OVERSEA CHINESE BANKING Corp Ltd Purchases New Holdings in Zions Bancorporation, N.A. $ZION

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Zions Bancorporation, N.A. (NASDAQ:ZION) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 13,945 shares of the bank’s stock, valued at approximately $965,000.

Several other institutional investors also recently added to or reduced their stakes in ZION. BlackRock Inc. purchased a new position in shares of Zions Bancorporation, N.A. during the second quarter worth approximately $982,244,000. Dimensional Fund Advisors LP raised its holdings in Zions Bancorporation, N.A. by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank’s stock worth $430,813,000 after purchasing an additional 56,438 shares in the last quarter. LSV Asset Management raised its stake in shares of Zions Bancorporation, N.A. by 1.3% during the 4th quarter. LSV Asset Management now owns 3,888,064 shares of the bank’s stock worth $227,607,000 after acquiring an additional 48,346 shares in the last quarter. Morgan Stanley increased its position in shares of Zions Bancorporation, N.A. by 10.8% during the fourth quarter. Morgan Stanley now owns 3,151,319 shares of the bank’s stock worth $184,478,000 after purchasing an additional 306,717 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in 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 valued at $167,677,000 after buying an additional 711,218 shares in the last quarter. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Insider Activity

In related news, President Scott J. Mclean sold 33,285 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total value of $2,350,919.55. Following the sale, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott A. Law sold 4,608 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total transaction of $333,711.36. Following the sale, the executive vice president owned 32,890 shares in the company, valued at $2,381,893.80. This trade represents a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 88,787 shares of company stock valued at $6,283,858. 1.43% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on ZION. TD Cowen lifted their price target on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the stock a “hold” rating in a research report on Tuesday, July 21st. Robert W. Baird boosted their target price on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Truist Financial increased their price target on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. Finally, Morgan Stanley lifted their price target on Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Six equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Zions Bancorporation, N.A. currently has a consensus rating of “Hold” and an average target price of $71.29.

Zions Bancorporation, N.A. Stock Performance

NASDAQ:ZION opened at $68.14 on Friday. The firm has a market capitalization of $9.95 billion, a price-to-earnings ratio of 8.68, a PEG ratio of 1.61 and a beta of 0.81. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. The company’s 50-day moving average is $69.71 and its two-hundred day moving average is $63.67.

Zions Bancorporation, N.A. (NASDAQ:ZION) last posted its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.17. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The firm’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.63 earnings per share. Analysts forecast that Zions Bancorporation, N.A. will post 6.6 EPS for the current year.

Zions Bancorporation, N.A. announced that its Board of Directors has approved a share buyback plan on Saturday, May 2nd that permits the company to repurchase $225.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were issued a $0.48 dividend. This is a boost from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 13th. This represents a $1.92 annualized dividend and a yield of 2.8%. Zions Bancorporation, N.A.’s payout ratio is 24.46%.

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.