Vanguard Group Inc. Sells 311,388 Shares of Zions Bancorporation, N.A. (NASDAQ:ZION)

Key Points

• Vanguard Group Inc. reduced its stake in Zions Bancorporation, N.A. by 1.6%, selling 311,388 shares in the first quarter, leaving them with approximately $933.7 million worth of stock.
• Zions Bancorporation recently increased its quarterly dividend from $0.43 to $0.45, resulting in an annual yield of 3.5% for shareholders.
• The company reported $1.58 earnings per share for the last quarter, exceeding analysts' expectations, and had a revenue of $838 million against a forecast of $810 million.

Vanguard Group Inc. reduced its position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 1.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,725,935 shares of the bank's stock after selling 311,388 shares during the quarter. Vanguard Group Inc. owned about 12.69% of Zions Bancorporation, N.A. worth $933,675,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management bought a new stake in shares of Zions Bancorporation, N.A. during the 1st quarter worth $25,000. Curat Global LLC purchased a new stake in shares of Zions Bancorporation, N.A. in the first quarter valued at $25,000. New Age Alpha Advisors LLC purchased a new stake in shares of Zions Bancorporation, N.A. during the first quarter worth $40,000. Covestor Ltd raised its holdings in shares of Zions Bancorporation, N.A. by 128.1% during 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 stake in shares of Zions Bancorporation, N.A. during the first quarter worth $50,000. 76.84% of the stock is owned by institutional investors.

Zions Bancorporation, N.A. Price Performance

ZION traded up $0.70 during midday trading on Wednesday, reaching $53.86. 1,798,366 shares of the company's stock were exchanged, compared to its average volume of 1,645,123. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 9.85, a price-to-earnings-growth ratio of 1.39 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.15. Zions Bancorporation, N.A. has a one year low of $39.32 and a one year high of $63.22. The business has a 50-day simple moving average of $52.65 and a two-hundred day simple moving average of $50.50.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The bank reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.27. Zions Bancorporation, N.A. had a net margin of 16.98% and a return on equity of 13.76%. The firm had revenue of $838.00 million during the quarter, compared to analysts' expectations of $810.24 million. During the same quarter last year, the company earned $1.28 earnings per share. As a group, research 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 announced 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. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.3%. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. The ex-dividend date is Thursday, August 14th. Zions Bancorporation, N.A.'s dividend payout ratio is presently 31.44%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. DA Davidson increased their price objective on Zions Bancorporation, N.A. from $57.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Citigroup raised their target price on Zions Bancorporation, N.A. from $48.00 to $52.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Jefferies Financial Group upgraded Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and raised their target price for the company from $45.00 to $60.00 in a report on Tuesday, July 22nd. Morgan Stanley raised their target price on Zions Bancorporation, N.A. from $60.00 to $66.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Finally, Robert W. Baird raised their target price on Zions Bancorporation, N.A. from $60.00 to $65.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $60.78.

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.