Bank of Nova Scotia Invests $2.90 Million in Zions Bancorporation, N.A. (NASDAQ:ZION)

Key Points

• Bank of Nova Scotia has made a significant investment in Zions Bancorporation, acquiring 58,064 shares valued at approximately $2.9 million in the first quarter.
• Zions Bancorporation recently reported earnings per share (EPS) of $1.58 for the last quarter, exceeding analyst expectations of $1.31.
• The company raised its quarterly dividend to $0.45 per share, up from the previous $0.43, representing an annualized yield of 3.4%.

Bank of Nova Scotia acquired a new stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 58,064 shares of the bank's stock, valued at approximately $2,895,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ZION. Schroder Investment Management Group acquired a new stake in Zions Bancorporation, N.A. during the 4th quarter worth about $793,000. Franklin Resources Inc. raised its holdings in Zions Bancorporation, N.A. by 22.3% during the 4th quarter. Franklin Resources Inc. now owns 248,903 shares of the bank's stock worth $13,503,000 after buying an additional 45,336 shares during the period. Prudential PLC acquired a new stake in Zions Bancorporation, N.A. during the 4th quarter worth about $392,000. Wells Fargo & Company MN raised its holdings in Zions Bancorporation, N.A. by 73.2% during the 4th quarter. Wells Fargo & Company MN now owns 116,191 shares of the bank's stock worth $6,303,000 after buying an additional 49,121 shares during the period. Finally, Polymer Capital Management US LLC acquired a new stake in Zions Bancorporation, N.A. during the 4th quarter worth about $229,000. 76.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ZION. DA Davidson boosted their price objective on Zions Bancorporation, N.A. from $57.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Wall Street Zen upgraded Zions Bancorporation, N.A. from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. Keefe, Bruyette & Woods lowered their target price on Zions Bancorporation, N.A. from $65.00 to $58.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 22nd. 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, 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. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $60.78.

Zions Bancorporation, N.A. Stock Performance

Zions Bancorporation, N.A. stock traded up $0.84 during trading hours on Friday, reaching $52.04. 1,348,979 shares of the company were exchanged, compared to its average volume of 1,640,965. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of 9.51, a PEG ratio of 1.37 and a beta of 0.93. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average of $52.32 and a 200 day moving average of $50.56. Zions Bancorporation, N.A. has a 12 month low of $39.32 and a 12 month high of $63.22.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its earnings results on Monday, July 21st. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.27. The firm had revenue of $838.00 million during the quarter, compared to analysts' expectations of $810.24 million. Zions Bancorporation, N.A. had a return on equity of 13.76% and a net margin of 16.98%. During the same quarter in the prior year, the business earned $1.28 earnings per share. As a group, research analysts anticipate that Zions Bancorporation, N.A. will post 5.39 earnings per share for the current year.

Zions Bancorporation, N.A. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, August 14th. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a yield of 3.5%. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is currently 31.44%.

Zions Bancorporation, N.A. 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.