Great Lakes Advisors LLC Makes New $6.25 Million Investment in Zions Bancorporation, N.A. $ZION

Key Points

• Great Lakes Advisors LLC has purchased a new stake in Zions Bancorporation, N.A., acquiring approximately $6.25 million for 125,272 shares, representing about 0.08% ownership of the bank.
• Zions Bancorporation has recently increased its quarterly dividend from $0.43 to $0.45, resulting in an annualized yield of 3.2% and a payout ratio of 32.91%.
• Following positive earnings results, several analysts have lifted their price targets for Zions Bancorporation, with rates ranging from $52.00 to $66.00, indicating a consensus rating of "Hold."

Great Lakes Advisors LLC purchased a new position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 125,272 shares of the bank's stock, valued at approximately $6,246,000. Great Lakes Advisors LLC owned approximately 0.08% of Zions Bancorporation, N.A. at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC raised its position in Zions Bancorporation, N.A. by 326.4% during the first quarter. AQR Capital Management LLC now owns 2,866,759 shares of the bank's stock valued at $139,927,000 after acquiring an additional 2,194,514 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its position in Zions Bancorporation, N.A. by 57.5% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 2,133,336 shares of the bank's stock valued at $106,368,000 after acquiring an additional 778,861 shares in the last quarter. GAMMA Investing LLC raised its position in Zions Bancorporation, N.A. by 5,690.4% during the first quarter. GAMMA Investing LLC now owns 550,903 shares of the bank's stock valued at $27,468,000 after acquiring an additional 541,389 shares in the last quarter. FJ Capital Management LLC bought a new position in Zions Bancorporation, N.A. during the first quarter valued at approximately $21,361,000. Finally, MetLife Investment Management LLC raised its position in Zions Bancorporation, N.A. by 443.5% during the first quarter. MetLife Investment Management LLC now owns 452,263 shares of the bank's stock valued at $22,550,000 after acquiring an additional 369,052 shares in the last quarter. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Stock Performance

Shares of Zions Bancorporation, N.A. stock traded down $0.94 during midday trading on Monday, hitting $57.48. The company had a trading volume of 327,107 shares, compared to its average volume of 1,575,054. The business's 50 day simple moving average is $55.33 and its two-hundred day simple moving average is $50.46. The stock has a market cap of $8.49 billion, a PE ratio of 10.54, a P/E/G ratio of 1.52 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. Zions Bancorporation, N.A. has a 1-year low of $39.32 and a 1-year high of $63.22.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.27. The business had revenue of $838.00 million for the quarter, compared to the consensus estimate of $810.24 million. Zions Bancorporation, N.A. had a net margin of 16.98% and a return on equity of 13.76%. During the same quarter last year, the company posted $1.28 earnings per share. As a group, equities analysts predict that Zions Bancorporation, N.A. will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a dividend of $0.45 per share. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Thursday, August 14th. Zions Bancorporation, N.A.'s dividend payout ratio is presently 32.91%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ZION shares. Wells Fargo & Company raised their price objective on shares of Zions Bancorporation, N.A. from $47.00 to $58.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Truist Financial raised their price objective on shares of Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. Jefferies Financial Group raised shares of Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and raised their price objective for the company from $45.00 to $60.00 in a research report on Tuesday, July 22nd. Cantor Fitzgerald began coverage on shares of Zions Bancorporation, N.A. in a research report on Wednesday, September 10th. They issued an "overweight" rating and a $64.00 price target on the stock. Finally, DA Davidson lifted their price target on shares of Zions Bancorporation, N.A. from $57.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $60.95.

Zions Bancorporation, N.A. 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.