Zions Bancorporation, N.A. $ZION Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in Zions Bancorporation by 59.2% during Q1, owning 742,516 shares valued at approximately $37 million.
• Zions Bancorporation reported earnings of $1.58 per share, exceeding analyst estimates of $1.31, alongside a quarterly revenue of $838 million.
• The company increased its quarterly dividend from $0.43 to $0.45, reflecting a positive shift in its financial performance and a yield of 3.2%.

Wellington Management Group LLP increased its position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 59.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 742,516 shares of the bank's stock after purchasing an additional 276,178 shares during the quarter. Wellington Management Group LLP owned 0.50% of Zions Bancorporation, N.A. worth $37,022,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of ZION. Hsbc Holdings PLC increased its position in Zions Bancorporation, N.A. by 80.7% during the fourth quarter. Hsbc Holdings PLC now owns 37,888 shares of the bank's stock worth $2,059,000 after buying an additional 16,923 shares in the last quarter. Pinebridge Investments L.P. increased its position in Zions Bancorporation, N.A. by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 53,114 shares of the bank's stock worth $2,881,000 after buying an additional 15,889 shares in the last quarter. Voya Investment Management LLC increased its position in Zions Bancorporation, N.A. by 3.3% during the fourth quarter. Voya Investment Management LLC now owns 87,780 shares of the bank's stock worth $4,762,000 after buying an additional 2,784 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new position in Zions Bancorporation, N.A. during the fourth quarter worth $264,000. Finally, The Manufacturers Life Insurance Company increased its position in Zions Bancorporation, N.A. by 19.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 879,050 shares of the bank's stock worth $47,688,000 after buying an additional 143,414 shares in the last quarter. Hedge funds and other institutional investors own 76.84% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on ZION. JPMorgan Chase & Co. raised their price target on Zions Bancorporation, N.A. from $55.00 to $63.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company lifted their price objective on Zions Bancorporation, N.A. from $47.00 to $58.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Truist Financial lifted their price objective on Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. Citigroup lifted their price objective on Zions Bancorporation, N.A. from $48.00 to $52.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Robert W. Baird lifted their price objective on Zions Bancorporation, N.A. from $60.00 to $65.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Four equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Zions Bancorporation, N.A. presently has an average rating of "Hold" and an average target price of $60.78.

Zions Bancorporation, N.A. Trading Up 2.1%

Zions Bancorporation, N.A. stock traded up $1.18 during midday trading on Wednesday, reaching $58.00. The stock had a trading volume of 2,001,632 shares, compared to its average volume of 1,421,888. Zions Bancorporation, N.A. has a twelve month low of $39.32 and a twelve month high of $63.22. The stock has a market capitalization of $8.56 billion, a PE ratio of 10.60, a price-to-earnings-growth ratio of 1.48 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock's 50-day simple moving average is $53.89 and its 200 day simple moving average is $50.31.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its earnings results on Monday, July 21st. The bank reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.31 by $0.27. Zions Bancorporation, N.A. had a return on equity of 13.76% and a net margin of 16.98%.The firm had revenue of $838.00 million for the quarter, compared to analysts' expectations of $810.24 million. During the same quarter last year, the firm earned $1.28 earnings per share. Analysts expect that Zions Bancorporation, N.A. will post 5.39 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 21st. Investors of record on Thursday, August 14th were issued a $0.45 dividend. The ex-dividend date was Thursday, August 14th. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a yield of 3.1%. Zions Bancorporation, N.A.'s payout ratio is 32.91%.

Zions Bancorporation, N.A. 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.