Wedge Capital Management L L P NC Cuts Stock Holdings in Zions Bancorporation, National Association (NASDAQ:ZION)

Wedge Capital Management L L P NC reduced its stake in Zions Bancorporation, National Association (NASDAQ:ZION - Free Report) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 658,320 shares of the bank's stock after selling 17,624 shares during the period. Wedge Capital Management L L P NC owned approximately 0.45% of Zions Bancorporation, National Association worth $32,824,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Curat Global LLC purchased a new position in shares of Zions Bancorporation, National Association during the first quarter valued at about $25,000. EverSource Wealth Advisors LLC lifted its position in shares of Zions Bancorporation, National Association by 51.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 541 shares of the bank's stock worth $29,000 after buying an additional 183 shares in the last quarter. Covestor Ltd boosted its stake in Zions Bancorporation, National Association by 128.1% during the fourth quarter. Covestor Ltd now owns 853 shares of the bank's stock valued at $46,000 after buying an additional 479 shares during the last quarter. SRS Capital Advisors Inc. grew its holdings in Zions Bancorporation, National Association by 120.8% during the 4th quarter. SRS Capital Advisors Inc. now owns 901 shares of the bank's stock valued at $49,000 after buying an additional 493 shares in the last quarter. Finally, Princeton Global Asset Management LLC purchased a new position in Zions Bancorporation, National Association during the 1st quarter valued at approximately $50,000. Hedge funds and other institutional investors own 76.84% of the company's stock.

Zions Bancorporation, National Association Stock Up 3.4%

Shares of NASDAQ ZION opened at $49.28 on Friday. Zions Bancorporation, National Association has a 1 year low of $39.32 and a 1 year high of $63.22. The firm has a 50-day simple moving average of $45.95 and a two-hundred day simple moving average of $51.87. The company has a market cap of $7.27 billion, a P/E ratio of 9.96, a PEG ratio of 1.61 and a beta of 0.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.80 and a quick ratio of 0.80.

Zions Bancorporation, National Association (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings results on Monday, April 21st. The bank reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. The firm had revenue of $795.00 million for the quarter, compared to the consensus estimate of $792.49 million. During the same period in the prior year, the business posted $0.96 earnings per share. Research analysts anticipate that Zions Bancorporation, National Association will post 5.39 earnings per share for the current year.

Zions Bancorporation, National Association Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were paid a $0.43 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.72 dividend on an annualized basis and a yield of 3.49%. Zions Bancorporation, National Association's payout ratio is 33.59%.

Zions Bancorporation, National Association announced that its Board of Directors has initiated a share buyback plan on Monday, February 24th that authorizes the company to buyback $40.00 million in shares. This buyback authorization authorizes the bank to purchase up to 0.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on ZION. Royal Bank of Canada decreased their price objective on Zions Bancorporation, National Association from $63.00 to $53.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods reduced their price target on shares of Zions Bancorporation, National Association from $65.00 to $58.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 22nd. Stephens lowered their price objective on shares of Zions Bancorporation, National Association from $54.00 to $52.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company dropped their price objective on shares of Zions Bancorporation, National Association from $58.00 to $47.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Finally, Wall Street Zen downgraded shares of Zions Bancorporation, National Association from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $57.94.

Zions Bancorporation, National Association 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.

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.