Strs Ohio Grows Stock Position in Zions Bancorporation, N.A. $ZION

Key Points

• Strs Ohio sharply increased its stake in Zions Bancorporation during the first quarter, boosting holdings by 4,945.2% to 175,269 shares worth about $10.1 million.
• Insider activity included a sale by EVP Jennifer Anne Smith, who sold 4,209 shares at $62.50 each for a total of $263,062.50.
• Zions reported solid results and shareholder returns, beating earnings expectations with $1.56 EPS, approving a $225 million buyback, and paying a quarterly dividend of $0.45 per share.

Strs Ohio boosted its holdings in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 4,945.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 175,269 shares of the bank's stock after acquiring an additional 171,795 shares during the period. Strs Ohio owned 0.12% of Zions Bancorporation, N.A. worth $10,099,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Torren Management LLC purchased a new stake in Zions Bancorporation, N.A. in the fourth quarter valued at $32,000. Leonteq Securities AG acquired a new position in shares of Zions Bancorporation, N.A. in the 4th quarter valued at $32,000. Community Bank N.A. purchased a new position in shares of Zions Bancorporation, N.A. during the 3rd quarter worth $36,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Zions Bancorporation, N.A. during the 4th quarter worth about $36,000. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Zions Bancorporation, N.A. during the 4th quarter worth about $42,000. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of the business's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.43% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on ZION shares. Robert W. Baird reaffirmed a "neutral" rating and issued a $68.00 target price on shares of Zions Bancorporation, N.A. in a research report on Tuesday, June 23rd. Truist Financial lifted their price target on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the company a "hold" rating in a research report on Tuesday, April 21st. Brean Capital started coverage on shares of Zions Bancorporation, N.A. in a report on Thursday, March 12th. They issued a "neutral" rating on the stock. Piper Sandler lowered their price objective on shares of Zions Bancorporation, N.A. from $65.00 to $62.00 and set a "neutral" rating for the company in a research report on Thursday, April 2nd. Finally, Stephens initiated coverage on shares of Zions Bancorporation, N.A. in a report on Monday, June 15th. They issued an "overweight" rating and a $79.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Zions Bancorporation, N.A. has a consensus rating of "Hold" and a consensus target price of $67.35.

Zions Bancorporation, N.A. Stock Performance

NASDAQ ZION opened at $69.35 on Monday. The company has a market cap of $10.20 billion, a P/E ratio of 10.79, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a 50-day moving average of $64.13 and a two-hundred day moving average of $61.02. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $71.26.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings results on Monday, April 20th. The bank reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $859.00 million for the quarter, compared to analysts' expectations of $853.73 million. During the same quarter in the prior year, the company earned $1.13 earnings per share. As a group, analysts anticipate that Zions Bancorporation, N.A. will post 6.48 EPS for the current year.

Zions Bancorporation, N.A. declared that its board has approved a stock buyback program on Saturday, May 2nd that authorizes the company to buyback $225.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 2.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Zions Bancorporation, N.A. Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were issued a dividend of $0.45 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a yield of 2.6%. Zions Bancorporation, N.A.'s dividend payout ratio is 27.99%.

About Zions Bancorporation, N.A.

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.

Want to see what other hedge funds are holding ZION? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.