Zions Bancorporation, N.A. $ZION Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Zions Bancorporation stake by 26.7% in the first quarter, purchasing 37,272 additional shares for a total holding of 177,032 shares valued at approximately $10.2 million.
• Institutional ownership remains high at 76.84%, while several other major investors also increased their positions. Analysts’ consensus rating is “Hold,” with an average price target of $71.29.
• Zions raised its quarterly dividend from $0.45 to $0.48 per share, representing a 2.7% yield, and authorized a $225 million stock-repurchase program covering up to 2.4% of outstanding shares.

California State Teachers Retirement System increased its holdings in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 26.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,032 shares of the bank's stock after buying an additional 37,272 shares during the period. California State Teachers Retirement System owned about 0.12% of Zions Bancorporation, N.A. worth $10,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in shares of Zions Bancorporation, N.A. by 76.3% in the 1st quarter. Royal Bank of Canada now owns 137,434 shares of the bank's stock valued at $6,853,000 after purchasing an additional 59,483 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Zions Bancorporation, N.A. by 18.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,960 shares of the bank's stock worth $2,042,000 after buying an additional 6,393 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Zions Bancorporation, N.A. by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 504,860 shares of the bank's stock valued at $25,172,000 after purchasing an additional 2,659 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Zions Bancorporation, N.A. by 91.7% in the 1st quarter. Focus Partners Wealth now owns 21,502 shares of the bank's stock valued at $1,072,000 after purchasing an additional 10,283 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Zions Bancorporation, N.A. by 52.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,816 shares of the bank's stock worth $94,000 after acquiring an additional 625 shares in the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ZION shares. Truist Financial upped their target price on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a "hold" rating in a report on Friday, July 10th. Morgan Stanley raised their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Barclays raised their price objective on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an "underweight" rating in a research note on Wednesday, April 22nd. JPMorgan Chase & Co. cut 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 report on Tuesday, July 21st. Finally, Evercore lowered 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 research note on Thursday, July 23rd. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Zions Bancorporation, N.A. currently has an average rating of "Hold" and a consensus target price of $71.29.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ ZION opened at $70.84 on Tuesday. The business has a 50 day moving average price of $67.69 and a two-hundred day moving average price of $62.60. The firm has a market cap of $10.42 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 1.66 and a beta of 0.81. Zions Bancorporation, N.A. has a fifty-two week low of $46.19 and a fifty-two week high of $73.34. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26.

Zions Bancorporation, N.A. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be issued a $0.48 dividend. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. 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%. Zions Bancorporation, N.A.'s dividend payout ratio (DPR) is 22.93%.

Zions Bancorporation, N.A. announced that its board has initiated a stock repurchase program on Saturday, May 2nd that authorizes the company to buyback $225.00 million in shares. This buyback authorization authorizes the bank to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its stock is undervalued.

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

In related news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $62.50, for a total value of $263,062.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Derek Steward sold 894 shares of the business'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 sale, the executive vice president owned 17,449 shares in the company, valued at $1,215,322.85. This trade represents a 4.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.43% of the company's stock.

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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