Charles Schwab Investment Management Inc. Cuts Stake in Zions Bancorporation, N.A. $ZION

Key Points

• Charles Schwab Investment Management Inc. dramatically reduced its stake in Zions Bancorporation, N.A. by 77.3%, now holding approximately 1.1 million shares valued at $55.2 million.
• Several institutional investors are increasing their stakes in Zions Bancorporation, with notable raises including Balyasny Asset Management increasing by 249.6% and GAMMA Investing raising theirs by 5,690.4%.
• Zions Bancorporation recently announced a quarterly dividend of $0.45 per share, up from $0.43, resulting in an annualized yield of 3.4%.

Charles Schwab Investment Management Inc. reduced its position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 77.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,107,552 shares of the bank's stock after selling 3,775,431 shares during the period. Charles Schwab Investment Management Inc. owned 0.75% of Zions Bancorporation, N.A. worth $55,223,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ZION. Balyasny Asset Management L.P. raised its stake in Zions Bancorporation, N.A. by 249.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,624,521 shares of the bank's stock valued at $88,130,000 after acquiring an additional 1,159,888 shares during the period. Freestone Grove Partners LP bought a new stake in Zions Bancorporation, N.A. in the 4th quarter valued at about $51,116,000. GAMMA Investing LLC raised its stake in Zions Bancorporation, N.A. by 5,690.4% in the 1st quarter. GAMMA Investing LLC now owns 550,903 shares of the bank's stock valued at $27,468,000 after acquiring an additional 541,389 shares during the period. First Trust Advisors LP grew its holdings in Zions Bancorporation, N.A. by 20.8% during the 4th quarter. First Trust Advisors LP now owns 2,267,568 shares of the bank's stock valued at $123,016,000 after buying an additional 390,601 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Zions Bancorporation, N.A. by 413.0% during the 4th quarter. BNP Paribas Financial Markets now owns 483,363 shares of the bank's stock valued at $26,222,000 after buying an additional 389,148 shares in the last quarter. 76.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Stephens reduced their target price on Zions Bancorporation, N.A. from $54.00 to $52.00 and set an "equal weight" rating for the company in a report 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 report on Tuesday, July 22nd. Truist Financial lifted their target price on Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the company a "hold" rating in a report on Wednesday, July 23rd. Wells Fargo & Company lifted their target price on Zions Bancorporation, N.A. from $47.00 to $58.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Finally, Jefferies Financial Group raised Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and lifted their target price for the company from $45.00 to $60.00 in a report on Tuesday, July 22nd. Four equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $60.78.

Zions Bancorporation, N.A. Price Performance

ZION traded up $0.64 during midday trading on Wednesday, hitting $53.78. The stock had a trading volume of 1,247,587 shares, compared to its average volume of 1,474,427. The company has a market cap of $7.94 billion, a P/E ratio of 9.83, a price-to-earnings-growth ratio of 1.39 and a beta of 0.93. The business has a fifty day moving average of $53.08 and a 200 day moving average of $50.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80. Zions Bancorporation, N.A. has a 1 year low of $39.32 and a 1 year 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.27. The business had revenue of $838.00 million during the quarter, compared to analyst estimates 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 firm earned $1.28 earnings per share. As a group, equities analysts forecast that Zions Bancorporation, N.A. will post 5.39 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be paid a $0.45 dividend. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Thursday, August 14th. Zions Bancorporation, N.A.'s payout ratio is currently 32.91%.

About Zions Bancorporation, N.A.

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.