Horizon Investments LLC Grows Stock Position in Zions Bancorporation, N.A. $ZION

Key Points

• Horizon Investments increased its stake in Zions Bancorporation by 30.3% in Q4, buying 17,458 shares to own 75,004 shares worth about $4.39 million (roughly 0.05% of the company).
• Zions reported quarterly EPS of $1.56 (beating estimates) on $849 million of revenue (slightly below estimates), showed strong profitability (ROE 13.9%, net margin 19.53%), and its board authorized a $225 million share buyback (up to 2.4% of shares).
• Analysts have a consensus rating of Hold with an average price target of $65.53; the bank trades at a market cap of about $9.3 billion and a P/E of ~9.8.

Horizon Investments LLC raised its holdings in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 30.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 75,004 shares of the bank's stock after buying an additional 17,458 shares during the quarter. Horizon Investments LLC owned about 0.05% of Zions Bancorporation, N.A. worth $4,391,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Mutual Advisors LLC purchased a new stake in Zions Bancorporation, N.A. in the fourth quarter valued at about $211,000. State of New Jersey Common Pension Fund D raised its stake in Zions Bancorporation, N.A. by 10.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 43,714 shares of the bank's stock valued at $2,559,000 after buying an additional 3,956 shares during the last quarter. Bogart Wealth LLC raised its stake in Zions Bancorporation, N.A. by 1,092.3% in the fourth quarter. Bogart Wealth LLC now owns 3,851 shares of the bank's stock valued at $225,000 after buying an additional 3,528 shares during the last quarter. Vest Financial LLC raised its stake in Zions Bancorporation, N.A. by 129.1% in the fourth quarter. Vest Financial LLC now owns 56,420 shares of the bank's stock valued at $3,303,000 after buying an additional 31,798 shares during the last quarter. Finally, Certuity LLC raised its stake in Zions Bancorporation, N.A. by 29.2% in the fourth quarter. Certuity LLC now owns 5,330 shares of the bank's stock valued at $312,000 after buying an additional 1,205 shares during the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Price Performance

Shares of ZION opened at $63.26 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.27. Zions Bancorporation, N.A. has a 12 month low of $45.24 and a 12 month high of $66.18. The stock's 50 day moving average is $58.67 and its two-hundred day moving average is $57.49. The firm has a market cap of $9.30 billion, a P/E ratio of 9.84, a PEG ratio of 2.18 and a beta of 0.83.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings data on Monday, April 20th. The bank reported $1.56 EPS for the quarter, beating the consensus estimate 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 company had revenue of $849.00 million for the quarter, compared to analyst estimates of $853.73 million. During the same period last year, the company earned $1.13 earnings per share. Analysts predict that Zions Bancorporation, N.A. will post 6.38 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a share buyback program on Saturday, May 2nd that permits the company to repurchase $225.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

ZION has been the subject of a number of research analyst reports. Weiss Ratings upgraded Zions Bancorporation, N.A. from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, April 10th. Brean Capital began coverage on Zions Bancorporation, N.A. in a research note on Thursday, March 12th. They issued a "neutral" rating for the company. Piper Sandler reduced their price objective on Zions Bancorporation, N.A. from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Thursday, April 2nd. DA Davidson raised their price objective on Zions Bancorporation, N.A. from $75.00 to $78.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Finally, Stephens raised their price objective on Zions Bancorporation, N.A. from $63.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 21st. One 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 issued a Sell rating to the company. Based on data from MarketBeat.com, Zions Bancorporation, N.A. currently has a consensus rating of "Hold" and an average price target of $65.53.

Insider Buying and Selling at Zions Bancorporation, N.A.

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 2,089 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $62.48, for a total value of $130,520.72. Following the sale, the executive vice president directly owned 22,733 shares of the company's stock, valued at approximately $1,420,357.84. This trade represents a 8.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Harris H. Simmons acquired 4,500 shares of the company's stock in a transaction on Tuesday, February 24th. The stock was acquired at an average cost of $59.03 per share, for a total transaction of $265,635.00. Following the completion of the acquisition, the chief executive officer owned 1,317,493 shares of the company's stock, valued at $77,771,611.79. This trade represents a 0.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have sold 24,313 shares of company stock valued at $1,587,084. Company insiders own 1.43% of the company's stock.

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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