Great Lakes Advisors LLC Invests $5.64 Million in Zions Bancorporation, N.A. $ZION

Key Points

• Great Lakes Advisors purchased 81,498 ZION shares worth approximately $5.64 million in the second quarter, giving it a 0.06% stake. Institutional investors collectively own 76.84% of Zions Bancorporation.
• Analysts maintain a consensus “Hold” rating with an average price target of $71.29, although several firms recently raised their targets to between $66 and $77.
• Zions reported quarterly earnings of $1.74 per share, beating estimates, while revenue rose 35.7% year over year to $1.14 billion. The bank also raised its quarterly dividend to $0.48 and authorized a $225 million share-repurchase program.

Great Lakes Advisors LLC purchased a new stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 81,498 shares of the bank's stock, valued at approximately $5,639,000. Great Lakes Advisors LLC owned approximately 0.06% of Zions Bancorporation, N.A. as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ZION. Royal Bank of Canada boosted its position in shares of Zions Bancorporation, N.A. by 76.3% in the first quarter. Royal Bank of Canada now owns 137,434 shares of the bank's stock worth $6,853,000 after buying an additional 59,483 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Zions Bancorporation, N.A. by 18.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,960 shares of the bank's stock valued at $2,042,000 after buying an additional 6,393 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Zions Bancorporation, N.A. by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 504,860 shares of the bank's stock worth $25,172,000 after acquiring an additional 2,659 shares in the last quarter. Focus Partners Wealth boosted its position in Zions Bancorporation, N.A. by 91.7% during the 1st quarter. Focus Partners Wealth now owns 21,502 shares of the bank's stock worth $1,072,000 after acquiring an additional 10,283 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Zions Bancorporation, N.A. by 52.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,816 shares of the bank's stock worth $94,000 after acquiring an additional 625 shares during the period. Institutional investors and hedge funds own 76.84% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ZION. TD Cowen increased their price target on shares of Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the stock a "hold" rating in a research report on Tuesday, July 21st. Wall Street Zen raised shares of Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Morgan Stanley upped their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Citigroup increased their target price 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. Finally, Wells Fargo & Company lifted their target price on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $71.29.

Zions Bancorporation, N.A. Stock Down 3.7%

ZION stock opened at $68.29 on Thursday. The firm has a market cap of $9.97 billion, a PE ratio of 8.70, a PEG ratio of 1.69 and a beta of 0.81. Zions Bancorporation, N.A. has a 1 year low of $46.19 and a 1 year high of $73.34. The company has a fifty day simple moving average of $69.66 and a 200 day simple moving average of $63.58. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its earnings results on Monday, July 20th. The bank reported $1.74 EPS for the quarter, topping the consensus estimate of $1.57 by $0.17. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $877.44 million. During the same period in the prior year, the business posted $1.63 earnings per share. The business's quarterly revenue was up 35.7% on a year-over-year basis. Sell-side analysts anticipate that Zions Bancorporation, N.A. will post 6.6 EPS for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, August 13th. 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 (DPR) is 24.46%.

Zions Bancorporation, N.A. declared that its board has authorized a share buyback program on Saturday, May 2nd that permits the company to buyback $225.00 million in shares. This buyback authorization permits the bank to buy up to 2.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Derek Steward sold 894 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the completion of the sale, the executive vice president owned 17,449 shares of the company's stock, valued at $1,215,322.85. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Scott J. Mclean sold 33,285 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total value of $2,350,919.55. Following the transaction, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. This trade represents a 31.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 88,787 shares of company stock worth $6,283,858. 1.43% of the stock is currently owned by insiders.

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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