Ieq Capital LLC Invests $5.85 Million in Zions Bancorporation, N.A. $ZION

Key Points

• Ieq Capital LLC acquired a new $5.85 million stake in Zions Bancorporation during the second quarter, purchasing 84,565 shares, or approximately 0.06% of the bank.
• Zions reported strong quarterly results, with earnings of $1.74 per share beating estimates of $1.57 and revenue rising 35.7% year over year to $1.14 billion.
• The bank increased its quarterly dividend to $0.48 per share and authorized a $225 million share-repurchase program; analysts maintain a consensus “Hold” rating with an average price target of $71.29.

Ieq Capital LLC bought a new stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 84,565 shares of the bank's stock, valued at approximately $5,851,000. Ieq Capital LLC owned approximately 0.06% of Zions Bancorporation, N.A. as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Elevation Wealth Partners LLC increased its position in Zions Bancorporation, N.A. by 528.8% during the 2nd quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank's stock valued at $29,000 after buying an additional 349 shares in the last quarter. Torren Management LLC bought a new stake in Zions Bancorporation, N.A. in the fourth quarter worth $32,000. Leonteq Securities AG bought a new stake in Zions Bancorporation, N.A. in the fourth quarter worth $32,000. Trust Co. of Vermont purchased a new stake in shares of Zions Bancorporation, N.A. in the second quarter worth $35,000. Finally, Atlas Capital Advisors Inc. purchased a new stake in shares of Zions Bancorporation, N.A. in the fourth quarter worth $36,000. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Price Performance

NASDAQ ZION opened at $68.14 on Monday. The stock's 50-day moving average price is $69.71 and its 200-day moving average price is $63.68. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 52 week low of $46.19 and a 52 week high of $73.34. The company has a market capitalization of $9.95 billion, a P/E ratio of 8.68, a price-to-earnings-growth ratio of 1.62 and a beta of 0.81.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $877.44 million. During the same quarter in the previous year, the company earned $1.63 EPS. Zions Bancorporation, N.A.'s revenue for the quarter was up 35.7% on a year-over-year basis. On average, equities research analysts predict that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current year.

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

Zions Bancorporation, N.A. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were paid a dividend of $0.48 per share. The ex-dividend date of this dividend was Thursday, August 13th. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a yield of 2.8%. Zions Bancorporation, N.A.'s dividend payout ratio is currently 24.46%.

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

In related news, EVP Scott A. Law sold 4,608 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the completion of the transaction, the executive vice president owned 32,890 shares in the company, valued at approximately $2,381,893.80. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Derek Steward sold 894 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total value of $62,267.10. Following the transaction, the executive vice president directly owned 17,449 shares in the company, valued at approximately $1,215,322.85. This represents a 4.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 88,787 shares of company stock worth $6,283,858 in the last quarter. 1.43% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ZION has been the subject of several analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. 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. Robert W. Baird raised their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a "neutral" rating in a research note on Tuesday, July 21st. Cantor Fitzgerald lifted their target price on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Finally, Morgan Stanley lifted their target price on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. Six research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $71.29.

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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