Mackenzie Financial Corp Acquires New Position in Zions Bancorporation, N.A. (NASDAQ:ZION)

Key Points

• Mackenzie Financial Corp acquired 8,023 shares of Zions Bancorporation, N.A. worth approximately $400,000 in the first quarter.
• Zions Bancorporation, N.A. reported $1.58 EPS for the last quarter, surpassing analysts' expectations of $1.31, and has a current market capitalization of $7.68 billion.
• The company's quarterly dividend was increased to $0.45, yielding 3.5%, with the ex-dividend date set for August 14th.

Mackenzie Financial Corp bought a new stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 8,023 shares of the bank's stock, valued at approximately $400,000.

Other institutional investors have also recently modified their holdings of the company. Curat Global LLC purchased a new position in Zions Bancorporation, N.A. in the 1st quarter worth approximately $25,000. Covestor Ltd lifted its stake in Zions Bancorporation, N.A. by 128.1% in the 4th quarter. Covestor Ltd now owns 853 shares of the bank's stock worth $46,000 after purchasing an additional 479 shares in the last quarter. Princeton Global Asset Management LLC purchased a new position in Zions Bancorporation, N.A. in the 1st quarter worth approximately $50,000. CX Institutional purchased a new position in Zions Bancorporation, N.A. in the 1st quarter worth approximately $53,000. Finally, Bridge Generations Wealth Management LLC purchased a new position in Zions Bancorporation, N.A. in the 1st quarter worth approximately $65,000. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Zions Bancorporation, N.A. Stock Up 1.6%

Shares of Zions Bancorporation, N.A. stock traded up $0.84 during trading on Friday, hitting $52.04. 1,348,979 shares of the stock were exchanged, compared to its average volume of 1,640,965. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 1.37 and a beta of 0.93. The firm's 50-day moving average price is $52.32 and its 200 day moving average price is $50.56. Zions Bancorporation, N.A. has a 12-month low of $39.32 and a 12-month high of $63.22. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.27. Zions Bancorporation, N.A. had a net margin of 16.98% and a return on equity of 13.76%. The business had revenue of $838.00 million during the quarter, compared to analysts' expectations of $810.24 million. During the same period in the previous year, the company earned $1.28 EPS. As a group, analysts forecast that Zions Bancorporation, N.A. will post 5.39 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.5%. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. The ex-dividend date is Thursday, August 14th. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is presently 31.44%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Royal Bank Of Canada raised their target price on shares of Zions Bancorporation, N.A. from $57.00 to $62.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Jefferies Financial Group upgraded shares of Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and raised their price target for the stock from $45.00 to $60.00 in a report on Tuesday, July 22nd. Morgan Stanley raised their price target on shares of Zions Bancorporation, N.A. from $60.00 to $66.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Keefe, Bruyette & Woods cut their price target on shares of Zions Bancorporation, N.A. from $65.00 to $58.00 and set a "market perform" rating for the company in a report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $60.78.

Zions Bancorporation, N.A. Company 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.