HBK Sorce Advisory LLC Acquires New Holdings in Zions Bancorporation, N.A. $ZION

Key Points

• HBK Sorce Advisory acquired 54,029 shares of Zions Bancorporation worth approximately $3.87 million in the second quarter. Institutional investors collectively own 76.84% of the bank’s stock.
• Zions raised its quarterly dividend to $0.48 per share, equivalent to a 2.7% annual yield, and authorized a $225 million share-repurchase program covering up to 2.4% of outstanding shares.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $71.29; targets range from $66 to $80, while the stock recently opened at $72.20.

HBK Sorce Advisory LLC acquired a new position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 54,029 shares of the bank's stock, valued at approximately $3,874,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. raised its position in shares of Zions Bancorporation, N.A. by 5.2% during the 1st quarter. Bessemer Group Inc. now owns 3,159 shares of the bank's stock worth $182,000 after buying an additional 157 shares in the last quarter. Michels Family Financial LLC lifted its stake in shares of Zions Bancorporation, N.A. by 1.5% in the 4th quarter. Michels Family Financial LLC now owns 12,142 shares of the bank's stock worth $711,000 after acquiring an additional 185 shares during the period. C M Bidwell & Associates Ltd. boosted its holdings in shares of Zions Bancorporation, N.A. by 13.5% in the fourth quarter. C M Bidwell & Associates Ltd. now owns 1,555 shares of the bank's stock valued at $91,000 after acquiring an additional 185 shares in the last quarter. Alta Capital Management LLC increased its stake in shares of Zions Bancorporation, N.A. by 0.7% during the fourth quarter. Alta Capital Management LLC now owns 27,838 shares of the bank's stock valued at $1,630,000 after acquiring an additional 203 shares during the period. Finally, Modern Wealth Management LLC increased its stake in shares of Zions Bancorporation, N.A. by 4.7% during the first quarter. Modern Wealth Management LLC now owns 4,670 shares of the bank's stock valued at $272,000 after acquiring an additional 209 shares during the period. Institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Price Performance

ZION stock opened at $72.20 on Monday. The firm has a market cap of $10.54 billion, a PE ratio of 9.20, a P/E/G ratio of 1.72 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 debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a 50 day simple moving average of $69.32 and a 200 day simple moving average of $63.34.

Zions Bancorporation, N.A. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th will be given a dividend of $0.48 per share. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 13th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.7%. Zions Bancorporation, N.A.'s payout ratio is currently 24.46%.

Zions Bancorporation, N.A. announced that its board has initiated a stock buyback program on Saturday, May 2nd that authorizes the company to buyback $225.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have weighed in on ZION. Citigroup upped their target price on 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. Cantor Fitzgerald lifted their price target on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Stephens dropped their price objective on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 21st. Truist Financial boosted their price objective on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. lowered Zions Bancorporation, N.A. from a "neutral" rating to an "underweight" rating and set a $75.00 price objective for the company. in a report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $71.29.

Insider Transactions at Zions Bancorporation, N.A.

In other news, EVP Derek Steward sold 894 shares of the company's stock in a transaction 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 directly 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 SEC, which is available at the SEC website. Also, EVP Scott A. Law sold 4,608 shares of the company's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total value of $333,711.36. Following the sale, the executive vice president directly owned 32,890 shares of the company's stock, valued at approximately $2,381,893.80. This represents a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 88,787 shares of company stock valued at $6,283,858 in the last three months. 1.43% of the stock is currently owned by corporate insiders.

Zions Bancorporation, N.A. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source