Cubist Systematic Strategies LLC Purchases New Position in Zions Bancorporation, N.A. $ZION

Key Points

• Cubist Systematic Strategies LLC invested $7.65 million in Zions Bancorporation, acquiring 153,444 shares, which accounts for approximately 0.10% of the company's stock.
• Zions Bancorporation reported $1.58 earnings per share for the recent quarter, exceeding estimates by $0.27, and had a revenue of $838 million.
• The company announced a quarterly dividend increase, now paying $0.45 per share, resulting in an annualized yield of 3.1%.

Cubist Systematic Strategies LLC bought a new stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 153,444 shares of the bank's stock, valued at approximately $7,651,000. Cubist Systematic Strategies LLC owned about 0.10% of Zions Bancorporation, N.A. at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Oppenheimer & Co. Inc. acquired a new position in Zions Bancorporation, N.A. in the 1st quarter valued at $224,000. Principal Financial Group Inc. grew its stake in Zions Bancorporation, N.A. by 0.5% in the 1st quarter. Principal Financial Group Inc. now owns 340,066 shares of the bank's stock valued at $16,956,000 after buying an additional 1,561 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in Zions Bancorporation, N.A. in the 1st quarter valued at $3,383,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in Zions Bancorporation, N.A. in the 1st quarter valued at $1,261,000. Finally, Teacher Retirement System of Texas grew its stake in Zions Bancorporation, N.A. by 6.2% in the 1st quarter. Teacher Retirement System of Texas now owns 48,147 shares of the bank's stock valued at $2,401,000 after buying an additional 2,821 shares during the last quarter. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ZION has been the topic of several research analyst reports. Jefferies Financial Group upgraded shares of Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and raised their price target for the stock from $45.00 to $60.00 in a research report on Tuesday, July 22nd. Truist Financial raised their price target on shares of Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the stock a "hold" rating in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. raised their price target on shares of Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Morgan Stanley raised their price target on shares of Zions Bancorporation, N.A. from $60.00 to $66.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, Robert W. Baird raised their price target on shares of Zions Bancorporation, N.A. from $60.00 to $65.00 and gave the stock a "neutral" rating in a research 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 assigned a Sell rating to the company. According to data from MarketBeat, Zions Bancorporation, N.A. presently has an average rating of "Hold" and a consensus price target of $60.78.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ:ZION traded down $1.59 during midday trading on Friday, reaching $56.52. 1,643,360 shares of the company's stock were exchanged, compared to its average volume of 1,223,007. The company's 50 day simple moving average is $54.96 and its two-hundred day simple moving average is $50.38. The firm has a market capitalization of $8.34 billion, a PE ratio of 10.33, a price-to-earnings-growth ratio of 1.52 and a beta of 0.97. Zions Bancorporation, N.A. has a 12 month low of $39.32 and a 12 month high of $63.22. 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. (NASDAQ:ZION - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The bank reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.27. The company had revenue of $838.00 million during the quarter, compared to the consensus estimate of $810.24 million. Zions Bancorporation, N.A. had a net margin of 16.98% and a return on equity of 13.76%. During the same period last year, the firm earned $1.28 EPS. Equities research analysts expect 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 declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $1.80 annualized dividend and a yield of 3.2%. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. Zions Bancorporation, N.A.'s payout ratio is 32.91%.

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.