Zions Bancorporation, N.A. $ZION Shares Acquired by Corient Private Wealth LP

Key Points

• Corient Private Wealth increased its Zions Bancorporation stake by 6.8% in the second quarter, acquiring 17,642 additional shares for a total holding valued at approximately $19.1 million. Institutional investors collectively own 76.84% of the bank.
• Zions reported strong quarterly results, with EPS of $1.74 beating estimates of $1.57 and revenue rising 35.7% year over year to $1.14 billion. The company also raised its quarterly dividend to $0.48 and authorized a $75 million share buyback.
• Analyst sentiment remains mixed: six analysts rate the stock Buy, 11 Hold and three Sell, producing a consensus Hold rating and an average price target of $72.53. Shares recently opened at $69.18.

Corient Private Wealth LP grew its position in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 6.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 275,354 shares of the bank's stock after acquiring an additional 17,642 shares during the quarter. Corient Private Wealth LP owned about 0.19% of Zions Bancorporation, N.A. worth $19,052,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ZION. Elevation Wealth Partners LLC lifted its holdings in Zions Bancorporation, N.A. by 528.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank's stock valued at $29,000 after purchasing an additional 349 shares in the last quarter. Trust Co. of Vermont purchased a new position in shares of Zions Bancorporation, N.A. in the second quarter worth about $35,000. Leonteq Securities AG acquired a new position in Zions Bancorporation, N.A. during the fourth quarter worth about $32,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Zions Bancorporation, N.A. during the 2nd quarter valued at about $45,000. Finally, Burnham & Co LLC acquired a new stake in Zions Bancorporation, N.A. in the 2nd quarter valued at about $55,000. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ZION. Wall Street Zen upgraded Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. TD Cowen upped their target price on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. UBS Group initiated coverage on Zions Bancorporation, N.A. in a research note on Monday. They issued a "buy" rating and a $78.00 target price for the company. Morgan Stanley reissued an "underweight" rating and set a $77.00 price target on shares of Zions Bancorporation, N.A. in a research report on Tuesday, September 8th. Finally, Wells Fargo & Company raised their price objective on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $72.53.

Insiders Place Their Bets

In related news, EVP Derek Steward sold 894 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the completion of the transaction, the executive vice president directly owned 17,449 shares in the company, valued at $1,215,322.85. This trade represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott A. Law sold 4,608 shares of the business's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total transaction of $333,711.36. Following the sale, the executive vice president owned 32,890 shares in the company, valued at $2,381,893.80. This trade represents a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 88,787 shares of company stock worth $6,283,858 over the last ninety days. Corporate insiders own 1.43% of the company's stock.

Zions Bancorporation, N.A. Stock Up 0.6%

Shares of NASDAQ:ZION opened at $69.18 on Tuesday. The company has a market capitalization of $10.10 billion, a price-to-earnings ratio of 8.81, a PEG ratio of 1.16 and a beta of 0.78. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The business has a 50-day moving average price of $69.68 and a 200 day moving average price of $64.35. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26.

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

Zions Bancorporation, N.A. Increases Dividend

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

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

Zions Bancorporation, N.A. Company Profile

Zions Bancorporation, N.A. is a financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides a broad range of banking and related financial services to individuals, small and midsize businesses, commercial clients, and public-sector organizations.

The company's services include commercial and consumer lending, deposits, home loans, cash management, treasury services, wealth management, investment services, and capital markets activities.

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