AXQ Capital LP Takes $1.31 Million Position in Zions Bancorporation, N.A. $ZION

Key Points

• AXQ Capital LP initiated a new position in Zions Bancorporation, buying 22,284 shares worth about $1.31 million in the fourth quarter.
• Zions reported strong quarterly results, with earnings of $1.56 per share beating estimates and revenue of $859 million slightly above expectations.
• The bank also authorized a $225 million share buyback and paid a quarterly dividend of $0.45 per share, equal to a 2.9% yield.

AXQ Capital LP bought a new stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 22,284 shares of the bank's stock, valued at approximately $1,305,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Easterly Investment Partners LLC grew its stake in shares of Zions Bancorporation, N.A. by 40.6% during the fourth quarter. Easterly Investment Partners LLC now owns 80,329 shares of the bank's stock worth $4,702,000 after purchasing an additional 23,191 shares during the period. Norges Bank acquired a new position in Zions Bancorporation, N.A. in the fourth quarter valued at about $105,700,000. Baker Avenue Asset Management LP grew its stake in Zions Bancorporation, N.A. by 19.8% in the fourth quarter. Baker Avenue Asset Management LP now owns 5,399 shares of the bank's stock valued at $316,000 after acquiring an additional 892 shares during the period. Geode Capital Management LLC grew its stake in Zions Bancorporation, N.A. by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 2,963,243 shares of the bank's stock valued at $173,501,000 after acquiring an additional 30,881 shares during the period. Finally, Westover Capital Advisors LLC acquired a new position in Zions Bancorporation, N.A. in the fourth quarter valued at about $205,000. 76.84% of the stock is owned by institutional investors and hedge funds.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ ZION opened at $61.08 on Tuesday. The firm has a market cap of $8.98 billion, a P/E ratio of 9.50, a price-to-earnings-growth ratio of 2.07 and a beta of 0.81. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.27. Zions Bancorporation, N.A. has a 1-year low of $46.09 and a 1-year high of $66.18. The business's 50 day moving average is $60.58 and its 200-day moving average is $58.87.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its earnings results on Monday, April 20th. The bank reported $1.56 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The company had revenue of $859.00 million for the quarter, compared to analyst estimates 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 last year, the company 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 year.

Zions Bancorporation, N.A. announced that its board has authorized a stock buyback plan on Saturday, May 2nd that permits the company to buyback $225.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 2.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Zions Bancorporation, N.A. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Thursday, May 14th. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is 27.99%.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of the firm's 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 sale was disclosed in a filing with the SEC, which is available at this link. 1.43% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ZION has been the subject of a number of research analyst reports. Citigroup boosted their target price on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the company a "neutral" rating in a research note on Wednesday, April 22nd. TD Cowen boosted their target price on Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the company a "hold" rating in a research note on Tuesday, April 21st. Morgan Stanley decreased their target price on Zions Bancorporation, N.A. from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. Evercore boosted their target price on Zions Bancorporation, N.A. from $65.00 to $68.00 and gave the company an "in-line" rating in a research note on Thursday, February 5th. 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. One research 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 given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $65.53.

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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