Wellington Management Group LLP Cuts Position in Zions Bancorporation, N.A. $ZION

Key Points

• Wellington Management Group LLP cut its Zions Bancorporation position by 25.2% in the second quarter, selling 355,126 shares and retaining 1.05 million shares worth approximately $72.8 million. Institutional investors collectively own 76.84% of the bank.
• Zions reported quarterly EPS of $1.74, beating estimates of $1.57, while revenue rose 35.7% year over year to $1.14 billion. The bank also authorized a $75 million share buyback and increased its quarterly dividend to $0.48 per share.
• Analysts maintain a consensus “Hold” rating, with an average price target of $71.29. Meanwhile, company insiders sold 88,787 shares worth about $6.3 million during the last quarter.

Wellington Management Group LLP decreased its holdings in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 25.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,052,131 shares of the bank's stock after selling 355,126 shares during the quarter. Wellington Management Group LLP owned about 0.72% of Zions Bancorporation, N.A. worth $72,797,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ZION. Elevation Wealth Partners LLC lifted its position in Zions Bancorporation, N.A. by 528.8% in the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank's stock worth $29,000 after buying an additional 349 shares during the last quarter. Leonteq Securities AG purchased a new position in shares of Zions Bancorporation, N.A. during the fourth quarter worth approximately $32,000. Trust Co. of Vermont purchased a new stake in shares of Zions Bancorporation, N.A. in the 2nd quarter worth $35,000. Atlas Capital Advisors Inc. purchased a new stake in Zions Bancorporation, N.A. in the fourth quarter worth about $36,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Zions Bancorporation, N.A. during the second quarter valued at approximately $45,000. 76.84% of the stock is owned by institutional investors.

Zions Bancorporation, N.A. Stock Performance

ZION opened at $68.02 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. The firm's 50-day moving average price is $69.81 and its 200 day moving average price is $63.91. The firm has a market capitalization of $9.93 billion, a PE ratio of 8.66, a PEG ratio of 1.12 and a beta of 0.78. Zions Bancorporation, N.A. has a twelve month low of $46.19 and a twelve month high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its quarterly earnings results on Monday, July 20th. The bank reported $1.74 EPS for the quarter, beating the consensus estimate of $1.57 by $0.17. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $877.44 million. During the same quarter last year, the firm earned $1.63 earnings per share. The business's revenue for the quarter was up 35.7% on a year-over-year basis. As a group, sell-side analysts expect that Zions Bancorporation, N.A. will post 6.6 EPS for the current fiscal year.

Zions Bancorporation, N.A. announced that its Board of Directors has authorized a stock buyback program on Thursday, July 30th that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 0.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 13th. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.'s dividend payout ratio is presently 24.46%.

Insider Buying and Selling at Zions Bancorporation, N.A.

In other news, President Scott J. Mclean sold 33,285 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total value of $2,350,919.55. Following the transaction, the president owned 73,043 shares of the company's stock, valued at $5,159,027.09. This represents a 31.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott A. Law sold 4,608 shares of the company's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total transaction of $333,711.36. Following the completion of the transaction, the executive vice president directly owned 32,890 shares in the company, valued at $2,381,893.80. The trade was a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 88,787 shares of company stock worth $6,283,858 over the last quarter. 1.43% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Royal Bank Of Canada lifted their target price on Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 21st. Cantor Fitzgerald raised their target price on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Robert W. Baird upped their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a "neutral" rating in a report on Tuesday, July 21st. Truist Financial raised their target price on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Finally, Stephens cut their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating for the company in a report on Tuesday, July 21st. Six equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $71.29.

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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