Parallax Volatility Advisers L.P. Invests $3.75 Million in Zions Bancorporation, N.A. $ZION

Parallax Volatility Advisers L.P. acquired a new stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 54,270 shares of the bank's stock, valued at approximately $3,755,000.

Several other hedge funds have also recently bought and sold shares of ZION. Bank of New York Mellon Corp bought a new position in Zions Bancorporation, N.A. in the 2nd quarter worth approximately $87,961,000. Basswood Capital Management L.L.C. grew its stake in shares of Zions Bancorporation, N.A. by 266.4% in the fourth quarter. Basswood Capital Management L.L.C. now owns 404,520 shares of the bank's stock worth $23,681,000 after acquiring an additional 294,121 shares during the last quarter. LSV Asset Management increased its position in Zions Bancorporation, N.A. by 1.3% during the fourth quarter. LSV Asset Management now owns 3,888,064 shares of the bank's stock worth $227,607,000 after acquiring an additional 48,346 shares during the period. Qsemble Capital Management LP acquired a new position in Zions Bancorporation, N.A. during the 4th quarter valued at $3,353,000. Finally, Deutsche Bank AG bought a new stake in Zions Bancorporation, N.A. in the 2nd quarter valued at $71,767,000. 76.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Evercore downgraded shares of Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 price objective on the stock. in a report on Thursday, July 23rd. Morgan Stanley upped their price target 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. Stephens reduced their price objective on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating for the company in a research report on Tuesday, July 21st. TD Cowen lifted their price objective on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. Finally, Wells Fargo & Company upped their target price on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 21st. Six equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $71.29.

Zions Bancorporation, N.A. Stock Up 1.1%

NASDAQ ZION opened at $68.32 on Thursday. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34. The company has a market capitalization of $9.97 billion, a price-to-earnings ratio of 8.70, a PEG ratio of 1.61 and a beta of 0.81. The stock's 50 day moving average is $69.80 and its two-hundred day moving average is $63.78. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26.

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

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 $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 13th. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.'s payout ratio is currently 24.46%.

Zions Bancorporation, N.A. announced that its Board of Directors has authorized a share buyback plan on Saturday, May 2nd that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the bank to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other news, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total value of $62,267.10. Following the completion of the transaction, the executive vice president owned 17,449 shares in the company, valued at approximately $1,215,322.85. The trade was a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott A. Law sold 4,608 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the completion of the transaction, the executive vice president directly owned 32,890 shares in the company, valued at $2,381,893.80. The trade was a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 88,787 shares of company stock worth $6,283,858 in the last quarter. 1.43% of the stock is owned by corporate insiders.

Zions Bancorporation, N.A. Company 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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