Empowered Funds LLC Sells 315,070 Shares of Zions Bancorporation, N.A. $ZION

Key Points

• Empowered Funds LLC cut its Zions Bancorporation stake by 98.7% in the first quarter, selling 315,070 shares and retaining 4,072 shares worth approximately $235,000.
• Zions reported quarterly EPS of $1.74, beating estimates of $1.57, while revenue rose 35.7% year over year to $1.14 billion. The bank also authorized a $225 million share buyback and increased its quarterly dividend to $0.48 per share.
• Analysts maintain a consensus “Hold” rating, with an average price target of $71.29; the stock recently traded near $68.29 after falling 3.7%.

Empowered Funds LLC lowered its holdings in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 98.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,072 shares of the bank's stock after selling 315,070 shares during the quarter. Empowered Funds LLC's holdings in Zions Bancorporation, N.A. were worth $235,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ZION. Royal Bank of Canada grew its holdings in shares of Zions Bancorporation, N.A. by 76.3% in the first quarter. Royal Bank of Canada now owns 137,434 shares of the bank's stock worth $6,853,000 after purchasing an additional 59,483 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Zions Bancorporation, N.A. by 18.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,960 shares of the bank's stock worth $2,042,000 after acquiring an additional 6,393 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Zions Bancorporation, N.A. by 0.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 504,860 shares of the bank's stock worth $25,172,000 after acquiring an additional 2,659 shares during the period. Focus Partners Wealth raised its stake in shares of Zions Bancorporation, N.A. by 91.7% during the first quarter. Focus Partners Wealth now owns 21,502 shares of the bank's stock valued at $1,072,000 after acquiring an additional 10,283 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Zions Bancorporation, N.A. by 52.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,816 shares of the bank's stock valued at $94,000 after acquiring an additional 625 shares in the last quarter. Institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Trading Down 3.7%

Shares of NASDAQ ZION opened at $68.29 on Thursday. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34. The business has a fifty day moving average price of $69.66 and a 200 day moving average price of $63.58. The stock has a market capitalization of $9.97 billion, a P/E ratio of 8.70, a price-to-earnings-growth ratio of 1.69 and a beta of 0.81. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its earnings results on Monday, July 20th. The bank reported $1.74 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.17. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The firm's revenue was up 35.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.63 earnings per share. Equities research analysts expect that Zions Bancorporation, N.A. will post 6.6 EPS for the current fiscal year.

Zions Bancorporation, N.A. declared that its Board of Directors has initiated a stock buyback plan on Saturday, May 2nd that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 2.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company 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 is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 13th. This represents a $1.92 annualized dividend and a dividend yield of 2.8%. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is presently 24.46%.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total value of $62,267.10. Following the transaction, the executive vice president directly owned 17,449 shares of the company's stock, valued at approximately $1,215,322.85. The trade was a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott A. Law sold 4,608 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the transaction, the executive vice president directly owned 32,890 shares in the company, valued at approximately $2,381,893.80. The trade was a 12.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 88,787 shares of company stock worth $6,283,858 in the last 90 days. 1.43% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ZION has been the subject of a number of research reports. TD Cowen boosted their price target on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Cantor Fitzgerald lifted their target price on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. DA Davidson upped their target price on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Wells Fargo & Company raised their price target on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Six investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $71.29.

Zions Bancorporation, N.A. Profile

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.

Want to see what other hedge funds are holding ZION? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source