The Manufacturers Life Insurance Company Acquires New Position in Zions Bancorporation, N.A. $ZION

The Manufacturers Life Insurance Company purchased a new stake in Zions Bancorporation, N.A. (NASDAQ:ZION) during the 2nd quarter, HoldingsChannel reports. The fund purchased 790,404 shares of the bank’s stock, valued at approximately $54,688,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bessemer Group Inc. lifted its holdings in shares of Zions Bancorporation, N.A. by 5.2% in the first quarter. Bessemer Group Inc. now owns 3,159 shares of the bank’s stock worth $182,000 after buying an additional 157 shares in the last quarter. Michels Family Financial LLC lifted its holdings in shares of Zions Bancorporation, N.A. by 1.5% in the 4th quarter. Michels Family Financial LLC now owns 12,142 shares of the bank’s stock worth $711,000 after acquiring an additional 185 shares during the last quarter. C M Bidwell & Associates Ltd. boosted its position in Zions Bancorporation, N.A. by 13.5% during the fourth quarter. C M Bidwell & Associates Ltd. now owns 1,555 shares of the bank’s stock valued at $91,000 after buying an additional 185 shares during the period. Alta Capital Management LLC grew its position in Zions Bancorporation, N.A. by 0.7% during the 4th quarter. Alta Capital Management LLC now owns 27,838 shares of the bank’s stock worth $1,630,000 after acquiring an additional 203 shares during the last quarter. Finally, Modern Wealth Management LLC increased its stake in shares of Zions Bancorporation, N.A. by 4.7% in the first quarter. Modern Wealth Management LLC now owns 4,670 shares of the bank’s stock worth $272,000 after buying an additional 209 shares during the period. 76.84% of the stock is currently owned by institutional investors.

Insider Activity at Zions Bancorporation, N.A.

In related news, EVP Derek Steward sold 894 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total value of $62,267.10. Following the transaction, the executive vice president directly owned 17,449 shares of the company’s stock, valued at approximately $1,215,322.85. This represents a 4.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott A. Law sold 4,608 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total value of $333,711.36. Following the sale, the executive vice president owned 32,890 shares in the company, valued at approximately $2,381,893.80. This represents a 12.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 88,787 shares of company stock valued at $6,283,858 over the last 90 days. Corporate insiders own 1.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. downgraded shares of Zions Bancorporation, N.A. from a “neutral” rating to an “underweight” rating and set a $75.00 target price on the stock. in a research report on Tuesday, July 21st. TD Cowen increased their price target on shares of Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the stock a “hold” rating in a research note on Tuesday, July 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research report on Friday, July 31st. Finally, Truist Financial boosted their price objective on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Six equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $71.29.

Zions Bancorporation, N.A. Stock Performance

Shares of Zions Bancorporation, N.A. stock opened at $68.32 on Thursday. The stock has a market cap of $9.97 billion, a price-to-earnings ratio of 8.70, a PEG ratio of 1.61 and a beta of 0.81. The firm’s 50-day moving average is $69.80 and its 200 day moving average is $63.78. 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.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its quarterly earnings data on Monday, July 20th. The bank reported $1.74 EPS for the quarter, beating the consensus estimate of $1.57 by $0.17. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $877.44 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. Zions Bancorporation, N.A.’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.63 EPS. Sell-side analysts anticipate that Zions Bancorporation, N.A. will post 6.6 EPS for the current fiscal year.

Zions Bancorporation, N.A. announced that its board has approved a stock repurchase program on Saturday, May 2nd that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the bank to purchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued a dividend of $0.48 per share. The ex-dividend date was Thursday, August 13th. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.8%. Zions Bancorporation, N.A.’s dividend payout ratio is currently 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.