FJ Capital Management LLC Reduces Stake in Zions Bancorporation, N.A. $ZION

Key Points

• FJ Capital Management cut its Zions Bancorporation stake by 10.8% in the fourth quarter, selling 28,987 shares and leaving it with 239,124 shares worth about $14.0 million.
• Analyst sentiment on ZION remains mixed, with a consensus rating of Hold and an average price target of $65.53, even as several firms recently nudged their targets higher.
• Zions reported solid recent results, with Q1 earnings of $1.56 per share beating estimates, and it also announced a $225 million share buyback plus a quarterly dividend of $0.45 per share.

FJ Capital Management LLC trimmed its stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 10.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 239,124 shares of the bank's stock after selling 28,987 shares during the quarter. Zions Bancorporation, N.A. makes up 1.6% of FJ Capital Management LLC's holdings, making the stock its 19th biggest position. FJ Capital Management LLC owned approximately 0.16% of Zions Bancorporation, N.A. worth $13,998,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ZION. Norges Bank purchased a new position in Zions Bancorporation, N.A. in the fourth quarter valued at about $105,700,000. AQR Capital Management LLC raised its position in shares of Zions Bancorporation, N.A. by 31.6% in the third quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank's stock valued at $167,677,000 after purchasing an additional 711,218 shares during the period. Adage Capital Partners GP L.L.C. bought a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at approximately $32,008,000. Balyasny Asset Management L.P. bought a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at approximately $31,224,000. Finally, Mackenzie Financial Corp raised its position in shares of Zions Bancorporation, N.A. by 2,982.2% in the third quarter. Mackenzie Financial Corp now owns 489,478 shares of the bank's stock valued at $27,695,000 after purchasing an additional 473,597 shares during the period. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on ZION shares. Royal Bank Of Canada boosted their price target on shares of Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the company a "sector perform" rating in a research report on Tuesday, April 21st. Robert W. Baird boosted their price target on shares of Zions Bancorporation, N.A. from $65.00 to $68.00 and gave the company an "outperform" rating in a research report on Tuesday, April 21st. Citigroup boosted their price target on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the company a "neutral" rating in a research report on Wednesday, April 22nd. Piper Sandler lowered their price target on shares of Zions Bancorporation, N.A. from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Thursday, April 2nd. Finally, Truist Financial boosted their price target on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the company a "hold" rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Zions Bancorporation, N.A. currently has a consensus rating of "Hold" and an average price target of $65.53.

Insider Activity at Zions Bancorporation, N.A.

In other 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 value of $263,062.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.43% of the stock is owned by insiders.

Zions Bancorporation, N.A. Stock Performance

Zions Bancorporation, N.A. stock opened at $67.25 on Friday. The firm's 50 day simple moving average is $61.98 and its 200 day simple moving average is $59.65. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $9.89 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 2.23 and a beta of 0.81. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $67.67.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its earnings results on Monday, April 20th. The bank reported $1.56 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The business had revenue of $859.00 million for the quarter, compared to analyst estimates of $853.73 million. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. During the same quarter in the prior year, the firm posted $1.13 EPS. As a group, analysts expect that Zions Bancorporation, N.A. will post 6.44 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.7%. Zions Bancorporation, N.A.'s dividend payout ratio is presently 27.99%.

Zions Bancorporation, N.A. declared that its Board of Directors has approved a share buyback program on Saturday, May 2nd that authorizes the company to repurchase $225.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors 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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