Canada Pension Plan Investment Board Takes Position in Zions Bancorporation, N.A. $ZION

Key Points

• Canada Pension Plan Investment Board acquired 188,900 shares of Zions Bancorporation worth approximately $13.1 million, representing about 0.13% of the bank. Institutional investors collectively own 76.84% of the stock.
• Zions reported quarterly EPS of $1.74, beating estimates of $1.57, while revenue rose 35.7% year over year to $1.14 billion. The bank also increased its quarterly dividend to $0.48 per share, yielding approximately 2.8%.
• Analysts hold a consensus “Hold” rating, with an average price target of $71.29 versus a recent price of $67.78. The company authorized a $225 million share-repurchase program, while insiders sold $6.3 million of stock over the past 90 days.

Canada Pension Plan Investment Board acquired a new position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 188,900 shares of the bank's stock, valued at approximately $13,070,000. Canada Pension Plan Investment Board owned approximately 0.13% of Zions Bancorporation, N.A. as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ZION. Bessemer Group Inc. boosted its position in shares of Zions Bancorporation, N.A. by 5.2% in 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 during the period. Michels Family Financial LLC boosted its position 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 worth $711,000 after acquiring an additional 185 shares during the period. C M Bidwell & Associates Ltd. grew 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 grew its stake 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 valued at $1,630,000 after acquiring an additional 203 shares in the last quarter. Finally, Modern Wealth Management LLC increased its holdings in shares of Zions Bancorporation, N.A. by 4.7% in the 1st quarter. Modern Wealth Management LLC now owns 4,670 shares of the bank's stock valued at $272,000 after purchasing an additional 209 shares during the period. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Trading Down 0.2%

Zions Bancorporation, N.A. stock opened at $67.78 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.84 and a current ratio of 0.84. The business's 50-day simple moving average is $69.87 and its 200-day simple moving average is $63.83. The firm has a market capitalization of $9.89 billion, a PE ratio of 8.63, a PEG ratio of 1.61 and a beta of 0.81. Zions Bancorporation, N.A. has a 52 week low of $46.19 and a 52 week high of $73.34.

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, beating analysts' consensus estimates of $1.57 by $0.17. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The company's revenue was up 35.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.63 EPS. Equities research analysts forecast that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current year.

Zions Bancorporation, N.A. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were given a dividend of $0.48 per share. 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. The ex-dividend date of this dividend was Thursday, August 13th. Zions Bancorporation, N.A.'s payout ratio is presently 24.46%.

Zions Bancorporation, N.A. declared that its Board of Directors has initiated a stock repurchase plan on Saturday, May 2nd that permits the company to buyback $225.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 2.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have recently issued reports on ZION shares. DA Davidson increased their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Truist Financial boosted their price objective on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Royal Bank Of Canada upped their price objective on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 21st. Weiss Ratings reiterated a "buy (b)" rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. Finally, Evercore cut shares of Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 target price for the company. in a research note on Thursday, July 23rd. Six research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $71.29.

Insider Activity at Zions Bancorporation, N.A.

In other news, EVP Derek Steward sold 894 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $1,215,322.85. The trade was a 4.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Scott J. Mclean sold 33,285 shares of the company's 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 transaction, the president directly owned 73,043 shares of the company's stock, valued at $5,159,027.09. This represents a 31.30% 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 worth $6,283,858 in the last ninety days. 1.43% of the stock is currently owned by insiders.

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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