Flywheel Private Wealth LLC Takes $1.30 Million Position in Zions Bancorporation, N.A. $ZION

Key Points

• Flywheel Private Wealth LLC opened a new position in Zions Bancorporation, buying 22,500 shares worth about $1.3 million in the first quarter, making it the fund’s 23rd-largest holding.
• Zions reported better-than-expected quarterly results, with EPS of $1.56 versus $1.43 expected and revenue of $859 million, while analysts currently have an average Hold rating and a $66.35 target price.
• The bank also returned cash to shareholders through a quarterly dividend of $0.45 per share and launched a $225 million share buyback program, which could cover up to 2.4% of outstanding shares.

Flywheel Private Wealth LLC acquired a new position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 22,500 shares of the bank's stock, valued at approximately $1,296,000. Zions Bancorporation, N.A. comprises about 0.7% of Flywheel Private Wealth LLC's investment portfolio, making the stock its 23rd biggest position.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Torren Management LLC bought a new position in Zions Bancorporation, N.A. during the 4th quarter worth $32,000. Leonteq Securities AG bought a new stake in shares of Zions Bancorporation, N.A. in the 4th quarter valued at about $32,000. Community Bank N.A. acquired a new stake in shares of Zions Bancorporation, N.A. in the third quarter valued at about $36,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Zions Bancorporation, N.A. in the fourth quarter valued at about $36,000. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Zions Bancorporation, N.A. in the fourth quarter valued at about $42,000. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Stephens assumed coverage on Zions Bancorporation, N.A. in a research note on Monday, June 15th. They issued an "overweight" rating and a $79.00 price objective on the stock. Barclays increased their target price on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an "underweight" rating in a research report on Wednesday, April 22nd. Citigroup boosted their price target on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 22nd. Brean Capital assumed coverage on shares of Zions Bancorporation, N.A. in a research note on Thursday, March 12th. They issued a "neutral" rating on the stock. Finally, Truist Financial increased their price objective on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a "hold" rating in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $66.35.

Zions Bancorporation, N.A. Stock Performance

NASDAQ ZION opened at $66.17 on Monday. The business has a 50 day simple moving average of $62.71 and a 200 day simple moving average of $60.16. Zions Bancorporation, N.A. has a one year low of $46.19 and a one year high of $67.99. The stock has a market capitalization of $9.73 billion, a P/E ratio of 10.29, a P/E/G ratio of 2.19 and a beta of 0.81. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.83.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings results on Monday, April 20th. The bank reported $1.56 earnings per share (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 previous year, the firm earned $1.13 earnings per share. Research analysts expect that Zions Bancorporation, N.A. will post 6.44 earnings per share for the current year.

Zions Bancorporation, N.A. Dividend Announcement

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

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

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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.43% of the stock is owned by insiders.

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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