Janney Montgomery Scott LLC Acquires New Stake in Zions Bancorporation, N.A. (NASDAQ:ZION)

Janney Montgomery Scott LLC acquired a new stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 67,845 shares of the bank's stock, valued at approximately $3,383,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Zions Bancorporation, N.A. in the 4th quarter worth about $73,542,000. Balyasny Asset Management L.P. increased its position in Zions Bancorporation, N.A. by 249.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,624,521 shares of the bank's stock valued at $88,130,000 after buying an additional 1,159,888 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in Zions Bancorporation, N.A. during the 4th quarter worth approximately $51,116,000. Boston Partners purchased a new position in Zions Bancorporation, N.A. in the 4th quarter worth $33,961,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Zions Bancorporation, N.A. by 5,690.4% during the first quarter. GAMMA Investing LLC now owns 550,903 shares of the bank's stock worth $27,468,000 after purchasing an additional 541,389 shares during the period. Institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Trading Up 1.8%

Shares of ZION stock opened at $49.47 on Tuesday. The stock has a market capitalization of $7.30 billion, a P/E ratio of 9.66, a price-to-earnings-growth ratio of 1.59 and a beta of 0.88. The company has a 50 day moving average price of $47.00 and a 200 day moving average price of $50.92. Zions Bancorporation, N.A. has a fifty-two week low of $39.32 and a fifty-two week high of $63.22. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.83.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its earnings results on Monday, April 21st. The bank reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $795.00 million for the quarter, compared to analyst estimates of $792.49 million. Zions Bancorporation, N.A. had a return on equity of 13.53% and a net margin of 16.08%. During the same quarter in the prior year, the company posted $0.96 earnings per share. Equities research analysts predict that Zions Bancorporation, N.A. will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, N.A. announced that its Board of Directors has authorized a stock repurchase program on Monday, February 24th that allows the company to buyback $40.00 million in shares. This buyback authorization allows the bank to buy up to 0.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Zions Bancorporation, N.A. Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were issued a $0.43 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.48%. Zions Bancorporation, N.A.'s payout ratio is 33.59%.

Wall Street Analyst Weigh In

ZION has been the topic of several analyst reports. Royal Bank Of Canada dropped their target price on Zions Bancorporation, N.A. from $63.00 to $53.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 22nd. Argus upgraded shares of Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating and set a $55.00 target price for the company in a research report on Monday, April 28th. Truist Financial assumed coverage on Zions Bancorporation, N.A. in a report on Tuesday, May 13th. They issued a "hold" rating and a $52.00 target price for the company. Stephens reduced their price target on shares of Zions Bancorporation, N.A. from $54.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Keefe, Bruyette & Woods cut their target price on Zions Bancorporation, N.A. from $65.00 to $58.00 and set a "market perform" rating for the company in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Zions Bancorporation, N.A. currently has an average rating of "Hold" and a consensus price target of $57.94.

About Zions Bancorporation, N.A.

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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