Freestone Grove Partners LP Takes Position in Zions Bancorporation, N.A. $ZION

Key Points

• Freestone Grove Partners LP acquired 741,232 Zions Bancorporation shares worth approximately $51.3 million, representing about 0.51% of the bank. Institutional investors collectively own 76.84% of ZION.
• Zions exceeded quarterly expectations, reporting $1.74 in EPS versus a $1.57 estimate and $1.14 billion in revenue, up 35.7% year over year. The company also authorized a $225 million share repurchase program.
• The bank raised its quarterly dividend to $0.48 per share, implying a 2.8% annual yield, while analysts maintain a consensus “Hold” rating with an average price target of $71.29.

Freestone Grove Partners LP acquired a new position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 741,232 shares of the bank's stock, valued at approximately $51,286,000. Freestone Grove Partners LP owned approximately 0.51% of Zions Bancorporation, N.A. as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Caisse de depot et placement du Quebec acquired a new position in Zions Bancorporation, N.A. during the second quarter worth about $1,695,000. Man Group plc bought a new position in shares of Zions Bancorporation, N.A. during the 2nd quarter valued at about $14,009,000. Jupiter Topco LLC bought a new position in shares of Zions Bancorporation, N.A. during the 2nd quarter valued at about $4,516,000. Hsbc Holdings PLC acquired a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter worth approximately $3,209,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter worth approximately $13,070,000. Institutional investors and hedge funds own 76.84% of the company's stock.

Insider Activity

In related news, EVP Scott A. Law sold 4,608 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total transaction of $333,711.36. Following the transaction, the executive vice president directly owned 32,890 shares of the company's stock, valued at approximately $2,381,893.80. The trade was a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Scott J. Mclean sold 33,285 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the transaction, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. This represents a 31.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 88,787 shares of company stock worth $6,283,858 in the last 90 days. Company insiders own 1.43% of the company's stock.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ:ZION opened at $68.32 on Thursday. The company's fifty day moving average is $69.80 and its two-hundred day moving average is $63.78. The company has a market cap of $9.97 billion, a P/E ratio of 8.70, a price-to-earnings-growth ratio of 1.61 and a beta of 0.81. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings results on Monday, July 20th. The bank reported $1.74 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.17. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate 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 in the previous year, the company posted $1.63 earnings per share. Equities analysts expect that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. declared that its board has authorized 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 purchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued a $0.48 dividend. The ex-dividend date was Thursday, August 13th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.8%. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.'s dividend payout ratio is currently 24.46%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 21st. Cantor Fitzgerald upped their price target on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Morgan Stanley increased their price objective on Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Evercore lowered Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 price objective for the company. in a research note on Thursday, July 23rd. Finally, Wall Street Zen upgraded Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Six analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $71.29.

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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