Fifth Third Bancorp Increases Stock Position in Zions Bancorporation, N.A. $ZION

Key Points

• Fifth Third Bancorp dramatically increased its stake in Zions Bancorporation during the first quarter, lifting holdings by 920.5% to 85,994 shares valued at about $4.96 million.
• Zions reported better-than-expected quarterly results, posting EPS of $1.56 versus estimates of $1.43 and revenue of $859 million, while also maintaining solid profitability metrics.
• The bank recently authorized a $225 million share repurchase plan and paid a quarterly dividend of $0.45 per share, equivalent to a 2.5% annualized yield.

Fifth Third Bancorp lifted its position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 920.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,994 shares of the bank's stock after purchasing an additional 77,567 shares during the period. Fifth Third Bancorp owned 0.06% of Zions Bancorporation, N.A. worth $4,955,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ZION. Dimensional Fund Advisors LP boosted its stake in shares of Zions Bancorporation, N.A. by 1.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,420,688 shares of the bank's stock worth $434,407,000 after buying an additional 77,612 shares during the last quarter. LSV Asset Management grew its stake in Zions Bancorporation, N.A. by 1.3% in the 4th quarter. LSV Asset Management now owns 3,888,064 shares of the bank's stock valued at $227,607,000 after purchasing an additional 48,346 shares during the period. Morgan Stanley increased its position in shares of Zions Bancorporation, N.A. by 10.8% during the 4th quarter. Morgan Stanley now owns 3,151,319 shares of the bank's stock valued at $184,478,000 after purchasing an additional 306,717 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 purchasing an additional 711,218 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Zions Bancorporation, N.A. by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 2,963,243 shares of the bank's stock worth $173,501,000 after buying an additional 30,881 shares during the last quarter. 76.84% of the stock is owned by institutional investors.

Zions Bancorporation, N.A. Trading Down 1.4%

NASDAQ ZION opened at $72.27 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.27. The stock's 50-day simple moving average is $65.74 and its two-hundred day simple moving average is $61.80. Zions Bancorporation, N.A. has a twelve month low of $46.19 and a twelve month high of $73.34. The company has a market capitalization of $10.63 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.75 and a beta of 0.80.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data on Monday, April 20th. The bank reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. The firm had revenue of $859.00 million for the quarter, compared to analyst estimates of $853.73 million. Zions Bancorporation, N.A. had a return on equity of 13.90% and a net margin of 19.53%.During the same period in the prior year, the company earned $1.13 EPS. Research analysts forecast that Zions Bancorporation, N.A. will post 6.49 EPS for the current fiscal year.

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

Zions Bancorporation, N.A. Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Thursday, May 14th. Zions Bancorporation, N.A.'s payout ratio is presently 27.99%.

Insider Activity

In related news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.43% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ZION. Morgan Stanley raised their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. Barclays raised their price target on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 22nd. Stephens initiated coverage on shares of Zions Bancorporation, N.A. in a report on Monday, June 15th. They issued an "overweight" rating and a $79.00 price target on the stock. Robert W. Baird reiterated a "neutral" rating and set a $68.00 price target on shares of Zions Bancorporation, N.A. in a research note on Tuesday, June 23rd. Finally, Weiss Ratings upgraded Zions Bancorporation, N.A. from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 4th. Six analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $69.12.

Zions Bancorporation, N.A. Company 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.

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