Panagora Asset Management Inc. Trims Stake in Zions Bancorporation, N.A. $ZION

Key Points

• Panagora Asset Management Inc. has reduced its holdings in Zions Bancorporation, N.A. by 18.1%, now owning approximately 383,547 shares valued at $19.1 million.
• Zions Bancorporation recently announced a quarterly dividend increase to $0.45 per share, reflecting a yield of 3.1% and a payout ratio of 32.91%.
• Following recent earnings, several analysts have upgraded Zions Bancorporation's stock, with new target prices ranging from $57.00 to $66.00, indicating a generally positive outlook.

Panagora Asset Management Inc. reduced its holdings in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 18.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 383,547 shares of the bank's stock after selling 84,963 shares during the quarter. Panagora Asset Management Inc. owned 0.26% of Zions Bancorporation, N.A. worth $19,124,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ZION. Blackhawk Capital Partners LLC. grew its stake in Zions Bancorporation, N.A. by 5.3% in the first quarter. Blackhawk Capital Partners LLC. now owns 4,885 shares of the bank's stock valued at $244,000 after acquiring an additional 245 shares during the period. Leo Wealth LLC grew its stake in Zions Bancorporation, N.A. by 1.7% in the first quarter. Leo Wealth LLC now owns 14,917 shares of the bank's stock valued at $744,000 after acquiring an additional 253 shares during the period. Xponance Inc. grew its stake in Zions Bancorporation, N.A. by 2.4% in the first quarter. Xponance Inc. now owns 17,053 shares of the bank's stock valued at $850,000 after acquiring an additional 394 shares during the period. State of Michigan Retirement System grew its stake in Zions Bancorporation, N.A. by 1.1% in the first quarter. State of Michigan Retirement System now owns 35,400 shares of the bank's stock valued at $1,765,000 after acquiring an additional 400 shares during the period. Finally, Louisiana State Employees Retirement System grew its stake in Zions Bancorporation, N.A. by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 41,400 shares of the bank's stock valued at $2,064,000 after acquiring an additional 400 shares during the period. 76.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on ZION. Morgan Stanley raised their price objective on Zions Bancorporation, N.A. from $60.00 to $66.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Wells Fargo & Company raised their target price on Zions Bancorporation, N.A. from $47.00 to $58.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Truist Financial raised their target price on Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the company a "hold" rating in a report on Wednesday, July 23rd. Robert W. Baird raised their target price on Zions Bancorporation, N.A. from $60.00 to $65.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Finally, Jefferies Financial Group upgraded Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and raised their target price for the company from $45.00 to $60.00 in a report on Tuesday, July 22nd. Four research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Zions Bancorporation, N.A. has an average rating of "Hold" and an average price target of $60.78.

Zions Bancorporation, N.A. Stock Performance

Zions Bancorporation, N.A. stock traded up $0.68 during mid-day trading on Thursday, reaching $58.10. 492,462 shares of the company's stock were exchanged, compared to its average volume of 1,579,528. The business's fifty day simple moving average is $54.73 and its 200 day simple moving average is $50.37. The firm has a market capitalization of $8.58 billion, a PE ratio of 10.62, a P/E/G ratio of 1.51 and a beta of 0.97. Zions Bancorporation, N.A. has a one year low of $39.32 and a one year high of $63.22. 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. (NASDAQ:ZION - Get Free Report) last issued its earnings results on Monday, July 21st. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.27. The firm had revenue of $838.00 million for the quarter, compared to analyst estimates 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 in the previous year, the company posted $1.28 earnings per share. On average, sell-side analysts expect that Zions Bancorporation, N.A. will post 5.39 earnings per share for the current year.

Zions Bancorporation, N.A. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a $0.45 dividend. The ex-dividend date was Thursday, August 14th. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 3.1%. Zions Bancorporation, N.A.'s dividend payout ratio is presently 32.91%.

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.