Thrivent Financial for Lutherans Trims Holdings in Zions Bancorporation, N.A. $ZION

Key Points

• Thrivent Financial for Lutherans cut its Zions Bancorporation stake by 46.8% in the fourth quarter, though it still held 1,086,078 shares valued at about $63.6 million.
• Zions reported strong quarterly results, posting EPS of $1.56 versus estimates of $1.43 and revenue of $859 million, while also lifting guidance expectations for the year to 6.44 EPS.
• The bank is returning capital to shareholders through a quarterly dividend of $0.45 per share and a new $225 million share buyback authorization, equal to about 2.4% of outstanding shares.

Thrivent Financial for Lutherans decreased its holdings in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 46.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,086,078 shares of the bank's stock after selling 954,985 shares during the quarter. Thrivent Financial for Lutherans owned about 0.74% of Zions Bancorporation, N.A. worth $63,579,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ZION. Royal Bank of Canada raised its position in Zions Bancorporation, N.A. by 76.3% during the 1st quarter. Royal Bank of Canada now owns 137,434 shares of the bank's stock worth $6,853,000 after buying an additional 59,483 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Zions Bancorporation, N.A. by 18.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,960 shares of the bank's stock worth $2,042,000 after buying an additional 6,393 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Zions Bancorporation, N.A. by 0.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 504,860 shares of the bank's stock worth $25,172,000 after buying an additional 2,659 shares during the last quarter. Focus Partners Wealth raised its position in Zions Bancorporation, N.A. by 91.7% during the 1st quarter. Focus Partners Wealth now owns 21,502 shares of the bank's stock worth $1,072,000 after buying an additional 10,283 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Zions Bancorporation, N.A. by 52.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,816 shares of the bank's stock worth $94,000 after buying an additional 625 shares during the last quarter. Hedge funds and other institutional investors own 76.84% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on ZION. Royal Bank Of Canada upped their price objective on shares of Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the stock a "sector perform" rating in a research report on Tuesday, April 21st. Morgan Stanley cut their price objective on shares of Zions Bancorporation, N.A. from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. TD Cowen upped their price objective on shares of Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the stock a "hold" rating in a research report on Tuesday, April 21st. JPMorgan Chase & Co. upped their price objective on shares of Zions Bancorporation, N.A. from $62.00 to $67.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 21st. Finally, Barclays upped their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $65.53.

Insider Transactions at Zions Bancorporation, N.A.

In related news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Harris H. Simmons acquired 4,500 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was acquired at an average cost of $59.03 per share, for a total transaction of $265,635.00. Following the completion of the purchase, the chief executive officer owned 1,317,493 shares in the company, valued at $77,771,611.79. The trade was a 0.34% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders sold 7,038 shares of company stock worth $439,948. 1.43% of the stock is owned by corporate insiders.

Zions Bancorporation, N.A. Stock Performance

Shares of ZION opened at $59.63 on Friday. The company has a 50-day simple moving average of $59.05 and a 200-day simple moving average of $58.08. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $8.77 billion, a PE ratio of 9.27, a P/E/G ratio of 1.99 and a beta of 0.83. Zions Bancorporation, N.A. has a 52-week low of $45.52 and a 52-week high of $66.18.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings results on Monday, April 20th. The bank reported $1.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. The business had revenue of $859.00 million during the quarter, compared to the consensus estimate of $853.73 million. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. During the same quarter last year, the firm posted $1.13 EPS. Equities research analysts predict that Zions Bancorporation, N.A. will post 6.44 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Thursday, May 14th. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is currently 27.99%.

Zions Bancorporation, N.A. announced that its Board of Directors has approved a share buyback plan on Saturday, May 2nd that allows the company to repurchase $225.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its shares are undervalued.

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.

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