Corient Private Wealth LP Buys New Holdings in Zions Bancorporation, N.A. $ZION

Key Points

• Corient Private Wealth LP acquired 287,137 Zions Bancorporation shares worth approximately $19.9 million, giving it a 0.20% stake. Institutional investors collectively own 76.84% of the bank.
• Zions reported stronger-than-expected quarterly results, with earnings of $1.74 per share versus the $1.57 consensus and revenue of $1.14 billion. Revenue increased 35.7% year over year.
• Analysts maintain a consensus “Hold” rating with a $71.29 price target, while the company raised its quarterly dividend to $0.48 per share and authorized a $225 million share-repurchase program.

Corient Private Wealth LP purchased a new position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 287,137 shares of the bank's stock, valued at approximately $19,867,000. Corient Private Wealth LP owned approximately 0.20% of Zions Bancorporation, N.A. at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at $982,244,000. Dimensional Fund Advisors LP boosted its position in shares of Zions Bancorporation, N.A. by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank's stock valued at $430,813,000 after acquiring an additional 56,438 shares in the last quarter. LSV Asset Management boosted its position in shares of Zions Bancorporation, N.A. by 1.3% during the 4th quarter. LSV Asset Management now owns 3,888,064 shares of the bank's stock valued at $227,607,000 after acquiring an additional 48,346 shares in the last quarter. Morgan Stanley increased its stake in Zions Bancorporation, N.A. by 10.8% in the fourth quarter. Morgan Stanley now owns 3,151,319 shares of the bank's stock valued at $184,478,000 after acquiring an additional 306,717 shares during the period. Finally, AQR Capital Management LLC increased its stake in Zions Bancorporation, N.A. by 31.6% in the third quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank's stock valued at $167,677,000 after acquiring an additional 711,218 shares during the period. Institutional investors own 76.84% of the company's stock.

Analysts Set New Price Targets

ZION has been the subject of a number of analyst reports. Royal Bank Of Canada raised their price target on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 21st. TD Cowen upped their price objective on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a "hold" rating in a research note on Tuesday, July 21st. Cantor Fitzgerald increased their target price on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Weiss Ratings restated a "buy (b)" rating on shares of Zions Bancorporation, N.A. in a research report on Friday, July 31st. Finally, Truist Financial boosted their price target on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a "hold" rating in a research note on Friday, July 10th. Six analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $71.29.

Zions Bancorporation, N.A. Trading Down 0.2%

Shares of ZION stock opened at $67.78 on Friday. The company has a market capitalization of $9.89 billion, a P/E ratio of 8.63, a P/E/G ratio of 1.61 and a beta of 0.81. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average price of $69.87 and a 200 day moving average price of $63.83.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings data on Monday, July 20th. The bank reported $1.74 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.17. The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $877.44 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The company's quarterly revenue was up 35.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.63 earnings per share. Research analysts forecast that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently declared 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 is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 13th. This represents a $1.92 dividend on an annualized basis and a yield of 2.8%. Zions Bancorporation, N.A.'s dividend payout ratio is currently 24.46%.

Zions Bancorporation, N.A. announced that its board has approved a stock repurchase plan on Saturday, May 2nd that authorizes the company to repurchase $225.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Derek Steward sold 894 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the sale, the executive vice president owned 17,449 shares of the company's stock, valued at approximately $1,215,322.85. This trade represents a 4.87% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Scott J. Mclean sold 33,285 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total value of $2,350,919.55. Following the sale, the president directly owned 73,043 shares in the company, valued at approximately $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 have sold a total of 88,787 shares of company stock valued at $6,283,858 in the last 90 days. 1.43% of the stock is currently owned by insiders.

About Zions Bancorporation, N.A.

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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