The Manufacturers Life Insurance Company Sells 43,546 Shares of Zions Bancorporation, N.A. $ZION

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in Zions Bancorporation, N.A. by 5%, selling 43,546 shares and now holding 835,504 shares worth approximately $41.7 million.
• Zions Bancorporation reported $1.58 earnings per share for its last quarter, surpassing analysts' expectations of $1.31, alongside revenues of $838 million.
• The company has increased its quarterly dividend from $0.43 to $0.45, reflecting a positive growth trend with a dividend yield of 3.1%.

The Manufacturers Life Insurance Company cut its stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 835,504 shares of the bank's stock after selling 43,546 shares during the quarter. The Manufacturers Life Insurance Company owned 0.57% of Zions Bancorporation, N.A. worth $41,658,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ZION. Curat Global LLC purchased a new stake in shares of Zions Bancorporation, N.A. in the first quarter worth approximately $25,000. Picton Mahoney Asset Management purchased a new stake in shares of Zions Bancorporation, N.A. during the first quarter valued at approximately $25,000. New Age Alpha Advisors LLC purchased a new stake in shares of Zions Bancorporation, N.A. during the first quarter valued at approximately $40,000. Princeton Global Asset Management LLC purchased a new stake in shares of Zions Bancorporation, N.A. during the first quarter valued at approximately $50,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Zions Bancorporation, N.A. during the first quarter valued at approximately $52,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Stock Performance

NASDAQ:ZION traded up $0.69 during trading hours on Thursday, reaching $58.11. The stock had a trading volume of 994,241 shares, compared to its average volume of 1,582,726. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50 day simple moving average of $54.73 and a 200 day simple moving average of $50.37. Zions Bancorporation, N.A. has a 12-month low of $39.32 and a 12-month high of $63.22. The stock has a market cap of $8.58 billion, a P/E ratio of 10.62, a price-to-earnings-growth ratio of 1.51 and a beta of 0.97.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released its 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 business had revenue of $838.00 million during the quarter, compared to the consensus estimate of $810.24 million. During the same period last year, the business posted $1.28 earnings per share. On average, research analysts forecast that Zions Bancorporation, N.A. will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, August 14th. 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 dividend yield of 3.1%. Zions Bancorporation, N.A.'s dividend payout ratio is 32.91%.

Analyst Ratings Changes

A number of analysts recently commented on ZION shares. JPMorgan Chase & Co. increased 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. Jefferies Financial Group raised Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and increased their price target for the company from $45.00 to $60.00 in a research report on Tuesday, July 22nd. Royal Bank Of Canada increased their price target on Zions Bancorporation, N.A. from $57.00 to $62.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Truist Financial increased their price target on Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. Finally, Robert W. Baird increased their price target on Zions Bancorporation, N.A. from $60.00 to $65.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Four equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Zions Bancorporation, N.A. has a consensus rating of "Hold" and a consensus price target of $60.78.

Zions Bancorporation, N.A. Company Profile

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.