Zions Bancorporation, N.A. $ZION Stake Lowered by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Zions Bancorporation by 2.0% during the 1st quarter, now holding approximately 0.98% of the company valued at $72 million.
• Zions Bancorporation recently reported quarterly earnings of $1.58 per share, exceeding analysts' expectations, with revenue reaching $838 million.
• The bank has increased its quarterly dividend to $0.45 per share, reflecting a rise from its previous dividend, offering a dividend yield of 3.2%.

Northern Trust Corp cut its stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,444,118 shares of the bank's stock after selling 29,594 shares during the quarter. Northern Trust Corp owned approximately 0.98% of Zions Bancorporation, N.A. worth $72,004,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. bought a new position in Zions Bancorporation, N.A. in the 1st quarter worth approximately $224,000. Principal Financial Group Inc. grew its holdings in Zions Bancorporation, N.A. by 0.5% in the 1st quarter. Principal Financial Group Inc. now owns 340,066 shares of the bank's stock worth $16,956,000 after buying an additional 1,561 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in Zions Bancorporation, N.A. in the 1st quarter worth approximately $3,383,000. Sumitomo Mitsui Trust Group Inc. bought a new position in Zions Bancorporation, N.A. in the 1st quarter worth approximately $1,261,000. Finally, Teacher Retirement System of Texas grew its holdings in Zions Bancorporation, N.A. by 6.2% in the 1st quarter. Teacher Retirement System of Texas now owns 48,147 shares of the bank's stock worth $2,401,000 after buying an additional 2,821 shares in the last quarter. 76.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ZION shares. Jefferies Financial Group raised Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and increased their price objective for the stock from $45.00 to $60.00 in a report on Tuesday, July 22nd. Citigroup increased their price objective on Zions Bancorporation, N.A. from $48.00 to $52.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Wells Fargo & Company increased their price objective on Zions Bancorporation, N.A. from $47.00 to $58.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Truist Financial increased their price objective on Zions Bancorporation, N.A. from $57.00 to $59.00 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Finally, DA Davidson increased their price objective on Zions Bancorporation, N.A. from $57.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Four investment 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. According to data from MarketBeat, Zions Bancorporation, N.A. presently has an average rating of "Hold" and an average price target of $60.78.

Zions Bancorporation, N.A. Stock Performance

ZION opened at $55.91 on Tuesday. The company has a market capitalization of $8.25 billion, a price-to-earnings ratio of 10.22, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. Zions Bancorporation, N.A. has a 1-year low of $39.32 and a 1-year high of $63.22. The business has a 50 day moving average price of $53.50 and a two-hundred day moving average price of $50.21.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released its earnings results on Monday, July 21st. The bank reported $1.58 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $810.24 million. During the same period in the prior year, the firm posted $1.28 earnings per share. Research analysts predict that Zions Bancorporation, N.A. will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were given a dividend of $0.45 per share. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. The ex-dividend date was Thursday, August 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.2%. Zions Bancorporation, N.A.'s payout ratio is currently 32.91%.

About Zions Bancorporation, N.A.

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.

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