Zions Bancorporation, N.A. (NASDAQ:ZION) EVP Derek Steward Sells 894 Shares

Key Points

• Insider sale: EVP Derek Steward sold 894 Zions Bancorporation shares for approximately $62,267, reducing his position by 4.87% to 17,449 shares.
• Stock and shareholder returns: ZION recently traded at $68.92 and pays a quarterly dividend of $0.45 per share, equivalent to a 2.6% yield. The company also authorized a $225 million share-repurchase program covering up to 2.4% of outstanding shares.
• Analyst outlook: Analysts have a consensus “Hold” rating and an average price target of $71.29, while institutional investors own approximately 76.84% of the company.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the completion of the transaction, the executive vice president owned 17,449 shares of the company's stock, valued at $1,215,322.85. The trade was a 4.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Zions Bancorporation, N.A. Stock Performance

Shares of NASDAQ ZION traded down $0.60 during midday trading on Wednesday, hitting $68.92. The company's stock had a trading volume of 1,670,891 shares, compared to its average volume of 1,744,120. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of 8.78, a P/E/G ratio of 1.64 and a beta of 0.80. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. The stock has a fifty day moving average price of $67.06 and a 200 day moving average price of $62.32. Zions Bancorporation, N.A. has a one year low of $46.19 and a one year high of $73.34.

Zions Bancorporation, N.A. Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were issued 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 yield of 2.6%. Zions Bancorporation, N.A.'s payout ratio is presently 22.93%.

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

Analyst Ratings Changes

A number of equities analysts have recently commented on ZION shares. Cantor Fitzgerald lifted their price target on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Weiss Ratings upgraded Zions Bancorporation, N.A. from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 4th. Truist Financial lifted their target price on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a "hold" rating in a report on Friday, July 10th. Stephens decreased their price target on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company increased their price target on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 21st. Six equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $71.29.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Zions Bancorporation, N.A. in the fourth quarter worth approximately $105,700,000. Balyasny Asset Management L.P. lifted its position in 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 valued at $67,145,000 after purchasing an additional 1,063,303 shares during the last quarter. AQR Capital Management LLC grew its stake 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 worth $167,677,000 after buying an additional 711,218 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Zions Bancorporation, N.A. in the 2nd quarter worth approximately $32,008,000. Finally, FIL Ltd increased its holdings in shares of Zions Bancorporation, N.A. by 117.6% in the 4th quarter. FIL Ltd now owns 1,113,079 shares of the bank's stock worth $65,160,000 after buying an additional 601,610 shares during the last quarter. Institutional investors own 76.84% of the company's stock.

About Zions Bancorporation, N.A.

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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