Zions Bancorporation, N.A. $ZION Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Zions Bancorporation stake by 30.9% in the first quarter, owning 538,436 shares valued at approximately $31 million. Institutional investors collectively hold 76.84% of the bank’s shares.
• Zions raised its quarterly dividend from $0.45 to $0.48 per share, equivalent to a 2.7% yield, and authorized a $225 million share-repurchase program covering up to 2.4% of outstanding shares.
• The stock was trading near its 52-week high at $72.20, while analysts maintained a consensus “Hold” rating with a $71.29 price target; company insiders have recently sold shares worth about $6.3 million.

Bank of America Corp DE raised its stake in Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 30.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 538,436 shares of the bank's stock after purchasing an additional 127,229 shares during the quarter. Bank of America Corp DE owned about 0.37% of Zions Bancorporation, N.A. worth $31,025,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Torren Management LLC acquired a new stake in shares of Zions Bancorporation, N.A. in the fourth quarter valued at about $32,000. Leonteq Securities AG acquired a new position in Zions Bancorporation, N.A. during the 4th 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. International Assets Investment Management LLC acquired a new position in Zions Bancorporation, N.A. during the 4th quarter worth approximately $49,000. Finally, Covestor Ltd boosted its holdings in Zions Bancorporation, N.A. by 38.2% in the 4th quarter. Covestor Ltd now owns 1,114 shares of the bank's stock worth $65,000 after acquiring an additional 308 shares during the period. Institutional investors and hedge funds own 76.84% of the company's stock.

Zions Bancorporation, N.A. Trading Up 0.8%

Shares of NASDAQ ZION opened at $72.20 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. The stock's 50 day moving average price is $69.32 and its two-hundred day moving average price is $63.31. Zions Bancorporation, N.A. has a 52-week low of $46.19 and a 52-week high of $73.34. The stock has a market capitalization of $10.54 billion, a P/E ratio of 9.20, a PEG ratio of 1.72 and a beta of 0.81.

Zions Bancorporation, N.A. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.92 annualized dividend and a dividend yield of 2.7%. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.'s dividend payout ratio is currently 24.46%.

Zions Bancorporation, N.A. declared that its board has approved a stock buyback plan on Saturday, May 2nd that authorizes the company to buyback $225.00 million in shares. This buyback authorization authorizes the bank to purchase up to 2.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ZION. Evercore downgraded shares of Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 price objective for the company. in a research report on Thursday, July 23rd. Wells Fargo & Company upped their target price on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 21st. Wall Street Zen raised shares of Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. DA Davidson lifted their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Finally, Robert W. Baird boosted their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a "neutral" rating in a report on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $71.29.

Insider Activity at Zions Bancorporation, N.A.

In related news, EVP Scott A. Law sold 4,608 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total transaction of $333,711.36. Following the transaction, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Scott J. Mclean sold 33,285 shares of Zions Bancorporation, N.A. stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the transaction, the president directly owned 73,043 shares of the company's stock, valued at approximately $5,159,027.09. This represents a 31.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 88,787 shares of company stock valued at $6,283,858. Corporate insiders own 1.43% of the company's stock.

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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