Zions Bancorporation, N.A. $ZION Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION) by 1.2% in the 1st quarter, Holdings Channel reports. The firm owned 807,539 shares of the bank’s stock after selling 10,033 shares during the period. The Manufacturers Life Insurance Company’s holdings in Zions Bancorporation, N.A. were worth $46,530,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ZION. Torren Management LLC purchased a new position in Zions Bancorporation, N.A. in the 4th quarter valued at $32,000. Leonteq Securities AG purchased a new stake in shares of Zions Bancorporation, N.A. during the fourth quarter worth $32,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Zions Bancorporation, N.A. in the fourth quarter valued at about $36,000. V Square Quantitative Management LLC purchased a new position in shares of Zions Bancorporation, N.A. in the fourth quarter worth about $42,000. Finally, International Assets Investment Management LLC acquired a new position in Zions Bancorporation, N.A. during the fourth quarter worth about $49,000. 76.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Derek Steward sold 894 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total value of $62,267.10. Following the completion of the sale, the executive vice president owned 17,449 shares of the company’s stock, valued at $1,215,322.85. This represents a 4.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jennifer Anne Smith sold 4,209 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $62.50, for a total transaction of $263,062.50. The SEC filing for this sale provides additional information. Insiders sold a total of 5,653 shares of company stock worth $359,958 over the last quarter. 1.43% of the stock is currently owned by company insiders.

Zions Bancorporation, N.A. Trading Up 0.8%

Shares of ZION stock opened at $69.46 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a twelve month low of $46.19 and a twelve month high of $73.34. The company’s 50-day moving average price is $67.36 and its 200-day moving average price is $62.45. The stock has a market cap of $10.22 billion, a price-to-earnings ratio of 8.85, a PEG ratio of 1.64 and a beta of 0.80.

Zions Bancorporation, N.A. announced that its board has initiated a stock repurchase program on Saturday, May 2nd that allows the company to buyback $225.00 million in shares. This buyback authorization allows the bank to buy up to 2.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 2.8%. The ex-dividend date is Thursday, August 13th. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is presently 22.93%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Citigroup upped their price objective on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, April 22nd. Weiss Ratings raised shares of Zions Bancorporation, N.A. from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 4th. Robert W. Baird boosted their target price on Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, July 21st. TD Cowen upped their price target on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a “hold” rating in a research report on Tuesday, July 21st. Finally, Cantor Fitzgerald increased their price target on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Six analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $71.29.

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.