Martingale Asset Management L P Buys 21,748 Shares of Zions Bancorporation, N.A. $ZION

Key Points

• Martingale Asset Management L P increased its stake in Zions Bancorporation by 27.8%, acquiring an additional 21,748 shares, bringing its total ownership to 99,905 shares worth approximately $4.98 million.
• Zions Bancorporation reported a quarterly earnings per share of $1.58, surpassing analysts' estimates by $0.27, with a revenue of $838 million for the quarter.
• The company recently increased its quarterly dividend from $0.43 to $0.45, reflecting a yield of 3.4% and a payout ratio of 32.91%.

Martingale Asset Management L P lifted its stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 27.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 99,905 shares of the bank's stock after purchasing an additional 21,748 shares during the period. Martingale Asset Management L P owned 0.07% of Zions Bancorporation, N.A. worth $4,981,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Oppenheimer & Co. Inc. acquired a new stake in Zions Bancorporation, N.A. during the 1st quarter worth $224,000. Principal Financial Group Inc. grew its holdings in Zions Bancorporation, N.A. by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 340,066 shares of the bank's stock worth $16,956,000 after acquiring an additional 1,561 shares during the period. Janney Montgomery Scott LLC acquired a new position in shares of Zions Bancorporation, N.A. in the 1st quarter valued at $3,383,000. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Zions Bancorporation, N.A. in the 1st quarter valued at $1,261,000. Finally, Teacher Retirement System of Texas raised its stake in Zions Bancorporation, N.A. by 6.2% during the 1st quarter. Teacher Retirement System of Texas now owns 48,147 shares of the bank's stock worth $2,401,000 after buying an additional 2,821 shares during the period. Institutional investors and hedge funds own 76.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ZION shares. Citigroup boosted their target price on Zions Bancorporation, N.A. from $48.00 to $52.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. upped their target price on shares of Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. DA Davidson upped their target price on shares of Zions Bancorporation, N.A. from $57.00 to $66.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Truist Financial upped their target price on shares of Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. Finally, Wells Fargo & Company boosted their price target on shares of Zions Bancorporation, N.A. from $47.00 to $58.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $60.78.

Zions Bancorporation, N.A. Stock Performance

Shares of NASDAQ:ZION traded up $0.79 on Wednesday, reaching $57.61. 425,606 shares of the company's stock were exchanged, compared to its average volume of 1,590,209. The company has a fifty day moving average of $53.69 and a 200-day moving average of $50.25. Zions Bancorporation, N.A. has a twelve month low of $39.32 and a twelve month high of $63.22. The company has a market capitalization of $8.50 billion, a price-to-earnings ratio of 10.53, a PEG ratio of 1.46 and a beta of 0.93. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its earnings results on Monday, July 21st. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $838.00 million for the quarter, compared to analyst estimates of $810.24 million. During the same quarter in the prior year, the business posted $1.28 EPS. On average, research analysts predict that Zions Bancorporation, N.A. will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a dividend of $0.45 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.80 annualized dividend and a dividend yield of 3.1%. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is 32.91%.

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.