Zions Bancorporation, N.A. $ZION Shares Sold by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System reduced its Zions Bancorporation stake by 2.7% in the second quarter, selling 4,864 shares and retaining 172,168 shares valued at approximately $11.9 million. Institutional investors collectively own 76.84% of the company.
• Zions reported quarterly earnings of $1.74 per share, exceeding the $1.57 analyst consensus, while revenue rose 35.7% year over year to $1.14 billion. The stock recently traded at $67.61, below its 12-month high of $73.34.
• The bank raised its quarterly dividend to $0.48 per share and authorized a $75 million share-repurchase program. Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $72.53.

California State Teachers Retirement System reduced its holdings in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 2.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 172,168 shares of the bank's stock after selling 4,864 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Zions Bancorporation, N.A. worth $11,912,304 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Elevation Wealth Partners LLC boosted its position 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 valued at $29,000 after purchasing an additional 349 shares in the last quarter. Leonteq Securities AG acquired a new position in Zions Bancorporation, N.A. during the fourth quarter worth $32,000. Trust Co. of Vermont acquired a new stake in Zions Bancorporation, N.A. during the 2nd quarter worth approximately $35,000. Northwestern Mutual Wealth Management Co. acquired a new position in Zions Bancorporation, N.A. during the 2nd quarter worth approximately $45,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Zions Bancorporation, N.A. during the 4th quarter valued at $49,000. Hedge funds and other institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Stock Performance

NASDAQ ZION traded down $1.57 during trading on Tuesday, reaching $67.61. The company's stock had a trading volume of 1,503,052 shares, compared to its average volume of 1,653,076. The firm has a market capitalization of $9.87 billion, a price-to-earnings ratio of 8.61, a price-to-earnings-growth ratio of 1.16 and a beta of 0.78. 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 firm has a 50 day moving average price of $69.68 and a 200 day moving average price of $64.35.

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 for the quarter, beating analysts' consensus estimates of $1.57 by $0.17. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $877.44 million. During the same period in the previous year, the business earned $1.63 EPS. Zions Bancorporation, N.A.'s revenue was up 35.7% compared to the same quarter last year. As a group, equities analysts anticipate that Zions Bancorporation, N.A. will post 6.6 EPS for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were paid a dividend of $0.48 per share. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $1.92 annualized dividend and a yield of 2.8%. Zions Bancorporation, N.A.'s dividend payout ratio is presently 24.46%.

Zions Bancorporation, N.A. announced that its board has approved a share repurchase program on Thursday, July 30th that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 0.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

ZION has been the topic of several recent research reports. Royal Bank Of Canada increased their target price on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the company a "sector perform" rating in a report on Tuesday, July 21st. DA Davidson increased their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. lowered Zions Bancorporation, N.A. from a "neutral" rating to an "underweight" rating and set a $75.00 price target on the stock. in a report on Tuesday, July 21st. Cantor Fitzgerald boosted their price objective on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Finally, UBS Group assumed coverage on shares of Zions Bancorporation, N.A. in a research note on Monday. They set a "buy" rating and a $78.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Zions Bancorporation, N.A. has an average rating of "Hold" and an average target price of $72.53.

Insider Activity at Zions Bancorporation, N.A.

In related news, President Scott Mclean sold 33,285 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the sale, the president owned 73,043 shares in the company, valued at $5,159,027.09. The trade was a 31.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Law sold 4,608 shares of Zions Bancorporation, N.A. stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the transaction, the executive vice president owned 32,890 shares of the company's stock, valued at $2,381,893.80. This represents a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 88,787 shares of company stock worth $6,283,858. Insiders own 1.43% of the company's stock.

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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