Intech Investment Management LLC Raises Stock Position in Zions Bancorporation, N.A. $ZION

Key Points

• Intech Investment Management LLC significantly increased its stake in Zions Bancorporation, N.A. by 465.2%, acquiring an additional 45,259 shares during the 1st quarter, bringing their total to 54,987 shares valued at approximately $2.74 million.
• Zions Bancorporation reported earnings of $1.58 per share for the latest quarter, surpassing analysts' expectations of $1.31, and recorded revenue of $838 million compared to the forecast of $810.24 million.
• The company announced a quarterly dividend of $0.45 per share, increasing from the previous dividend, resulting in an annualized yield of 3.1%.

Intech Investment Management LLC grew its holdings in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 465.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,987 shares of the bank's stock after purchasing an additional 45,259 shares during the quarter. Intech Investment Management LLC's holdings in Zions Bancorporation, N.A. were worth $2,742,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Focus Partners Wealth lifted its stake in Zions Bancorporation, N.A. by 91.7% in the 1st quarter. Focus Partners Wealth now owns 21,502 shares of the bank's stock worth $1,072,000 after purchasing an additional 10,283 shares in the last quarter. Bayforest Capital Ltd raised its position in shares of Zions Bancorporation, N.A. by 636.2% during the 1st quarter. Bayforest Capital Ltd now owns 3,578 shares of the bank's stock valued at $178,000 after buying an additional 3,092 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Zions Bancorporation, N.A. by 0.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 504,860 shares of the bank's stock valued at $25,172,000 after buying an additional 2,659 shares during the period. United Services Automobile Association purchased a new stake in Zions Bancorporation, N.A. in the first quarter valued at approximately $484,000. Finally, Great Lakes Advisors LLC purchased a new stake in Zions Bancorporation, N.A. in the first quarter valued at approximately $6,246,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Price Performance

Shares of ZION stock traded down $0.45 during trading hours on Friday, hitting $58.70. The company's stock had a trading volume of 3,450,966 shares, compared to its average volume of 1,307,616. Zions Bancorporation, N.A. has a twelve month low of $39.32 and a twelve month high of $63.22. The business has a fifty day moving average of $55.53 and a 200-day moving average of $50.67. The stock has a market cap of $8.67 billion, a price-to-earnings ratio of 10.73, a P/E/G ratio of 1.54 and a beta of 0.97. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its earnings results on Monday, July 21st. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.27. The firm had revenue of $838.00 million for the quarter, compared to analyst estimates of $810.24 million. Zions Bancorporation, N.A. had a net margin of 16.98% and a return on equity of 13.76%. During the same quarter last year, the business earned $1.28 earnings per share. As a group, equities research analysts anticipate that Zions Bancorporation, N.A. will post 5.39 EPS for the current year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. Zions Bancorporation, N.A.'s payout ratio is 32.91%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ZION. Wells Fargo & Company boosted their target price on Zions Bancorporation, N.A. from $47.00 to $58.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Morgan Stanley upped their price objective on Zions Bancorporation, N.A. from $60.00 to $66.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Cantor Fitzgerald initiated coverage on Zions Bancorporation, N.A. in a research report on Wednesday, September 10th. They set an "overweight" rating and a $64.00 price objective on the stock. Royal Bank Of Canada upped their price objective on Zions Bancorporation, N.A. from $57.00 to $62.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Finally, Truist Financial boosted their target price on shares of Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $60.95.

Zions Bancorporation, N.A. Profile

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments.