Caisse de depot et placement du Quebec Purchases Shares of 24,500 Zions Bancorporation, N.A. $ZION

Key Points

• Caisse de dépôt et placement du Québec acquired 24,500 Zions Bancorporation shares worth approximately $1.7 million, while institutional investors collectively own 76.84% of the stock.
• Zions reported quarterly EPS of $1.74, beating the $1.57 analyst consensus, while revenue rose 35.7% year over year to $1.14 billion.
• The bank authorized a $225 million share repurchase program and raised its quarterly dividend to $0.48, equivalent to an annualized yield of about 2.8%. Analysts maintain a consensus “Hold” rating with a $71.29 target price.

Caisse de depot et placement du Quebec acquired a new position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 24,500 shares of the bank's stock, valued at approximately $1,695,000.

Several other institutional investors and hedge funds have also recently modified their holdings of ZION. Bessemer Group Inc. grew its holdings in Zions Bancorporation, N.A. by 5.2% during the first quarter. Bessemer Group Inc. now owns 3,159 shares of the bank's stock worth $182,000 after buying an additional 157 shares in the last quarter. Michels Family Financial LLC lifted its stake in Zions Bancorporation, N.A. by 1.5% during the 4th 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 in the last quarter. C M Bidwell & Associates Ltd. lifted its stake in Zions Bancorporation, N.A. by 13.5% during the 4th 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 in the last quarter. Alta Capital Management LLC boosted its holdings in 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 worth $1,630,000 after acquiring an additional 203 shares during the last quarter. Finally, Modern Wealth Management LLC boosted its holdings in Zions Bancorporation, N.A. by 4.7% during the 1st quarter. Modern Wealth Management LLC now owns 4,670 shares of the bank's stock worth $272,000 after acquiring an additional 209 shares during the last quarter. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Price Performance

Zions Bancorporation, N.A. stock opened at $67.78 on Friday. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. The business's 50 day simple moving average is $69.87 and its 200 day simple moving average is $63.83. The company has a market cap of $9.89 billion, a price-to-earnings ratio of 8.63, a PEG ratio of 1.61 and a beta of 0.81.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.17. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The business's revenue for the quarter was up 35.7% on a year-over-year basis. During the same period last year, the business posted $1.63 earnings per share. Sell-side analysts forecast that Zions Bancorporation, N.A. will post 6.6 EPS for the current year.

Zions Bancorporation, N.A. declared that its Board of Directors has authorized a stock buyback plan on Saturday, May 2nd that authorizes the company to repurchase $225.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were paid a $0.48 dividend. The ex-dividend date was Thursday, August 13th. This represents a $1.92 dividend on an annualized basis and a yield of 2.8%. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is presently 24.46%.

Insider Buying and Selling at Zions Bancorporation, N.A.

In other Zions Bancorporation, N.A. news, President Scott J. Mclean sold 33,285 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the transaction, the president owned 73,043 shares in the company, valued at $5,159,027.09. This trade represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott A. Law sold 4,608 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total transaction of $333,711.36. Following the completion of the transaction, the executive vice president owned 32,890 shares of the company's stock, valued at $2,381,893.80. The trade was a 12.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 88,787 shares of company stock valued at $6,283,858 over the last three months. 1.43% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on ZION. Truist Financial increased their target price on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a "hold" rating in a report on Friday, July 10th. TD Cowen boosted their price target on shares of Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Zions Bancorporation, N.A. in a research report on Friday, July 31st. Cantor Fitzgerald boosted their target price on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Finally, DA Davidson upped their target price on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $71.29.

Zions Bancorporation, N.A. Company 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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