Sierra Summit Advisors LLC Boosts 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 lifted its stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 49.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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 quarter.

Other large investors have also modified their holdings of the company. Curat Global LLC purchased a new position in Zions Bancorporation, N.A. in the first quarter worth $25,000. Picton Mahoney Asset Management purchased a new position in Zions Bancorporation, N.A. in the first quarter worth $25,000. New Age Alpha Advisors LLC purchased a new position in Zions Bancorporation, N.A. in the first quarter worth $40,000. Covestor Ltd raised its position in Zions Bancorporation, N.A. by 128.1% in the fourth quarter. Covestor Ltd now owns 853 shares of the bank's stock worth $46,000 after acquiring an additional 479 shares in the last quarter. Finally, Princeton Global Asset Management LLC purchased a new position in Zions Bancorporation, N.A. in the first quarter worth $50,000. Hedge funds and other institutional investors own 76.84% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ZION shares. Jefferies Financial Group upgraded Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and raised their price target for the company from $45.00 to $60.00 in a research report on Tuesday, July 22nd. Keefe, Bruyette & Woods dropped their price target on Zions Bancorporation, N.A. from $65.00 to $58.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen upgraded Zions Bancorporation, N.A. from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. Citigroup raised their price target on Zions Bancorporation, N.A. from $48.00 to $52.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. raised their price target on Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $60.78.

Zions Bancorporation, N.A. Trading Up 0.6%

NASDAQ:ZION traded up $0.35 during mid-day trading on Wednesday, reaching $53.51. The company's stock had a trading volume of 889,866 shares, compared to its average volume of 1,612,508. The company's fifty day simple moving average is $52.52 and its two-hundred day simple moving average is $50.48. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. Zions Bancorporation, N.A. has a twelve month low of $39.32 and a twelve month high of $63.22. The stock has a market cap of $7.90 billion, a P/E ratio of 9.79, a P/E/G ratio of 1.35 and a beta of 0.93.

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

Zions Bancorporation, N.A. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.80 annualized dividend and a dividend yield of 3.4%. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. Zions Bancorporation, N.A.'s dividend payout ratio is presently 31.44%.

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.