Man Group plc Takes $14.01 Million Position in Zions Bancorporation, N.A. $ZION

Key Points

• Man Group plc acquired 202,467 shares of Zions Bancorporation worth approximately $14.01 million, giving it a 0.14% stake. Institutional investors collectively own 76.84% of the bank.
• Zions exceeded quarterly expectations, reporting $1.74 in EPS versus the $1.57 consensus and $1.14 billion in revenue, up 35.7% year over year. The bank also authorized a $225 million share buyback and raised its quarterly dividend to $0.48 per share.
• Analysts maintain a consensus “Hold” rating with a $71.29 price target, while insiders sold roughly $6.28 million of stock over the past 90 days.

Man Group plc acquired a new position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 202,467 shares of the bank's stock, valued at approximately $14,009,000. Man Group plc owned approximately 0.14% of Zions Bancorporation, N.A. at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Bessemer Group Inc. increased its holdings in shares of Zions Bancorporation, N.A. by 5.2% in the 1st quarter. Bessemer Group Inc. now owns 3,159 shares of the bank's stock worth $182,000 after buying an additional 157 shares during the last quarter. Michels Family Financial LLC grew its position in Zions Bancorporation, N.A. by 1.5% in the fourth quarter. Michels Family Financial LLC now owns 12,142 shares of the bank's stock worth $711,000 after acquiring an additional 185 shares in the last quarter. C M Bidwell & Associates Ltd. increased its stake in Zions Bancorporation, N.A. by 13.5% in the fourth quarter. C M Bidwell & Associates Ltd. now owns 1,555 shares of the bank's stock valued at $91,000 after acquiring an additional 185 shares during the last quarter. Alta Capital Management LLC raised its position in Zions Bancorporation, N.A. by 0.7% during the fourth quarter. Alta Capital Management LLC now owns 27,838 shares of the bank's stock valued at $1,630,000 after purchasing an additional 203 shares in the last quarter. Finally, Modern Wealth Management LLC lifted its stake in Zions Bancorporation, N.A. by 4.7% during the first quarter. Modern Wealth Management LLC now owns 4,670 shares of the bank's stock worth $272,000 after purchasing an additional 209 shares during the last quarter. 76.84% of the stock is currently owned by institutional investors.

Zions Bancorporation, N.A. Stock Performance

NASDAQ:ZION opened at $67.91 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.84 and a current ratio of 0.84. Zions Bancorporation, N.A. has a fifty-two week low of $46.19 and a fifty-two week high of $73.34. The firm has a market cap of $9.91 billion, a PE ratio of 8.65, a price-to-earnings-growth ratio of 1.62 and a beta of 0.81. The business has a 50 day moving average price of $69.84 and a 200-day moving average price of $63.80.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its quarterly earnings results on Monday, July 20th. The bank reported $1.74 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.17. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $877.44 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The firm's revenue was up 35.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 EPS. Equities research analysts predict that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current year.

Zions Bancorporation, N.A. declared that its Board of Directors has approved a stock buyback program on Saturday, May 2nd that authorizes the company to repurchase $225.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued a dividend of $0.48 per share. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Thursday, August 13th. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is currently 24.46%.

Insider Buying and Selling

In related news, EVP Scott A. Law sold 4,608 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the sale, the executive vice president directly owned 32,890 shares of the company's stock, valued at $2,381,893.80. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Scott J. Mclean sold 33,285 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total value of $2,350,919.55. Following the transaction, the president directly owned 73,043 shares of the company's stock, valued at $5,159,027.09. The trade was a 31.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 88,787 shares of company stock valued at $6,283,858 over the last ninety days. 1.43% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Morgan Stanley raised their price objective on Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the company an "overweight" rating in a report on Monday, June 29th. DA Davidson lifted their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Cantor Fitzgerald boosted their price objective on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Robert W. Baird upped their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a "neutral" rating in a research note on Tuesday, July 21st. Finally, JPMorgan Chase & Co. lowered shares of Zions Bancorporation, N.A. from a "neutral" rating to an "underweight" rating and set a $75.00 target price on the stock. in a report on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Zions Bancorporation, N.A. presently has a consensus rating of "Hold" and a consensus target price of $71.29.

Zions Bancorporation, N.A. 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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