Zions Bancorporation, N.A. $ZION Shares Bought by Headlands Technologies LLC

Key Points

• Headlands Technologies increased its Zions Bancorporation stake by 85% in the second quarter, acquiring 16,127 additional shares for a total holding valued at approximately $2.43 million. Institutional investors and hedge funds collectively own 76.84% of the stock.
• Zions reported quarterly earnings of $1.74 per share, exceeding estimates of $1.57, while revenue rose 35.7% year over year to $1.14 billion. The bank also raised its quarterly dividend to $0.48 per share and authorized a $75 million share-buyback program.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $71.29. Meanwhile, company insiders sold 88,787 shares worth approximately $6.28 million during the latest quarter.

Headlands Technologies LLC grew its stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 85.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 35,095 shares of the bank's stock after buying an additional 16,127 shares during the quarter. Headlands Technologies LLC's holdings in Zions Bancorporation, N.A. were worth $2,428,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in ZION. Elevation Wealth Partners LLC increased its stake in shares of Zions Bancorporation, N.A. by 528.8% during 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 period. Trust Co. of Vermont purchased a new position in Zions Bancorporation, N.A. in the second quarter worth approximately $35,000. Leonteq Securities AG purchased a new position in Zions Bancorporation, N.A. in the fourth quarter worth approximately $32,000. Atlas Capital Advisors Inc. acquired a new position in Zions Bancorporation, N.A. during the 4th quarter worth approximately $36,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Zions Bancorporation, N.A. during the 2nd quarter worth approximately $45,000. 76.84% of the stock is owned by institutional investors and hedge funds.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ:ZION opened at $67.78 on Monday. The company's fifty day moving average price is $69.87 and its 200 day moving average price is $63.82. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $9.89 billion, a P/E ratio of 8.63, a P/E/G ratio of 1.61 and a beta of 0.81.

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

Zions Bancorporation, N.A. Increases Dividend

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

Zions Bancorporation, N.A. declared that its Board of Directors has initiated a stock 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 repurchase up to 0.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ZION shares. Evercore lowered shares of Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 price objective on the stock. in a report on Thursday, July 23rd. JPMorgan Chase & Co. downgraded shares of Zions Bancorporation, N.A. from a "neutral" rating to an "underweight" rating and set a $75.00 target price for the company. in a research note on Tuesday, July 21st. DA Davidson raised their price target on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. Morgan Stanley lifted their price target on Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. Finally, Wall Street Zen upgraded Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Six 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $71.29.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the transaction, the executive vice president owned 17,449 shares of the company's stock, valued at $1,215,322.85. The trade was a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Scott A. Law sold 4,608 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total value of $333,711.36. Following the completion of the sale, the executive vice president owned 32,890 shares of the company's stock, valued at approximately $2,381,893.80. This represents 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 in the last quarter. 1.43% of the stock is owned by insiders.

Zions Bancorporation, N.A. Company Profile

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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