,000 after acquiring an additional 185 shares during the period. C M Bidwell & Associates Ltd. grew its stake in Zions Bancorporation, N.A. by 13.5% in the fourth quarter. C M Bidwell & Associates Ltd. now owns 1,555 shares of the bank's stock valued at $91,000 after acquiring an additional 185 shares during the period. Alta Capital Management LLC lifted its holdings in shares of Zions Bancorporation, N.A. by 0.7% during the 4th quarter. Alta Capital Management LLC now owns 27,838 shares of the bank's stock valued at $1,630,000 after purchasing an additional 203 shares in the last quarter. Finally, Modern Wealth Management LLC grew its position in shares of Zions Bancorporation, N.A. by 4.7% in the 1st quarter. Modern Wealth Management LLC now owns 4,670 shares of the bank's stock valued at $272,000 after purchasing an additional 209 shares during the period. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Zions Bancorporation, N.A. Stock Up 0.8%

ZION stock opened at $72.20 on Friday. The business's 50 day simple moving average is $69.32 and its 200 day simple moving average is $63.31. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34. The firm has a market capitalization of $10.54 billion, a PE ratio of 9.20, a PEG ratio of 1.72 and a beta of 0.81. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a share repurchase program on Saturday, May 2nd that permits the company to buyback $225.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, August 13th. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.'s payout ratio is 24.46%.

Insider Buying and Selling

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 in the company, valued at $2,381,893.80. This represents a 12.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Derek Steward sold 894 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president owned 17,449 shares of the company's stock, valued at approximately $1,215,322.85. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 88,787 shares of company stock valued at $6,283,858. Insiders own 1.43% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ZION. Citigroup raised their price objective on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a "neutral" rating in a report on Wednesday, April 22nd. DA Davidson increased their price objective on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Cantor Fitzgerald lifted their target price on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Weiss Ratings reissued a "buy (b)" rating on shares of Zions Bancorporation, N.A. in a research report on Friday, July 31st. Finally, Barclays boosted their target price on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an "underweight" rating in a research note on Wednesday, April 22nd. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $71.29.

About Zions Bancorporation, N.A.

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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