Zions Bancorporation, N.A. $ZION Stake Boosted by Easterly Investment Partners LLC

Key Points

• Easterly Investment Partners increased its Zions Bancorporation stake by 40.6% in the fourth quarter, bringing its holdings to 80,329 shares worth about $4.7 million.
• Zions posted better-than-expected quarterly earnings, reporting $1.56 EPS versus the $1.43 consensus and revenue of $859 million, while analysts currently rate the stock a consensus "Hold" with a $65.53 average price target.
• The bank continued returning capital with a $0.45 quarterly dividend and a new $225 million share buyback authorization, while shares recently traded near $62.45 close to their 52-week high of $66.18.

Easterly Investment Partners LLC grew its stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 40.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 80,329 shares of the bank's stock after purchasing an additional 23,191 shares during the quarter. Easterly Investment Partners LLC owned approximately 0.05% of Zions Bancorporation, N.A. worth $4,702,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Zions Bancorporation, N.A. during the fourth quarter valued at approximately $105,700,000. Baker Avenue Asset Management LP grew its holdings in Zions Bancorporation, N.A. by 19.8% in the 4th quarter. Baker Avenue Asset Management LP now owns 5,399 shares of the bank's stock worth $316,000 after buying an additional 892 shares in the last quarter. Geode Capital Management LLC grew its holdings in Zions Bancorporation, N.A. by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 2,963,243 shares of the bank's stock worth $173,501,000 after buying an additional 30,881 shares in the last quarter. Westover Capital Advisors LLC bought a new position in Zions Bancorporation, N.A. in the 4th quarter worth approximately $205,000. Finally, Clearstead Advisors LLC grew its holdings in Zions Bancorporation, N.A. by 3.5% in the 4th quarter. Clearstead Advisors LLC now owns 8,988 shares of the bank's stock worth $526,000 after buying an additional 308 shares in the last quarter. 76.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ZION. Royal Bank Of Canada increased their price objective on Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the stock a "sector perform" rating in a report on Tuesday, April 21st. Weiss Ratings raised Zions Bancorporation, N.A. from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 4th. Barclays increased their price objective on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an "underweight" rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. increased their price objective on Zions Bancorporation, N.A. from $62.00 to $67.00 and gave the stock a "neutral" rating in a report on Tuesday, April 21st. Finally, Piper Sandler decreased their price objective on Zions Bancorporation, N.A. from $65.00 to $62.00 and set a "neutral" rating for the company in a report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $65.53.

Insider Activity at Zions Bancorporation, N.A.

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $62.50, for a total value of $263,062.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.43% of the company's stock.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ:ZION opened at $62.45 on Monday. Zions Bancorporation, N.A. has a one year low of $46.09 and a one year high of $66.18. The stock has a fifty day moving average of $60.45 and a 200-day moving average of $58.81. The company has a market capitalization of $9.19 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 2.07 and a beta of 0.81. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.83 and a current ratio of 0.83.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data on Monday, April 20th. The bank reported $1.56 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. Zions Bancorporation, N.A. had a return on equity of 13.90% and a net margin of 19.53%.The company had revenue of $859.00 million during the quarter, compared to the consensus estimate of $853.73 million. During the same quarter in the prior year, the firm earned $1.13 EPS. As a group, equities analysts anticipate that Zions Bancorporation, N.A. will post 6.44 EPS for the current fiscal year.

Zions Bancorporation, N.A. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Thursday, May 14th. Zions Bancorporation, N.A.'s dividend payout ratio is 27.99%.

Zions Bancorporation, N.A. announced that its board has initiated a share buyback plan on Saturday, May 2nd that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the bank to buy up to 2.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

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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