Sumitomo Mitsui Trust Group Inc. Makes New Investment in Zions Bancorporation, N.A. $ZION

Key Points

• Sumitomo Mitsui Trust Group bought 19,905 Zions Bancorporation shares in the third quarter, worth about $1.25 million; institutional investors own 76.84% of the bank’s stock.
• Analyst views are mixed, with seven Buy, eight Hold and three Sell ratings; the average price target is $73.44, versus a Friday opening price of $64.76.
• Zions reported quarterly earnings of $1.78 per share, topping estimates, and pays a $0.48 quarterly dividend. Its board also authorized up to $75 million in share repurchases.

Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 19,905 shares of the bank's stock, valued at approximately $1,247,000.

A number of other hedge funds have also recently bought and sold shares of ZION. Elevation Wealth Partners LLC raised its stake in 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 buying an additional 349 shares in the last quarter. Pension & Wealth Management Advisors Inc. bought a new stake in shares of Zions Bancorporation, N.A. in the 3rd quarter valued at approximately $27,000. Trust Co. of Vermont bought a new stake in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at approximately $35,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Zions Bancorporation, N.A. during the 2nd quarter valued at approximately $45,000. Finally, Burnham & Co LLC acquired a new stake in shares of Zions Bancorporation, N.A. during the 2nd quarter valued at approximately $55,000. Institutional investors and hedge funds own 76.84% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on ZION. Stephens increased their price objective on shares of Zions Bancorporation, N.A. from $75.00 to $78.00 and gave the stock an "overweight" rating in a research note on Monday, October 26th. Truist Financial decreased their target price on Zions Bancorporation, N.A. from $72.00 to $67.00 and set a "hold" rating for the company in a research note on Friday, October 9th. DA Davidson upped their target price on Zions Bancorporation, N.A. from $79.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, October 20th. TD Cowen reiterated a "hold" rating and set a $69.00 price target on shares of Zions Bancorporation, N.A. in a research report on Tuesday, October 20th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and issued a $76.00 price target on shares of Zions Bancorporation, N.A. in a report on Tuesday, October 20th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $73.44.

Zions Bancorporation, N.A. Trading Down 0.3%

Shares of ZION stock opened at $64.76 on Friday. The stock has a 50-day simple moving average of $65.13 and a 200 day simple moving average of $63.96. The stock has a market capitalization of $9.45 billion, a P/E ratio of 7.95, a P/E/G ratio of 1.07 and a beta of 0.85. Zions Bancorporation, N.A. has a fifty-two week low of $48.50 and a fifty-two week high of $73.34. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.32.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings results on Monday, October 19th. The bank reported $1.78 EPS for the quarter, topping the consensus estimate of $1.64 by $0.14. Zions Bancorporation, N.A. had a net margin of 24.81% and a return on equity of 13.77%. The firm had revenue of $887.00 million for the quarter, compared to analysts' expectations of $889.52 million. During the same period in the previous year, the business earned $1.48 earnings per share. On average, sell-side analysts expect that Zions Bancorporation, N.A. will post 6.70 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. announced that its board has approved a share repurchase program on Thursday, July 30th that allows the company to buy back $75 million in shares. This repurchase authorization allows the bank to repurchase up to 0.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its shares are undervalued.

Zions Bancorporation, N.A. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 12th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $1.92 annualized dividend and a dividend yield of 3.0%. Zions Bancorporation, N.A.'s payout ratio is currently 23.56%.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is a national bank providing commercial and retail banking services to individuals, businesses, and institutions. Its offerings include business and consumer lending, deposit accounts, treasury management, and related banking services.

The bank serves customers across 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through regional banking brands, including Zions Bank, Amegy Bank, California Bank & Trust, and National Bank of Arizona.

The institution traces its history to 1873, when Zion's Savings Bank and Trust Company was established in Salt Lake City.

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