Infrastructure Capital Advisors LLC Buys Shares of 40,839 Zions Bancorporation, N.A. $ZION

Key Points

• Infrastructure Capital Advisors initiated a position in Zions Bancorporation by purchasing 40,839 shares valued at approximately $2.83 million. Institutional investors collectively own 76.84% of the bank’s outstanding stock.
• Zions reported stronger-than-expected quarterly results, with EPS of $1.74 versus the $1.57 consensus estimate and revenue of $1.14 billion, up 35.7% year over year.
• The bank authorized a $225 million share-repurchase program and raised its quarterly dividend to $0.48 per share, while analysts maintain a consensus “Hold” rating with an average price target of $71.29.

Infrastructure Capital Advisors LLC purchased a new position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 40,839 shares of the bank's stock, valued at approximately $2,826,000.

Several other institutional investors and hedge funds also recently modified their holdings of ZION. Sanctuary Advisors LLC bought a new position in shares of Zions Bancorporation, N.A. in the second quarter worth $305,000. Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of Zions Bancorporation, N.A. during the second quarter valued at about $236,000. Haverford Trust Co bought a new stake in shares of Zions Bancorporation, N.A. during the second quarter valued at about $312,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Zions Bancorporation, N.A. in the second quarter worth about $45,000. Finally, Quantbot Technologies LP acquired a new stake in Zions Bancorporation, N.A. in the second quarter worth about $6,125,000. Institutional investors own 76.84% of the company's stock.

Insider Activity

In other news, EVP Derek Steward sold 894 shares of the business'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 sale, the executive vice president directly owned 17,449 shares of the company's stock, valued at $1,215,322.85. The trade was a 4.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Scott J. Mclean sold 33,285 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total value of $2,350,919.55. Following the completion of the transaction, the president owned 73,043 shares of the company's stock, valued at $5,159,027.09. This trade represents a 31.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 88,787 shares of company stock worth $6,283,858. Insiders own 1.43% of the company's stock.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ ZION opened at $68.14 on Monday. Zions Bancorporation, N.A. has a twelve month low of $46.19 and a twelve month high of $73.34. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $9.95 billion, a price-to-earnings ratio of 8.68, a PEG ratio of 1.62 and a beta of 0.81. The firm has a 50-day moving average of $69.71 and a two-hundred day moving average of $63.68.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate 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 posted $1.63 EPS. The business's revenue was up 35.7% compared to the same quarter last year. As a group, analysts expect that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. declared that its board has authorized a stock repurchase 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 typically an indication that the company's board of directors believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ZION. Robert W. Baird increased their target price on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a "neutral" rating in a research report on Tuesday, July 21st. Royal Bank Of Canada boosted their price target on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 21st. Stephens reduced their price target on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday, July 21st. Morgan Stanley increased their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Finally, TD Cowen raised their price objective on shares of Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a "hold" rating in a research note on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Zions Bancorporation, N.A. currently has a consensus rating of "Hold" and an average price target of $71.29.

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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