Sierra Summit Advisors LLC Increases Stock Position in Zions Bancorporation, N.A. (NASDAQ:ZION)

Key Points

• Sierra Summit Advisors LLC has increased its stake in Zions Bancorporation, N.A. by 49.2%, now holding 32,380 shares valued at approximately $1.61 million as per the latest SEC filing.
• Zions Bancorporation, N.A. recently reported earnings of $1.58 per share, exceeding analysts' estimates, and has announced a quarterly dividend increase to $0.45 per share, reflecting a yield of 3.5%.
• Institutional investors control 76.84% of Zions Bancorporation's stock, with recent strategic movements from multiple investors signaling interest in the company.

Sierra Summit Advisors LLC raised its holdings in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 49.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 32,380 shares of the bank's stock after purchasing an additional 10,679 shares during the quarter. Sierra Summit Advisors LLC's holdings in Zions Bancorporation, N.A. were worth $1,614,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ZION. Wells Fargo & Company MN boosted its holdings in Zions Bancorporation, N.A. by 73.2% in the fourth quarter. Wells Fargo & Company MN now owns 116,191 shares of the bank's stock valued at $6,303,000 after purchasing an additional 49,121 shares during the last quarter. Invesco Ltd. raised its position in shares of Zions Bancorporation, N.A. by 9.8% in the fourth quarter. Invesco Ltd. now owns 949,575 shares of the bank's stock worth $51,514,000 after acquiring an additional 85,009 shares during the period. Advisory Services Network LLC raised its position in shares of Zions Bancorporation, N.A. by 15.0% in the fourth quarter. Advisory Services Network LLC now owns 17,146 shares of the bank's stock worth $930,000 after acquiring an additional 2,237 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Zions Bancorporation, N.A. in the fourth quarter worth about $7,739,000. Finally, Treasurer of the State of North Carolina raised its position in shares of Zions Bancorporation, N.A. by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 63,586 shares of the bank's stock worth $3,450,000 after acquiring an additional 400 shares during the period. 76.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Jefferies Financial Group upgraded shares of Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and increased their price objective for the company from $45.00 to $60.00 in a report on Tuesday, July 22nd. Morgan Stanley increased their price target on shares of 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. Argus raised shares of Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating and set a $55.00 price target for the company in a research note on Monday, April 28th. Stephens dropped their price target on shares of Zions Bancorporation, N.A. from $54.00 to $52.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $60.78.

Zions Bancorporation, N.A. Price Performance

ZION stock traded up $0.84 during trading on Friday, reaching $52.04. 1,348,979 shares of the company were exchanged, compared to its average volume of 1,643,115. The company has a market cap of $7.68 billion, a P/E ratio of 9.51, a PEG ratio of 1.37 and a beta of 0.93. Zions Bancorporation, N.A. has a 52-week low of $39.32 and a 52-week high of $63.22. The stock's 50 day moving average price is $52.32 and its 200 day moving average price is $50.51. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The bank reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.27. The firm had revenue of $838.00 million for the quarter, compared to the consensus estimate of $810.24 million. Zions Bancorporation, N.A. had a net margin of 16.98% and a return on equity of 13.76%. During the same quarter in the previous year, the firm earned $1.28 earnings per share. As a group, analysts predict that Zions Bancorporation, N.A. will post 5.39 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 14th will be issued a dividend of $0.45 per share. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Thursday, August 14th. Zions Bancorporation, N.A.'s payout ratio is presently 32.91%.

About Zions Bancorporation, N.A.

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.