GAMMA Investing LLC Buys 541,389 Shares of Zions Bancorporation, National Association (NASDAQ:ZION)

GAMMA Investing LLC grew its holdings in shares of Zions Bancorporation, National Association (NASDAQ:ZION - Free Report) by 5,690.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 550,903 shares of the bank's stock after buying an additional 541,389 shares during the period. GAMMA Investing LLC owned 0.37% of Zions Bancorporation, National Association worth $27,468,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ZION. Norges Bank bought a new stake in Zions Bancorporation, National Association in the fourth quarter valued at $73,542,000. Balyasny Asset Management L.P. lifted its position in shares of Zions Bancorporation, National Association by 249.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,624,521 shares of the bank's stock worth $88,130,000 after purchasing an additional 1,159,888 shares during the period. Freestone Grove Partners LP bought a new stake in shares of Zions Bancorporation, National Association during the 4th quarter valued at about $51,116,000. Boston Partners bought a new stake in shares of Zions Bancorporation, National Association during the 4th quarter valued at about $33,961,000. Finally, First Trust Advisors LP increased its position in shares of Zions Bancorporation, National Association by 20.8% during the fourth quarter. First Trust Advisors LP now owns 2,267,568 shares of the bank's stock valued at $123,016,000 after buying an additional 390,601 shares during the period. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, National Association Stock Up 3.4%

NASDAQ:ZION traded up $1.60 on Friday, reaching $49.28. 1,078,530 shares of the stock traded hands, compared to its average volume of 1,579,395. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $7.27 billion, a price-to-earnings ratio of 9.96, a PEG ratio of 1.61 and a beta of 0.88. Zions Bancorporation, National Association has a 12 month low of $39.32 and a 12 month high of $63.22. The company's fifty day simple moving average is $45.95 and its 200 day simple moving average is $51.82.

Zions Bancorporation, National Association (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The bank reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Zions Bancorporation, National Association had a net margin of 15.70% and a return on equity of 13.65%. The company had revenue of $795.00 million during the quarter, compared to the consensus estimate of $792.49 million. During the same quarter last year, the firm earned $0.96 earnings per share. Equities analysts predict that Zions Bancorporation, National Association will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, National Association declared that its Board of Directors has initiated a share repurchase plan on Monday, February 24th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 0.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

Zions Bancorporation, National Association Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date was Thursday, May 15th. Zions Bancorporation, National Association's payout ratio is 33.59%.

Analysts Set New Price Targets

Several research firms have weighed in on ZION. Stephens cut their price objective on Zions Bancorporation, National Association from $54.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Wall Street Zen cut Zions Bancorporation, National Association from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Argus upgraded Zions Bancorporation, National Association from a "hold" rating to a "buy" rating and set a $55.00 price target on the stock in a research report on Monday, April 28th. Keefe, Bruyette & Woods decreased their price objective on Zions Bancorporation, National Association from $65.00 to $58.00 and set a "market perform" rating for the company in a report on Tuesday, April 22nd. Finally, Truist Financial initiated coverage on Zions Bancorporation, National Association in a research report on Tuesday, May 13th. They set a "hold" rating and a $52.00 price objective for the company. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $57.94.

Zions Bancorporation, National Association Company Profile

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments.