Short Interest in Zions Bancorporation, N.A. (NASDAQ:ZION) Rises By 879.6%

Key Points

• Zions Bancorporation, N.A. experienced a significant 879.6% rise in short interest, with a total of 5,860,000 shares short sold as of July 15th, indicating growing bearish sentiment among investors.
• Major hedge funds have increased their positions in Zions Bancorporation, with 76.84% of the stock owned by institutional investors, reflecting institutional confidence in the bank's performance.
• The company reported better-than-expected quarterly earnings with $1.58 EPS, surpassing estimates, and announced an increase in its quarterly dividend from $0.43 to $0.45, signaling a positive outlook.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totaling 5,860,000 shares, anincreaseof879.6% from the June 30th total of 598,200 shares. Currently,4.0% of the company's stock are short sold. Based on an average daily volume of 1,470,000 shares, the days-to-cover ratio is presently 4.0 days. Based on an average daily volume of 1,470,000 shares, the days-to-cover ratio is presently 4.0 days. Currently,4.0% of the company's stock are short sold.

Hedge Funds Weigh In On Zions Bancorporation, N.A.

A number of hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in shares of Zions Bancorporation, N.A. by 3.4% in the first quarter. Dimensional Fund Advisors LP now owns 7,040,473 shares of the bank's stock worth $351,027,000 after purchasing an additional 233,252 shares during the period. LSV Asset Management boosted its position in shares of Zions Bancorporation, N.A. by 3.7% in the first quarter. LSV Asset Management now owns 3,791,047 shares of the bank's stock worth $189,022,000 after purchasing an additional 136,870 shares during the period. AQR Capital Management LLC boosted its position in shares of Zions Bancorporation, N.A. by 326.4% in the first quarter. AQR Capital Management LLC now owns 2,866,759 shares of the bank's stock worth $139,927,000 after purchasing an additional 2,194,514 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in shares of Zions Bancorporation, N.A. by 9.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,834,949 shares of the bank's stock worth $147,247,000 after purchasing an additional 240,329 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Zions Bancorporation, N.A. by 20.8% in the fourth quarter. First Trust Advisors LP now owns 2,267,568 shares of the bank's stock worth $123,016,000 after purchasing an additional 390,601 shares during the period. 76.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Jefferies Financial Group raised Zions Bancorporation, N.A. from an "underperform" rating to a "hold" rating and lifted their price target for the stock from $45.00 to $60.00 in a research report on Tuesday, July 22nd. DA Davidson lifted 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. Morgan Stanley lifted their price objective on Zions Bancorporation, N.A. from $60.00 to $66.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Wells Fargo & Company lifted 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. Finally, Keefe, Bruyette & Woods reduced their price objective on Zions Bancorporation, N.A. from $65.00 to $58.00 and set a "market perform" rating for the company in a report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Zions Bancorporation, N.A. currently has an average rating of "Hold" and a consensus price target of $60.78.

Zions Bancorporation, N.A. Trading Down 2.9%

Zions Bancorporation, N.A. stock opened at $52.08 on Friday. The business has a 50-day simple moving average of $51.85 and a two-hundred day simple moving average of $50.83. The company has a market cap of $7.69 billion, a P/E ratio of 9.52, a P/E/G ratio of 1.52 and a beta of 0.93. Zions Bancorporation, N.A. has a 52-week low of $39.32 and a 52-week high of $63.22. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.15.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.27. The business had revenue of $838.00 million during the quarter, compared to the consensus estimate of $810.24 million. Zions Bancorporation, N.A. had a return on equity of 13.76% and a net margin of 16.98%. During the same period in the previous year, the company posted $1.28 EPS. Analysts predict that Zions Bancorporation, N.A. will post 5.39 EPS for the current year.

Zions Bancorporation, N.A. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be given a $0.45 dividend. This is a positive change from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.5%. Zions Bancorporation, N.A.'s dividend payout ratio is presently 31.44%.

Zions Bancorporation, N.A. Company Profile

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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