Zions Bancorporation, N.A. $ZION Stock Acquired by Diversified Management Inc.

Key Points

• Diversified Management Inc. increased its Zions Bancorporation stake by 474.6% in the third quarter, bringing its holdings to 38,051 shares worth approximately $2.38 million. Institutional investors collectively own 76.84% of the company.
• Analyst sentiment remains mixed, with six Buy, ten Hold, and three Sell ratings, resulting in a consensus Hold rating and an average price target of $72.12.
• Zions reported quarterly earnings of $1.74 per share, exceeding estimates of $1.57, while revenue rose 35.7% year over year to $1.14 billion. The bank also authorized a $75 million share repurchase and raised its quarterly dividend to $0.48 per share.

Diversified Management Inc. boosted its position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Free Report) by 474.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,051 shares of the bank's stock after purchasing an additional 31,429 shares during the period. Diversified Management Inc.'s holdings in Zions Bancorporation, N.A. were worth $2,384,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of Zions Bancorporation, N.A. by 5.2% during the third quarter. GAMMA Investing LLC now owns 13,546 shares of the bank's stock worth $849,000 after acquiring an additional 666 shares during the last quarter. Farther Finance Advisors LLC grew its stake in Zions Bancorporation, N.A. by 20.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 22,075 shares of the bank's stock valued at $1,383,000 after purchasing an additional 3,751 shares in the last quarter. Elevation Wealth Partners LLC grew its stake in Zions Bancorporation, N.A. by 121.2% during the 3rd quarter. Elevation Wealth Partners LLC now owns 918 shares of the bank's stock valued at $58,000 after purchasing an additional 503 shares in the last quarter. Versant Capital Management Inc increased its holdings in Zions Bancorporation, N.A. by 9.9% during the 3rd quarter. Versant Capital Management Inc now owns 7,503 shares of the bank's stock worth $470,000 after purchasing an additional 674 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in Zions Bancorporation, N.A. by 11.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 99,262 shares of the bank's stock worth $6,868,000 after purchasing an additional 9,848 shares during the last quarter. Hedge funds and other institutional investors own 76.84% of the company's stock.

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

In related news, EVP Derek Steward sold 894 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total value of $62,267.10. Following the sale, the executive vice president owned 17,449 shares of the company's stock, valued at approximately $1,215,322.85. This trade represents a 4.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott A. Law sold 4,608 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total value of $333,711.36. Following the transaction, the executive vice president owned 32,890 shares of the company's stock, valued at $2,381,893.80. This represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 88,787 shares of company stock worth $6,283,858 over the last ninety days. Company insiders own 1.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ZION shares. Cantor Fitzgerald increased their target price on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. DA Davidson upped their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Royal Bank Of Canada increased their price objective on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 21st. Stephens decreased their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating for the company in a report on Tuesday, July 21st. Finally, Piper Sandler cut their target price on shares of Zions Bancorporation, N.A. from $71.00 to $68.00 and set a "neutral" rating on the stock in a research note on Thursday, October 1st. Six investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Zions Bancorporation, N.A. presently has a consensus rating of "Hold" and an average price target of $72.12.

Zions Bancorporation, N.A. Stock Performance

Zions Bancorporation, N.A. stock opened at $62.73 on Friday. The company has a market cap of $9.16 billion, a PE ratio of 7.99, a P/E/G ratio of 1.04 and a beta of 0.84. The company has a fifty day moving average price of $67.35 and a two-hundred day moving average price of $65.32. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.17. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $877.44 million. During the same period in the prior year, the company earned $1.63 earnings per share. The firm's revenue was up 35.7% compared to the same quarter last year. Research analysts expect that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current year.

Zions Bancorporation, N.A. declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 30th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the bank to buy up to 0.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were issued a $0.48 dividend. This is an increase from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Thursday, August 13th. Zions Bancorporation, N.A.'s dividend payout ratio is 24.46%.

Zions Bancorporation, N.A. Company Profile

Zions Bancorporation, N.A. is a regional financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides banking and financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and consumer lending, checking and savings accounts, treasury management, mortgage services, private banking, wealth management, and capital markets services. Zions operates through locally recognized brands including Zions Bank, Amegy Bank, California Bank & Trust, Nevada State Bank, and Vectra Bank Colorado.

Founded in 1873, Zions has expanded its presence across the western United States, serving customers in markets that include Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Wyoming.

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