Wedge Capital Management L L P NC Has $36.65 Million Stock Holdings in Zions Bancorporation, N.A. $ZION

Key Points

• Wedge Capital Management increased its stake in Zions Bancorporation, N.A. by 7.2%, purchasing an additional 47,354 shares, bringing its total holdings to 705,674 shares worth approximately $36.65 million.
• Recent upgrades by investment firms have resulted in increases in the target price for Zions Bancorporation, with prices raised to between $60.00 and $66.00 from previous estimates.
• Zions Bancorporation announced a quarterly dividend increase from $0.43 to $0.45 per share, reflecting a commitment to returning value to shareholders with an annualized dividend yield of 3.1%.

Wedge Capital Management L L P NC boosted its stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 7.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 705,674 shares of the bank's stock after acquiring an additional 47,354 shares during the quarter. Wedge Capital Management L L P NC owned about 0.48% of Zions Bancorporation, N.A. worth $36,653,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ZION. Picton Mahoney Asset Management bought a new position in Zions Bancorporation, N.A. in the 1st quarter worth about $25,000. Curat Global LLC acquired a new stake in shares of Zions Bancorporation, N.A. in the first quarter worth $25,000. New Age Alpha Advisors LLC acquired a new stake in Zions Bancorporation, N.A. during the first quarter valued at $40,000. Princeton Global Asset Management LLC acquired a new stake in shares of Zions Bancorporation, N.A. in the first quarter valued at about $50,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Zions Bancorporation, N.A. during the first quarter worth about $52,000. 76.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ZION has been the topic of several recent research reports. Morgan Stanley upped their target price on shares of Zions Bancorporation, N.A. from $60.00 to $66.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Cantor Fitzgerald initiated coverage on shares of Zions Bancorporation, N.A. in a research note on Wednesday, September 10th. They set an "overweight" rating and a $64.00 price target for the company. DA Davidson raised their price objective on shares of Zions Bancorporation, N.A. from $57.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Jefferies Financial Group upgraded shares of Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and raised their price objective for the company from $45.00 to $60.00 in a research note on Tuesday, July 22nd. Finally, Robert W. Baird raised their target price on shares of 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 Strong Buy rating, four have assigned a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $60.95.

Zions Bancorporation, N.A. Stock Performance

Shares of NASDAQ:ZION traded up $0.04 on Tuesday, reaching $57.13. 756,389 shares of the company's stock were exchanged, compared to its average volume of 1,584,212. The firm has a market capitalization of $8.43 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 1.53 and a beta of 0.97. Zions Bancorporation, N.A. has a fifty-two week low of $39.32 and a fifty-two week high of $63.22. The business's 50-day moving average is $55.53 and its two-hundred day moving average is $50.72. 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. (NASDAQ:ZION - Get Free Report) last announced its earnings results on Monday, July 21st. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.27. The firm had revenue of $838.00 million during the quarter, compared to analyst estimates of $810.24 million. Zions Bancorporation, N.A. had a net margin of 16.98% and a return on equity of 13.76%. During the same quarter in the prior year, the firm posted $1.28 EPS. As a group, equities research analysts forecast that Zions Bancorporation, N.A. will post 5.39 EPS for the current year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.2%. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. The ex-dividend date was Thursday, August 14th. Zions Bancorporation, N.A.'s dividend payout ratio is presently 32.91%.

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.