Assenagon Asset Management S.A. Trims Stock Position in Zions Bancorporation, N.A. $ZION

Key Points

• Assenagon Asset Management S.A. significantly reduced its stake in Zions Bancorporation, N.A. by 74.9%, ending the second quarter with 31,019 shares worth approximately $1.61 million.
• Analysts have raised their price targets for Zions Bancorporation with a consensus price target of $61.10 and a general rating of "Hold" for the stock.
• Zions Bancorporation, N.A. recently increased its quarterly dividend to $0.45 per share, yielding 3.1%, signaling positive earnings growth.

Assenagon Asset Management S.A. lowered its stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 74.9% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 31,019 shares of the bank's stock after selling 92,329 shares during the period. Assenagon Asset Management S.A.'s holdings in Zions Bancorporation, N.A. were worth $1,611,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ZION. Tidal Investments LLC raised its position in Zions Bancorporation, N.A. by 7.8% during the fourth quarter. Tidal Investments LLC now owns 5,718 shares of the bank's stock valued at $310,000 after acquiring an additional 413 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Zions Bancorporation, N.A. during the 4th quarter valued at approximately $4,603,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Zions Bancorporation, N.A. by 6.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 43,935 shares of the bank's stock valued at $2,383,000 after purchasing an additional 2,712 shares in the last quarter. Versant Capital Management Inc increased its holdings in Zions Bancorporation, N.A. by 63.3% in the first quarter. Versant Capital Management Inc now owns 4,804 shares of the bank's stock valued at $240,000 after buying an additional 1,863 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Zions Bancorporation, N.A. by 5,690.4% in the first quarter. GAMMA Investing LLC now owns 550,903 shares of the bank's stock valued at $27,468,000 after buying an additional 541,389 shares in the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ZION shares. Truist Financial lifted their price objective on shares of Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the company a "hold" rating in a report on Wednesday, July 23rd. Jefferies Financial Group upgraded Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and lifted their price target for the company from $45.00 to $60.00 in a research note on Tuesday, July 22nd. DA Davidson boosted their price objective 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. Royal Bank Of Canada boosted their price objective on Zions Bancorporation, N.A. from $57.00 to $62.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Finally, Cantor Fitzgerald began coverage on Zions Bancorporation, N.A. in a research report on Wednesday, September 10th. They issued an "overweight" rating and a $64.00 price objective for the company. 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 issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $61.10.

Zions Bancorporation, N.A. Stock Up 0.4%

Shares of ZION opened at $57.54 on Friday. 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. has a one year low of $39.32 and a one year high of $63.22. The stock has a market capitalization of $8.49 billion, a price-to-earnings ratio of 10.52, a PEG ratio of 1.49 and a beta of 0.97. The stock has a 50 day moving average price of $55.66 and a 200 day moving average price of $50.94.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The bank reported $1.58 EPS for the quarter, topping 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 firm had revenue of $838.00 million during the quarter, compared to analysts' expectations of $810.24 million. During the same period in the previous year, the business earned $1.28 earnings per share. Equities research analysts forecast that Zions Bancorporation, N.A. will post 5.39 earnings per share 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. Investors of record on Thursday, August 14th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, August 14th. 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. Zions Bancorporation, N.A.'s dividend 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.

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