Empowered Funds LLC Cuts Stock Holdings in Zions Bancorporation, N.A. $ZION

Key Points

• Empowered Funds LLC reduced its Zions Bancorporation stake by 98.7% in the first quarter, selling 315,070 shares and retaining 4,072 shares worth approximately $235,000. Institutional investors collectively own 76.84% of the bank.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $71.29. Recent targets range from $68 to $80, while insiders have sold nearly $6.3 million in shares over the past three months.
• Zions raised its quarterly dividend to $0.48 per share, equivalent to a 2.7% annual yield, and authorized a $225 million share-repurchase program covering up to 2.4% of outstanding shares.

Empowered Funds LLC cut its stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 98.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,072 shares of the bank's stock after selling 315,070 shares during the period. Empowered Funds LLC's holdings in Zions Bancorporation, N.A. were worth $235,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Zions Bancorporation, N.A. in the 4th quarter valued at about $105,700,000. Balyasny Asset Management L.P. raised its position in Zions Bancorporation, N.A. by 1,270.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,146,992 shares of the bank's stock worth $67,145,000 after buying an additional 1,063,303 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Zions Bancorporation, N.A. by 31.6% during the 3rd quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank's stock worth $167,677,000 after buying an additional 711,218 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at about $32,008,000. Finally, FIL Ltd boosted its position in Zions Bancorporation, N.A. by 117.6% during the fourth quarter. FIL Ltd now owns 1,113,079 shares of the bank's stock worth $65,160,000 after purchasing an additional 601,610 shares in the last quarter. 76.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Stephens decreased their price objective on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 21st. Evercore lowered shares of Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 price objective for the company. in a research report on Thursday, July 23rd. Robert W. Baird raised their target price on Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a "neutral" rating in a report on Tuesday, July 21st. Barclays raised their price target on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an "underweight" rating in a report on Wednesday, April 22nd. Finally, Morgan Stanley lifted their price objective on Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. Six equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $71.29.

Insiders Place Their Bets

In other news, EVP Scott A. Law sold 4,608 shares of the company's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total transaction of $333,711.36. Following the completion of the transaction, the executive vice president owned 32,890 shares in the company, valued at approximately $2,381,893.80. This represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Scott J. Mclean sold 33,285 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the sale, the president directly owned 73,043 shares in the company, valued at approximately $5,159,027.09. This trade represents a 31.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 88,787 shares of company stock valued at $6,283,858 over the last three months. Company insiders own 1.43% of the company's stock.

Zions Bancorporation, N.A. Stock Performance

Shares of NASDAQ ZION opened at $71.61 on Friday. 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's 50-day moving average price is $69.15 and its two-hundred day moving average price is $63.25. Zions Bancorporation, N.A. has a 52-week low of $46.19 and a 52-week high of $73.34. The stock has a market capitalization of $10.45 billion, a P/E ratio of 9.12, a P/E/G ratio of 1.71 and a beta of 0.81.

Zions Bancorporation, N.A. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Thursday, August 13th. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is currently 22.93%.

Zions Bancorporation, N.A. announced that its Board of Directors has authorized a share repurchase plan on Saturday, May 2nd that authorizes the company to buyback $225.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 2.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

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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