Zions Bancorporation, N.A. $ZION Shares Bought by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board increased its stake in Zions Bancorporation, N.A. by 1,061.7% in the first quarter, owning approximately 163,800 shares valued at $8.17 million.
• Several analysts upgraded their ratings and price targets for Zions Bancorporation, with Jefferies Financial Group raising its target from $45 to $60.
• Zions Bancorporation announced a quarterly dividend increase to $0.45 per share, reflecting an annualized dividend of $1.80 and a yield of 3.1%.

Canada Pension Plan Investment Board increased its holdings in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 1,061.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,800 shares of the bank's stock after buying an additional 149,700 shares during the quarter. Canada Pension Plan Investment Board owned 0.11% of Zions Bancorporation, N.A. worth $8,167,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Elizabeth Park Capital Advisors Ltd. purchased a new position in Zions Bancorporation, N.A. in the first quarter valued at about $2,248,000. Ieq Capital LLC lifted its position in shares of Zions Bancorporation, N.A. by 188.6% during the 1st quarter. Ieq Capital LLC now owns 151,797 shares of the bank's stock worth $7,569,000 after purchasing an additional 99,205 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Zions Bancorporation, N.A. during the 1st quarter worth about $5,589,000. Virtus Advisers LLC acquired a new position in Zions Bancorporation, N.A. in the 1st quarter valued at approximately $80,000. Finally, MetLife Investment Management LLC raised its holdings in shares of Zions Bancorporation, N.A. by 443.5% in the 1st quarter. MetLife Investment Management LLC now owns 452,263 shares of the bank's stock worth $22,550,000 after buying an additional 369,052 shares in the last quarter. Hedge funds and other institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Stock Performance

ZION traded up $0.14 during trading on Monday, hitting $56.66. The stock had a trading volume of 128,119 shares, compared to its average volume of 1,574,276. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $8.36 billion, a P/E ratio of 10.34, a PEG ratio of 1.47 and a beta of 0.97. The company's 50-day moving average price is $54.96 and its 200 day moving average price is $50.31. Zions Bancorporation, N.A. has a twelve month low of $39.32 and a twelve month high of $63.22.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its earnings results on Monday, July 21st. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.31 by $0.27. Zions Bancorporation, N.A. had a net margin of 16.98% and a return on equity of 13.76%. The company had revenue of $838.00 million for the quarter, compared to analyst estimates of $810.24 million. During the same period in the previous year, the firm earned $1.28 EPS. On average, equities research analysts forecast that Zions Bancorporation, N.A. will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a $0.45 dividend. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. The ex-dividend date was Thursday, August 14th. This represents a $1.80 dividend on an annualized basis and a yield of 3.2%. Zions Bancorporation, N.A.'s payout ratio is currently 32.91%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Truist Financial increased their price objective on Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. DA Davidson lifted their price objective on shares of Zions Bancorporation, N.A. from $57.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Wall Street Zen raised shares of Zions Bancorporation, N.A. from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. Royal Bank Of Canada upped their target price on Zions Bancorporation, N.A. from $57.00 to $62.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Finally, Citigroup boosted their target price on shares of Zions Bancorporation, N.A. from $48.00 to $52.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $60.78.

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.