Verition Fund Management LLC Purchases 363,402 Shares of Zions Bancorporation, N.A. $ZION

Key Points

• Verition Fund Management sharply increased its stake in Zions Bancorporation during the fourth quarter, buying 363,402 additional shares and lifting its position by 2,485% to 378,026 shares worth about $22.1 million.
• Zions reported better-than-expected quarterly results, with EPS of $1.56 versus estimates of $1.43 and revenue of $859 million, while analysts currently rate the stock a consensus Hold with a $66.35 price target.
• The bank also announced a $225 million share repurchase plan and paid a quarterly dividend of $0.45 per share, equal to an annualized yield of about 2.7%.

Verition Fund Management LLC increased its position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 2,485.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 378,026 shares of the bank's stock after acquiring an additional 363,402 shares during the period. Verition Fund Management LLC owned approximately 0.26% of Zions Bancorporation, N.A. worth $22,130,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ZION. Torren Management LLC bought a new stake in Zions Bancorporation, N.A. during the 4th quarter worth approximately $32,000. Leonteq Securities AG bought a new stake in Zions Bancorporation, N.A. during the 4th quarter worth approximately $32,000. Community Bank N.A. bought a new stake in Zions Bancorporation, N.A. during the 3rd quarter worth approximately $36,000. Atlas Capital Advisors Inc. bought a new stake in Zions Bancorporation, N.A. during the 4th quarter worth approximately $36,000. Finally, V Square Quantitative Management LLC bought a new position in shares of Zions Bancorporation, N.A. in the 4th quarter worth $42,000. Institutional investors own 76.84% of the company's stock.

Insider Activity

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the company'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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.43% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on ZION. JPMorgan Chase & Co. increased their price target on shares of Zions Bancorporation, N.A. from $62.00 to $67.00 and gave the stock a "neutral" rating in a report on Tuesday, April 21st. Morgan Stanley decreased their price target on shares of Zions Bancorporation, N.A. from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. TD Cowen increased their price target on shares of Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the stock a "hold" rating in a report on Tuesday, April 21st. Robert W. Baird increased their price target on shares of Zions Bancorporation, N.A. from $65.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, April 21st. Finally, Royal Bank Of Canada increased their price target on shares of Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the stock a "sector perform" rating in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Zions Bancorporation, N.A. presently has an average rating of "Hold" and an average price target of $66.35.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ:ZION opened at $66.27 on Tuesday. Zions Bancorporation, N.A. has a one year low of $46.19 and a one year high of $67.99. The firm has a market capitalization of $9.75 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 2.23 and a beta of 0.81. The company's fifty day moving average price is $62.15 and its 200-day moving average price is $59.80. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.83.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data 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. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. The company had revenue of $859.00 million during the quarter, compared to analysts' expectations of $853.73 million. During the same quarter in the prior year, the company earned $1.13 EPS. On average, equities research analysts anticipate that Zions Bancorporation, N.A. will post 6.44 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a share buyback plan on Saturday, May 2nd that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the bank to reacquire up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally 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 was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.7%. 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.

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