Prudential PLC Cuts Stake in Zions Bancorporation, N.A. $ZION

Prudential PLC reduced its stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION) by 83.5% during the 4th quarter, HoldingsChannel reports. The fund owned 6,592 shares of the bank’s stock after selling 33,451 shares during the period. Prudential PLC’s holdings in Zions Bancorporation, N.A. were worth $386,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ZION. Norges Bank purchased a new position in shares of Zions Bancorporation, N.A. during the 4th quarter worth about $105,700,000. AQR Capital Management LLC lifted its holdings in shares of Zions Bancorporation, N.A. by 31.6% during the 3rd quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank’s stock worth $167,677,000 after acquiring an additional 711,218 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in shares of Zions Bancorporation, N.A. during the 2nd quarter worth about $32,008,000. Balyasny Asset Management L.P. purchased a new position in shares of Zions Bancorporation, N.A. during the 2nd quarter worth about $31,224,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Zions Bancorporation, N.A. by 2,982.2% during the 3rd quarter. Mackenzie Financial Corp now owns 489,478 shares of the bank’s stock worth $27,695,000 after acquiring an additional 473,597 shares during the period. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Stock Up 0.0%

ZION opened at $63.25 on Tuesday. The firm has a 50 day moving average price of $61.23 and a 200 day moving average price of $59.29. The company has a market cap of $9.30 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 2.09 and a beta of 0.81. Zions Bancorporation, N.A. has a 1 year low of $46.19 and a 1 year high of $66.18. 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) last posted its earnings results on Monday, April 20th. The bank reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. The firm had revenue of $859.00 million during the quarter, compared to the consensus estimate of $853.73 million. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. During the same quarter in the prior year, the company earned $1.13 EPS. Sell-side analysts expect that Zions Bancorporation, N.A. will post 6.44 earnings per share for the current year.

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

Zions Bancorporation, N.A. Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were given a $0.45 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.80 annualized dividend and a yield of 2.8%. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is 27.99%.

Insider Transactions at Zions Bancorporation, N.A.

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.43% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ZION shares. Truist Financial increased their price objective on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a “hold” rating in a report on Tuesday, April 21st. Brean Capital started coverage on shares of Zions Bancorporation, N.A. in a report on Thursday, March 12th. They set a “neutral” rating on the stock. TD Cowen increased their target price on shares of Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the stock a “hold” rating in a research report on Tuesday, April 21st. Weiss Ratings raised shares of Zions Bancorporation, N.A. from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Finally, Royal Bank Of Canada increased their target price on shares of Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $65.53.

Zions Bancorporation, N.A. 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.