Qsemble Capital Management LP Takes $3.35 Million Position in Zions Bancorporation, N.A. $ZION

Key Points

• Qsemble Capital Management LP opened a new position in Zions Bancorporation, buying 57,273 shares valued at about $3.35 million in the fourth quarter.
• Zions reported strong quarterly earnings, with EPS of $1.56 beating estimates of $1.43 and revenue of $859 million slightly above expectations.
• The bank announced a $225 million stock repurchase plan and a quarterly dividend of $0.45 per share, implying a 3.0% annualized yield.

Qsemble Capital Management LP purchased a new position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 57,273 shares of the bank's stock, valued at approximately $3,353,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its position in Zions Bancorporation, N.A. by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 7,343,076 shares of the bank's stock valued at $415,474,000 after acquiring an additional 30,552 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Zions Bancorporation, N.A. by 31.6% in the 3rd quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank's stock worth $167,677,000 after acquiring an additional 711,218 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Zions Bancorporation, N.A. by 6.4% during the third quarter. Thrivent Financial for Lutherans now owns 2,041,063 shares of the bank's stock valued at $115,483,000 after purchasing an additional 122,815 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Zions Bancorporation, N.A. by 23.1% during the third quarter. Wellington Management Group LLP now owns 1,621,400 shares of the bank's stock valued at $91,739,000 after purchasing an additional 303,783 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Zions Bancorporation, N.A. by 4.4% in the third quarter. Invesco Ltd. now owns 1,616,549 shares of the bank's stock worth $91,464,000 after purchasing an additional 68,351 shares during the period. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Price Performance

NASDAQ ZION opened at $59.63 on Friday. Zions Bancorporation, N.A. has a one year low of $45.52 and a one year high of $66.18. The stock has a 50-day moving average of $59.05 and a 200 day moving average of $58.08. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of 9.27, a PEG ratio of 1.97 and a beta of 0.83.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings results on Monday, April 20th. The bank reported $1.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. The firm had revenue of $859.00 million for the quarter, compared to the consensus estimate of $853.73 million. During the same quarter last year, the firm posted $1.13 EPS. On average, sell-side analysts forecast that Zions Bancorporation, N.A. will post 6.44 EPS for the current year.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated 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 shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Zions Bancorporation, N.A. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 21st. Investors of record on Thursday, May 14th will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, May 14th. This represents a $1.80 annualized dividend and a yield of 3.0%. Zions Bancorporation, N.A.'s payout ratio is 27.99%.

Insider Buying and Selling

In other news, CEO Harris H. Simmons purchased 4,500 shares of the stock in a transaction on Tuesday, February 24th. The shares were acquired at an average price of $59.03 per share, with a total value of $265,635.00. Following the completion of the acquisition, the chief executive officer directly owned 1,317,493 shares of the company's stock, valued at $77,771,611.79. This trade represents a 0.34% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Jennifer Anne Smith sold 4,209 shares of the firm's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $62.50, for a total transaction of $263,062.50. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 7,038 shares of company stock valued at $439,948. 1.43% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ZION has been the subject of several recent research reports. Morgan Stanley lowered their price objective on Zions Bancorporation, N.A. from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Citigroup boosted their price objective on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 22nd. Weiss Ratings raised shares of Zions Bancorporation, N.A. from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 4th. Truist Financial upped their price target on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a "hold" rating in a research note on Tuesday, April 21st. Finally, Brean Capital assumed coverage on Zions Bancorporation, N.A. in a research note on Thursday, March 12th. They set a "neutral" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $65.53.

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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