Bank of America Corp DE Acquires New Stake in Zions Bancorporation, N.A. $ZION

Bank of America Corp DE bought a new stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 589,331 shares of the bank's stock, valued at approximately $40,776,000. Bank of America Corp DE owned about 0.40% of Zions Bancorporation, N.A. as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ZION. Elevation Wealth Partners LLC boosted its holdings in shares of Zions Bancorporation, N.A. by 528.8% during the 2nd quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank's stock worth $29,000 after purchasing an additional 349 shares during the last quarter. Leonteq Securities AG acquired a new stake in shares of Zions Bancorporation, N.A. in the fourth quarter valued at approximately $32,000. Trust Co. of Vermont acquired a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at approximately $35,000. Northwestern Mutual Wealth Management Co. purchased a new position in Zions Bancorporation, N.A. during the second quarter worth approximately $45,000. Finally, Burnham & Co LLC purchased a new position in Zions Bancorporation, N.A. during the second quarter worth approximately $55,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Derek Steward sold 894 shares of the company'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 transaction of $62,267.10. Following the transaction, the executive vice president owned 17,449 shares of the company's stock, valued at approximately $1,215,322.85. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Law sold 4,608 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total transaction of $333,711.36. Following the sale, the executive vice president owned 32,890 shares in the company, valued at approximately $2,381,893.80. This trade represents a 12.29% 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.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ ZION opened at $64.98 on Tuesday. 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 company has a market cap of $9.48 billion, a price-to-earnings ratio of 8.28, a price-to-earnings-growth ratio of 1.10 and a beta of 0.78. The stock's 50-day moving average is $69.26 and its two-hundred day moving average is $64.59. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released 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. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The business had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $877.44 million. During the same period in the prior year, the firm posted $1.63 EPS. The business's quarterly revenue was up 35.7% compared to the same quarter last year. Analysts forecast that Zions Bancorporation, N.A. will post 6.6 EPS for the current fiscal year.

Zions Bancorporation, N.A. declared that its Board of Directors has approved a share buyback program on Thursday, July 30th that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 0.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a $0.48 dividend. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Thursday, August 13th. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is presently 24.46%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ZION shares. Stephens reduced their price target on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Tuesday, July 21st. Cantor Fitzgerald upped their price objective on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. cut shares of Zions Bancorporation, N.A. from a "neutral" rating to an "underweight" rating and set a $75.00 price objective for the company. in a research report on Tuesday, July 21st. Evercore downgraded shares of Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 target price on the stock. in a research note on Thursday, July 23rd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Zions Bancorporation, N.A. presently has a consensus rating of "Hold" and a consensus price target of $72.53.

Zions Bancorporation, N.A. Company Profile

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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