Intech Investment Management LLC Buys 45,259 Shares of 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 increased its stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 465.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,987 shares of the bank's stock after buying an additional 45,259 shares during the quarter. Intech Investment Management LLC's holdings in Zions Bancorporation, N.A. were worth $2,742,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Picton Mahoney Asset Management bought a new position in shares of Zions Bancorporation, N.A. during the 1st quarter worth approximately $25,000. Curat Global LLC bought a new position in Zions Bancorporation, N.A. in the 1st quarter valued at $25,000. New Age Alpha Advisors LLC acquired a new stake in shares of Zions Bancorporation, N.A. in the 1st quarter valued at $40,000. Princeton Global Asset Management LLC acquired a new stake in shares of Zions Bancorporation, N.A. in the 1st quarter valued at $50,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Zions Bancorporation, N.A. in the 1st quarter valued at $52,000. Institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Stock Performance

ZION opened at $58.42 on Monday. Zions Bancorporation, N.A. has a 52-week low of $39.32 and a 52-week high of $63.22. The firm has a market capitalization of $8.62 billion, a PE ratio of 10.68, a PEG ratio of 1.52 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80. The business's 50-day simple moving average is $55.33 and its 200 day simple moving average is $50.46.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The bank reported $1.58 earnings per share 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 the consensus estimate of $810.24 million. Zions Bancorporation, N.A. had a return on equity of 13.76% and a net margin of 16.98%.During the same quarter in the previous year, the business earned $1.28 earnings per share. As a group, sell-side analysts expect that Zions Bancorporation, N.A. will post 5.39 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Jefferies Financial Group raised Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and lifted their price objective for the stock from $45.00 to $60.00 in a research note on Tuesday, July 22nd. Truist Financial lifted their price objective on 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. Cantor Fitzgerald assumed coverage on Zions Bancorporation, N.A. in a research note on Wednesday, September 10th. They set an "overweight" rating and a $64.00 price objective for the company. Morgan Stanley lifted 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 note on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Zions Bancorporation, N.A. currently has an average rating of "Hold" and a consensus target price 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.

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