Illinois Municipal Retirement Fund Raises Stock Holdings in Zions Bancorporation, N.A. $ZION

Key Points

• Illinois Municipal Retirement Fund increased its stake in Zions Bancorporation by 52.2% in the first quarter, ending with 42,684 shares worth about $2.46 million.
• Zions Bancorporation posted better-than-expected Q1 results, with EPS of $1.56 versus the $1.43 estimate and revenue of $859 million versus expectations of $853.73 million.
• The bank announced a $225 million share repurchase program and recently paid a quarterly dividend of $0.45 per share, equal to an annualized yield of about 2.5%.

Illinois Municipal Retirement Fund boosted its position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 52.2% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 42,684 shares of the bank's stock after acquiring an additional 14,636 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Zions Bancorporation, N.A. were worth $2,459,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new position in shares of Zions Bancorporation, N.A. in the first quarter worth about $260,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in Zions Bancorporation, N.A. by 92.0% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 10,870 shares of the bank's stock valued at $626,000 after buying an additional 5,208 shares during the last quarter. State of Michigan Retirement System increased its holdings in Zions Bancorporation, N.A. by 1.7% in the 1st quarter. State of Michigan Retirement System now owns 35,500 shares of the bank's stock worth $2,046,000 after buying an additional 600 shares during the period. Principal Financial Group Inc. raised its position in Zions Bancorporation, N.A. by 3.8% during the 1st quarter. Principal Financial Group Inc. now owns 329,515 shares of the bank's stock worth $18,987,000 after buying an additional 11,977 shares during the last quarter. Finally, Chicago Partners Investment Group LLC raised its position in Zions Bancorporation, N.A. by 28.6% during the 1st quarter. Chicago Partners Investment Group LLC now owns 17,619 shares of the bank's stock worth $1,091,000 after buying an additional 3,917 shares during the last quarter. Hedge funds and other institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ ZION opened at $72.27 on Monday. The stock has a market capitalization of $10.63 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.73 and a beta of 0.80. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34. The firm's 50 day simple moving average is $65.74 and its 200-day simple moving average is $61.82. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.83.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its earnings results on Monday, April 20th. The bank reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.13. The firm had revenue of $859.00 million during the quarter, compared to analysts' expectations of $853.73 million. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. During the same period in the previous year, the business posted $1.13 EPS. Analysts expect that Zions Bancorporation, N.A. will post 6.49 EPS for the current year.

Zions Bancorporation, N.A. declared that its Board of Directors has initiated a share repurchase program on Saturday, May 2nd that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Zions Bancorporation, N.A. Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were given a $0.45 dividend. The ex-dividend date was Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.5%. Zions Bancorporation, N.A.'s dividend payout ratio is 27.99%.

Insider Activity

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.43% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ZION shares. DA Davidson upped their price objective on shares of Zions Bancorporation, N.A. from $75.00 to $78.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Citigroup raised 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 report on Wednesday, April 22nd. Barclays boosted their target price on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an "underweight" rating in a research report on Wednesday, April 22nd. TD Cowen upped their price target on shares of Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the company a "hold" rating in a report on Tuesday, April 21st. Finally, Piper Sandler cut their price target on Zions Bancorporation, N.A. from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Thursday, April 2nd. Six analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Zions Bancorporation, N.A. presently has an average rating of "Hold" and a consensus price target of $69.12.

About Zions Bancorporation, N.A.

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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