Evolve Private Wealth LLC Acquires New Stake in Zions Bancorporation, N.A. $ZION

Evolve Private Wealth LLC bought a new position in Zions Bancorporation, N.A. (NASDAQ:ZION) in the second quarter, HoldingsChannel.com reports. The firm bought 7,419 shares of the bank’s stock, valued at approximately $513,000.

A number of other large investors have also recently added to or reduced their stakes in ZION. Elevation Wealth Partners LLC raised its stake in shares of Zions Bancorporation, N.A. by 528.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock valued at $29,000 after purchasing an additional 349 shares during the period. Trust Co. of Vermont bought a new position in shares of Zions Bancorporation, N.A. during the second quarter worth about $35,000. Torren Management LLC bought a new stake in Zions Bancorporation, N.A. in the 4th quarter valued at approximately $32,000. Leonteq Securities AG bought a new stake in Zions Bancorporation, N.A. in the 4th quarter valued at approximately $32,000. Finally, Atlas Capital Advisors Inc. acquired a new position in Zions Bancorporation, N.A. during the 4th quarter worth approximately $36,000. Institutional investors own 76.84% of the company’s stock.

Zions Bancorporation, N.A. Trading Down 0.4%

Shares of Zions Bancorporation, N.A. stock opened at $67.87 on Tuesday. The stock has a market cap of $9.91 billion, a P/E ratio of 8.65, a P/E/G ratio of 1.62 and a beta of 0.81. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The business’s 50 day moving average is $69.74 and its 200-day moving average is $63.72.

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

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

Zions Bancorporation, N.A. Increases Dividend

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

Insider Activity

In other news, EVP Derek Steward sold 894 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total transaction of $62,267.10. Following the transaction, the executive vice president directly owned 17,449 shares in the company, valued at $1,215,322.85. The trade was a 4.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Scott J. Mclean sold 33,285 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the sale, the president directly owned 73,043 shares in the company, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 88,787 shares of company stock valued at $6,283,858 in the last quarter. Company insiders own 1.43% of the company’s stock.

Wall Street Analysts Forecast Growth

ZION has been the subject of several research reports. Robert W. Baird raised their price target on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. Stephens reduced their target price on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Evercore downgraded shares of Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 target price for the company. in a research report on Thursday, July 23rd. Truist Financial lifted their price target on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a “hold” rating in a research note on Friday, July 10th. Finally, Morgan Stanley boosted their price target on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Six research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $71.29.

Zions Bancorporation, N.A. Company 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.