Zions Bancorporation, N.A. $ZION Shares Sold by Burney Co.

Key Points

• Burney Co. reduced its Zions Bancorporation stake by 74.9% in the first quarter, selling 60,904 shares and leaving it with 20,446 shares valued at about $1.18 million.
• Zions reported stronger-than-expected quarterly results, posting $1.56 EPS versus $1.43 expected and revenue of $859 million, while also authorizing a $225 million share repurchase program.
• The stock has drawn mixed analyst views despite recent target increases, with a consensus “Hold” rating and an average price target of $67.82. Shares were down 2.9% in the latest session.

Burney Co. cut its holdings in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 74.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,446 shares of the bank's stock after selling 60,904 shares during the period. Burney Co.'s holdings in Zions Bancorporation, N.A. were worth $1,178,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Norges Bank purchased a new stake in shares of Zions Bancorporation, N.A. in the fourth quarter valued at about $105,700,000. Balyasny Asset Management L.P. grew its holdings in shares of Zions Bancorporation, N.A. by 1,270.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,146,992 shares of the bank's stock worth $67,145,000 after buying an additional 1,063,303 shares during the last quarter. AQR Capital Management LLC increased its position in Zions Bancorporation, N.A. by 31.6% in the 3rd quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank's stock valued at $167,677,000 after acquiring an additional 711,218 shares during the period. Adage Capital Partners GP L.L.C. acquired a new position in Zions Bancorporation, N.A. in the 2nd quarter valued at about $32,008,000. Finally, FIL Ltd increased its position in Zions Bancorporation, N.A. by 117.6% in the 4th quarter. FIL Ltd now owns 1,113,079 shares of the bank's stock valued at $65,160,000 after acquiring an additional 601,610 shares during the period. 76.84% of the stock is owned by institutional investors and hedge funds.

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

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.43% of the stock is currently owned by company insiders.

Zions Bancorporation, N.A. Stock Down 2.9%

ZION opened at $68.64 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.83. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $71.26. The stock has a market capitalization of $10.10 billion, a P/E ratio of 10.67, a P/E/G ratio of 2.26 and a beta of 0.80. The business has a 50 day simple moving average of $64.60 and a 200-day simple moving average of $61.25.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data on Monday, April 20th. The bank reported $1.56 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The firm had revenue of $859.00 million for the quarter, compared to analyst estimates of $853.73 million. Zions Bancorporation, N.A. had a return on equity of 13.90% and a net margin of 19.53%.During the same quarter in the prior year, the company posted $1.13 earnings per share. On average, equities analysts anticipate that Zions Bancorporation, N.A. will post 6.49 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. declared that its Board of Directors has authorized a stock repurchase program on Saturday, May 2nd that authorizes the company to buyback $225.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 2.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Zions Bancorporation, N.A. Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. Zions Bancorporation, N.A.'s dividend payout ratio is 27.99%.

Wall Street Analysts Forecast Growth

ZION has been the subject of a number of recent research reports. Citigroup increased their price objective on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 22nd. Morgan Stanley increased 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. Piper Sandler dropped their price objective on shares of Zions Bancorporation, N.A. from $65.00 to $62.00 and set a "neutral" rating on the stock in a research note on Thursday, April 2nd. DA Davidson upped their price objective on shares of Zions Bancorporation, N.A. from $75.00 to $78.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Finally, Wells Fargo & Company raised their target price on shares of Zions Bancorporation, N.A. from $63.00 to $66.00 and gave the stock an "equal weight" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $67.82.

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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