Mackenzie Financial Corp Makes New Investment 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 Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,023 shares of the bank's stock, valued at approximately $400,000.

Several other institutional investors have also added to or reduced their stakes in the stock. LPL Financial LLC boosted its holdings in shares of Zions Bancorporation, N.A. by 6.3% during the 1st quarter. LPL Financial LLC now owns 63,365 shares of the bank's stock worth $3,159,000 after buying an additional 3,756 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of Zions Bancorporation, N.A. by 18.9% during the 1st quarter. Cetera Investment Advisers now owns 41,060 shares of the bank's stock worth $2,047,000 after buying an additional 6,519 shares in the last quarter. AE Wealth Management LLC boosted its holdings in shares of Zions Bancorporation, N.A. by 12.1% during the 1st quarter. AE Wealth Management LLC now owns 72,031 shares of the bank's stock worth $3,592,000 after buying an additional 7,748 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in shares of Zions Bancorporation, N.A. by 85.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 24,407 shares of the bank's stock worth $1,217,000 after buying an additional 11,257 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Zions Bancorporation, N.A. by 9.5% during the 1st quarter. Allianz Asset Management GmbH now owns 450,600 shares of the bank's stock worth $22,467,000 after buying an additional 39,108 shares in the last quarter. 76.84% of the stock is currently owned by institutional investors.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ ZION traded up $0.59 during trading hours on Tuesday, reaching $52.37. 249,533 shares of the stock traded hands, compared to its average volume of 1,610,561. The company has a market capitalization of $7.73 billion, a P/E ratio of 9.58, a price-to-earnings-growth ratio of 1.37 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.15. Zions Bancorporation, N.A. has a 52-week low of $39.32 and a 52-week high of $63.22. The company's 50-day simple moving average is $52.42 and its two-hundred day simple moving average is $50.46.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The bank reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.31 by $0.27. The company had revenue of $838.00 million for the quarter, compared to analysts' expectations 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 period last year, the firm posted $1.28 EPS. Equities research analysts forecast that Zions Bancorporation, N.A. will post 5.39 EPS for the current year.

Zions Bancorporation, N.A. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be paid a $0.45 dividend. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.80 dividend on an annualized basis and a yield of 3.4%. Zions Bancorporation, N.A.'s payout ratio is presently 31.44%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods cut their price target on Zions Bancorporation, N.A. from $65.00 to $58.00 and set a "market perform" rating on the stock in a report on Tuesday, April 22nd. Wall Street Zen raised Zions Bancorporation, N.A. from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. DA Davidson raised their price objective on shares of Zions Bancorporation, N.A. from $57.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Jefferies Financial Group raised Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and increased their price target for the company from $45.00 to $60.00 in a research report on Tuesday, July 22nd. Finally, Truist Financial increased their price target on Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. One research 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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $60.78.

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.