Geode Capital Management LLC Raises Stock Holdings in Zions Bancorporation, N.A. $ZION

Key Points

• Geode Capital Management increased its stake in Zions Bancorporation by 1.1% in the fourth quarter, bringing its holdings to 2,963,243 shares worth about $173.5 million.
• Zions reported strong quarterly results, with earnings of $1.56 per share topping estimates and revenue also slightly ahead of expectations.
• The bank’s board approved a $225 million share buyback and it continues to pay a quarterly dividend of $0.45 per share, implying a 3.0% yield.

Geode Capital Management LLC increased its position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 1.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,963,243 shares of the bank's stock after acquiring an additional 30,881 shares during the period. Geode Capital Management LLC owned approximately 2.01% of Zions Bancorporation, N.A. worth $173,501,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ZION. Torren Management LLC purchased a new position in Zions Bancorporation, N.A. in the 4th quarter worth $32,000. Leonteq Securities AG purchased a new position in Zions Bancorporation, N.A. in the 4th quarter worth $32,000. Community Bank N.A. purchased a new position in Zions Bancorporation, N.A. in the 3rd quarter worth $36,000. V Square Quantitative Management LLC purchased a new position in Zions Bancorporation, N.A. in the 4th quarter worth $42,000. Finally, International Assets Investment Management LLC purchased a new position in Zions Bancorporation, N.A. in the 4th quarter worth $49,000. Hedge funds and other institutional investors own 76.84% of the company's stock.

Insider Activity at Zions Bancorporation, N.A.

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.43% of the stock is owned by company insiders.

Zions Bancorporation, N.A. Price Performance

Shares of ZION opened at $60.76 on Thursday. The business's 50-day moving average is $60.86 and its two-hundred day moving average is $59.01. The company has a market capitalization of $8.94 billion, a P/E ratio of 9.45, a P/E/G ratio of 2.05 and a beta of 0.81. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.83 and a current ratio of 0.83. Zions Bancorporation, N.A. has a fifty-two week low of $46.19 and a fifty-two week high of $66.18.

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

Zions Bancorporation, N.A. announced that its board has approved a share buyback plan on Saturday, May 2nd that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 2.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Zions Bancorporation, N.A. Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a dividend of $0.45 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.0%. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is 27.99%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ZION. DA Davidson increased their price target on Zions Bancorporation, N.A. from $75.00 to $78.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Barclays increased their price target on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. increased their price target on Zions Bancorporation, N.A. from $62.00 to $67.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 21st. Morgan Stanley cut their price target on Zions Bancorporation, N.A. from $75.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Finally, TD Cowen increased their price target on Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the stock 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 given 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. presently has an average rating of "Hold" and a consensus price target of $65.53.

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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