Citigroup Inc. Trims Stock Holdings in Zions Bancorporation, N.A. $ZION

Key Points

• Citigroup Inc. has reduced its stake in Zions Bancorporation, N.A. by 14.9%, now holding approximately 0.15% of the bank with an estimated value of $10.84 million.
• Zions Bancorporation reported quarterly earnings of $1.58 per share, exceeding analysts' expectations and generating revenue of $838 million.
• The company announced an increase in its quarterly dividend to $0.45, reflecting a 3.4% yield and marking a rise from its previous dividend payout.

Citigroup Inc. trimmed its position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 14.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 217,363 shares of the bank's stock after selling 38,192 shares during the period. Citigroup Inc. owned 0.15% of Zions Bancorporation, N.A. worth $10,838,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ZION. Picton Mahoney Asset Management bought a new stake in Zions Bancorporation, N.A. in the first quarter worth $25,000. Curat Global LLC bought a new stake in Zions Bancorporation, N.A. in the first quarter worth $25,000. New Age Alpha Advisors LLC bought a new stake in Zions Bancorporation, N.A. in the first quarter worth $40,000. Princeton Global Asset Management LLC bought a new stake in Zions Bancorporation, N.A. in the first quarter worth $50,000. Finally, CX Institutional bought a new stake in Zions Bancorporation, N.A. in the first quarter worth $53,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Stock Performance

ZION stock traded down $0.13 during trading on Tuesday, reaching $53.14. The stock had a trading volume of 1,205,203 shares, compared to its average volume of 1,607,345. Zions Bancorporation, N.A. has a 52 week low of $39.32 and a 52 week high of $63.22. The stock's 50 day moving average is $52.91 and its two-hundred day moving average is $50.30. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. The firm has a market cap of $7.84 billion, a PE ratio of 9.71, a PEG ratio of 1.37 and a beta of 0.93.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its earnings results on Monday, July 21st. The bank reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.31 by $0.27. Zions Bancorporation, N.A. had a return on equity of 13.76% and a net margin of 16.98%.The company had revenue of $838.00 million for the quarter, compared to the consensus estimate of $810.24 million. During the same quarter in the prior year, the company earned $1.28 earnings per share. As a group, equities analysts anticipate that Zions Bancorporation, N.A. will post 5.39 earnings per share for the current year.

Zions Bancorporation, N.A. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be given a $0.45 dividend. The ex-dividend date is Thursday, August 14th. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a yield of 3.4%. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is currently 32.91%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. DA Davidson boosted their target price on Zions Bancorporation, N.A. from $57.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Wells Fargo & Company boosted their target price on Zions Bancorporation, N.A. from $47.00 to $58.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Jefferies Financial Group raised Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and upped their price target for the company from $45.00 to $60.00 in a report on Tuesday, July 22nd. Citigroup upped their price target on Zions Bancorporation, N.A. from $48.00 to $52.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. upped their price target on Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Four investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $60.78.

Zions Bancorporation, N.A. Company 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.