Norges Bank Takes $105.70 Million Position in Zions Bancorporation, N.A. $ZION

Key Points

• Norges Bank disclosed a new position in Zions Bancorporation, buying 1.81 million shares valued at about $105.7 million and holding roughly 1.22% of the bank.
• Zions reported strong quarterly results, with EPS of $1.56 beating estimates and revenue of $859 million edging above expectations; analysts now see full-year EPS of 6.44.
• The bank also announced a $225 million share repurchase program and a quarterly dividend of $0.45 per share, while Wall Street’s consensus rating remains Hold with an average price target of $65.53.

Norges Bank purchased a new stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,805,595 shares of the bank's stock, valued at approximately $105,700,000. Norges Bank owned about 1.22% of Zions Bancorporation, N.A. as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ZION. AQR Capital Management LLC grew its position in shares of Zions Bancorporation, N.A. by 31.6% in the third quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank's stock valued at $167,677,000 after purchasing an additional 711,218 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at about $32,008,000. Balyasny Asset Management L.P. acquired a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at about $31,224,000. Mackenzie Financial Corp grew its position in shares of Zions Bancorporation, N.A. by 2,982.2% in the third quarter. Mackenzie Financial Corp now owns 489,478 shares of the bank's stock valued at $27,695,000 after purchasing an additional 473,597 shares during the last quarter. Finally, Arbejdsmarkedets Tillaegspension acquired a new stake in shares of Zions Bancorporation, N.A. in the fourth quarter valued at about $24,271,000. 76.84% of the stock is owned by institutional investors and hedge funds.

Zions Bancorporation, N.A. Stock Up 0.3%

ZION stock opened at $63.23 on Friday. Zions Bancorporation, N.A. has a twelve month low of $46.19 and a twelve month high of $66.18. The company has a market cap of $9.30 billion, a PE ratio of 9.83, a price-to-earnings-growth ratio of 2.09 and a beta of 0.81. The business's 50-day simple moving average is $61.11 and its 200 day simple moving average is $59.12. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.27.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released its earnings results on Monday, April 20th. The bank reported $1.56 earnings per share 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 business had revenue of $859.00 million for the quarter, compared to the consensus estimate of $853.73 million. During the same period last year, the business earned $1.13 earnings per share. On average, research analysts anticipate that Zions Bancorporation, N.A. will post 6.44 earnings per share for the current year.

Zions Bancorporation, N.A. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were issued a dividend of $0.45 per share. 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 payout ratio is presently 27.99%.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ZION shares. TD Cowen raised their price target on Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the company a "hold" rating in a research report on Tuesday, April 21st. Royal Bank Of Canada raised their price target on Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the company a "sector perform" rating in a research report on Tuesday, April 21st. Brean Capital started coverage on Zions Bancorporation, N.A. in a research report on Thursday, March 12th. They issued a "neutral" rating on the stock. JPMorgan Chase & Co. lifted their target price on Zions Bancorporation, N.A. from $62.00 to $67.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 21st. Finally, Barclays lifted their target price on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $65.53.

Insiders Place Their Bets

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of Zions Bancorporation, N.A. stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.43% of the company's stock.

About Zions Bancorporation, N.A.

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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