VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 59,600 Zions Bancorporation, N.A. $ZION

Key Points

• Virginia Retirement Systems acquired 59,600 shares of Zions Bancorporation, valued at approximately $3.1 million, during the second quarter.
• Zions Bancorporation recently declared a quarterly dividend increase from $0.43 to $0.45, reflecting a positive change and offering a 3.5% yield.
• Analysts have mixed reviews on Zions, with an average rating of "Hold" and a price target of $61.33, indicating cautious optimism about the stock's performance.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 59,600 shares of the bank's stock, valued at approximately $3,096,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ZION. Picton Mahoney Asset Management purchased a new position in shares of Zions Bancorporation, N.A. in the first quarter worth about $25,000. New Age Alpha Advisors LLC acquired a new stake in Zions Bancorporation, N.A. during the first quarter worth about $40,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Zions Bancorporation, N.A. during the first quarter worth about $52,000. Bridge Generations Wealth Management LLC acquired a new stake in shares of Zions Bancorporation, N.A. during the first quarter valued at about $65,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Zions Bancorporation, N.A. during the second quarter valued at about $65,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Price Performance

NASDAQ:ZION opened at $51.98 on Tuesday. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 9.50, a price-to-earnings-growth ratio of 1.07 and a beta of 0.93. Zions Bancorporation, N.A. has a 12-month low of $39.32 and a 12-month high of $63.22. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. The company's 50-day moving average is $55.87 and its two-hundred day moving average is $51.63.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data on Monday, June 12th. The bank reported $1.32 earnings per share for the quarter. The business had revenue of $705.00 million for the quarter. Zions Bancorporation, N.A. had a net margin of 16.98% and a return on equity of 13.76%. Research analysts expect that Zions Bancorporation, N.A. will post 5.39 EPS for the current year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were issued a $0.45 dividend. The ex-dividend date was Thursday, August 14th. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a yield of 3.5%. Zions Bancorporation, N.A.'s payout ratio is 32.91%.

Analyst Ratings Changes

A number of brokerages recently weighed in on ZION. JPMorgan Chase & Co. lifted their price objective on shares of Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Citigroup boosted their price objective on shares of Zions Bancorporation, N.A. from $48.00 to $52.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Morgan Stanley boosted their price objective on shares of Zions Bancorporation, N.A. from $63.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Monday, September 29th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Zions Bancorporation, N.A. in a report on Wednesday, October 8th. Finally, Evercore ISI boosted their price objective on shares of Zions Bancorporation, N.A. from $62.00 to $64.00 and gave the company an "outperform" rating in a research note on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $61.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.