Los Angeles Capital Management LLC Sells 118,724 Shares of Zions Bancorporation, N.A. $ZION

Key Points

• Los Angeles Capital Management cut its Zions Bancorporation stake by 39.6% in the fourth quarter, selling 118,724 shares and leaving it with 180,746 shares worth about $10.6 million.
• Zions posted stronger-than-expected quarterly results, reporting $1.56 EPS versus the $1.43 consensus and revenue of $859 million, while management also paid a quarterly dividend of $0.45 per share.
• The bank approved a $225 million share repurchase program, and analysts currently rate the stock a consensus “Hold” with an average price target of $65.53.

Los Angeles Capital Management LLC lowered its stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 39.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 180,746 shares of the bank's stock after selling 118,724 shares during the period. Los Angeles Capital Management LLC owned approximately 0.12% of Zions Bancorporation, N.A. worth $10,581,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ZION. M&T Bank Corp purchased a new position in shares of Zions Bancorporation, N.A. in the 4th quarter worth $8,591,000. Jupiter Asset Management Ltd. purchased a new position in shares of Zions Bancorporation, N.A. in the 3rd quarter worth $934,000. Burney Co. purchased a new position in shares of Zions Bancorporation, N.A. in the 4th quarter worth $4,762,000. Caprock Group LLC purchased a new position in shares of Zions Bancorporation, N.A. in the 3rd quarter worth $1,825,000. Finally, Arbejdsmarkedets Tillaegspension purchased a new position in shares of Zions Bancorporation, N.A. in the 4th quarter worth $24,271,000. Institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Price Performance

Shares of Zions Bancorporation, N.A. stock opened at $63.25 on Tuesday. Zions Bancorporation, N.A. has a one year low of $46.19 and a one year high of $66.18. The stock's fifty day moving average is $61.23 and its 200 day moving average is $59.29. The stock has a market cap of $9.30 billion, a P/E ratio of 9.84, a P/E/G ratio of 2.09 and a beta of 0.81. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.83 and a current ratio of 0.83.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its earnings results on Monday, April 20th. The bank reported $1.56 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. Zions Bancorporation, N.A. had a return on equity of 13.90% and a net margin of 19.53%.The company had revenue of $859.00 million for the quarter, compared to analysts' expectations of $853.73 million. During the same period last year, the firm earned $1.13 EPS. Sell-side analysts anticipate that Zions Bancorporation, N.A. will post 6.44 earnings per share for the current year.

Zions Bancorporation, N.A. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Thursday, May 14th. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is currently 27.99%.

Zions Bancorporation, N.A. announced that its board has approved a share buyback plan on Saturday, May 2nd that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 2.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ZION. TD Cowen raised their price target on Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the stock a "hold" rating in a research note on Tuesday, April 21st. Weiss Ratings upgraded Zions Bancorporation, N.A. from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 4th. Piper Sandler dropped 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 note on Thursday, April 2nd. Robert W. Baird raised their price target on Zions Bancorporation, N.A. from $65.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 21st. Finally, Royal Bank Of Canada raised their price target on Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the stock a "sector perform" rating in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Zions Bancorporation, N.A. currently has a consensus rating of "Hold" and an average target price of $65.53.

Insider Buying and Selling

In related news, EVP Jennifer Anne Smith sold 4,209 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $62.50, for a total value of $263,062.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.43% of the company's stock.

Zions Bancorporation, N.A. Company Profile

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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