Private Advisory Group LLC Takes Position in Zions Bancorporation, N.A. $ZION

Key Points

• Private Advisory Group LLC acquired 136,742 shares of Zions Bancorporation worth approximately $9.46 million, while institutional investors collectively own 76.84% of the bank’s stock.
• ZION analysts maintain a consensus “Hold” rating with an average price target of $71.29; shares recently opened at $72.20, near their 52-week high of $73.34.
• Zions approved a $225 million share-repurchase plan and raised its quarterly dividend from $0.45 to $0.48 per share, equating to a 2.7% annualized yield.

Private Advisory Group LLC acquired a new stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 136,742 shares of the bank's stock, valued at approximately $9,461,000. Private Advisory Group LLC owned approximately 0.09% of Zions Bancorporation, N.A. as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ZION. Elevation Wealth Partners LLC boosted its stake in shares of Zions Bancorporation, N.A. by 528.8% during the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank's stock valued at $29,000 after purchasing an additional 349 shares in the last quarter. Torren Management LLC acquired a new position in shares of Zions Bancorporation, N.A. in the fourth quarter valued at approximately $32,000. Leonteq Securities AG acquired a new position in shares of Zions Bancorporation, N.A. in the fourth quarter valued at approximately $32,000. Atlas Capital Advisors Inc. bought a new position in Zions Bancorporation, N.A. in the 4th quarter valued at approximately $36,000. Finally, International Assets Investment Management LLC bought a new position in Zions Bancorporation, N.A. in the 4th quarter valued at approximately $49,000. Institutional investors own 76.84% of the company's stock.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Derek Steward sold 894 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total transaction of $62,267.10. Following the sale, the executive vice president owned 17,449 shares of the company's stock, valued at approximately $1,215,322.85. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Scott J. Mclean sold 33,285 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total value of $2,350,919.55. Following the sale, the president owned 73,043 shares of the company's stock, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 88,787 shares of company stock valued at $6,283,858 over the last quarter. Insiders own 1.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ZION shares. Citigroup boosted their target price on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a "neutral" rating in a report on Wednesday, April 22nd. Cantor Fitzgerald raised their price target on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Stephens cut their price target on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Tuesday, July 21st. Wall Street Zen raised shares of Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, TD Cowen increased their price objective on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. According to 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. Stock Performance

Shares of ZION stock opened at $72.20 on Friday. The stock has a market capitalization of $10.54 billion, a PE ratio of 9.20, a PEG ratio of 1.72 and a beta of 0.81. The business's 50 day simple moving average is $69.32 and its 200 day simple moving average is $63.31. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. Zions Bancorporation, N.A. has a one year low of $46.19 and a one year high of $73.34.

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

Zions Bancorporation, N.A. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 2.7%. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 13th. Zions Bancorporation, N.A.'s dividend payout ratio is currently 24.46%.

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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