Engineers Gate Manager LP Decreases Position in Zions Bancorporation, N.A. $ZION

Key Points

• Engineers Gate Manager LP reduced its Zions Bancorporation stake by 91.8% in the second quarter, selling 104,429 shares and retaining 9,303 shares worth approximately $644,000. Institutional investors still own 76.84% of the bank’s stock.
• 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 $75 million share buyback and increased its quarterly dividend to $0.48.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $72.53 versus the stock’s reported price of $64.98. Company insiders sold 88,787 shares worth about $6.28 million over the prior 90 days.

Engineers Gate Manager LP trimmed its position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 91.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,303 shares of the bank's stock after selling 104,429 shares during the period. Engineers Gate Manager LP's holdings in Zions Bancorporation, N.A. were worth $644,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Integrated Wealth Concepts LLC purchased a new stake in shares of Zions Bancorporation, N.A. during the second quarter worth approximately $133,000. NewEdge Advisors LLC lifted its holdings in Zions Bancorporation, N.A. by 3.3% in the 2nd quarter. NewEdge Advisors LLC now owns 8,396 shares of the bank's stock valued at $581,000 after purchasing an additional 270 shares in the last quarter. IFP Advisors Inc lifted its holdings in Zions Bancorporation, N.A. by 12.0% in the 2nd quarter. IFP Advisors Inc now owns 3,143 shares of the bank's stock valued at $217,000 after purchasing an additional 336 shares in the last quarter. Baird Financial Group Inc. boosted its stake in Zions Bancorporation, N.A. by 6.2% during the 2nd quarter. Baird Financial Group Inc. now owns 38,015 shares of the bank's stock worth $2,630,000 after purchasing an additional 2,230 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in Zions Bancorporation, N.A. by 5.7% during the 2nd quarter. Allworth Financial LP now owns 2,978 shares of the bank's stock worth $206,000 after purchasing an additional 161 shares during the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Zions Bancorporation, N.A.

In other 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 transaction of $62,267.10. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Scott Mclean sold 33,285 shares of the business's stock in a transaction that occurred on 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 owned 73,043 shares of the company's stock, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 88,787 shares of company stock valued at $6,283,858 over the last 90 days. 1.43% of the stock is owned by corporate insiders.

Zions Bancorporation, N.A. Trading Down 0.4%

ZION opened at $64.98 on Tuesday. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34. The stock has a market capitalization of $9.48 billion, a price-to-earnings ratio of 8.28, a PEG ratio of 1.10 and a beta of 0.78. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. The business has a fifty day moving average price of $69.26 and a 200 day moving average price of $64.59.

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

Zions Bancorporation, N.A. announced that its board has approved a share buyback program on Thursday, July 30th that permits the company to buyback $75.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 0.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 3.0%. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 13th. Zions Bancorporation, N.A.'s dividend payout ratio is 24.46%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. UBS Group began coverage on shares of Zions Bancorporation, N.A. in a research note on Monday, September 14th. They set a "buy" rating and a $78.00 price objective for the company. DA Davidson increased their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. 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 report on Tuesday, July 21st. Robert W. Baird raised their target price on Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 21st. Finally, TD Cowen lifted their target price on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Zions Bancorporation, N.A. currently has an average rating of "Hold" and a consensus price target of $72.53.

Zions Bancorporation, N.A. Company Profile

Zions Bancorporation, N.A. is a financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides a broad range of banking and related financial services to individuals, small and midsize businesses, commercial clients, and public-sector organizations.

The company's services include commercial and consumer lending, deposits, home loans, cash management, treasury services, wealth management, investment services, and capital markets activities.

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