Zions Bancorporation, N.A. (NASDAQ:ZION) Announces Quarterly Earnings Results

Zions Bancorporation, N.A. (NASDAQ:ZION) announced its quarterly earnings results on Monday. The bank reported $1.74 EPS for the quarter, beating the consensus estimate of $1.57 by $0.17, FiscalAI reports. The firm had revenue of $878.00 million during the quarter, compared to the consensus estimate of $877.44 million. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%.

Zions Bancorporation, N.A. Price Performance

ZION traded down $0.38 during midday trading on Monday, hitting $71.89. The stock had a trading volume of 2,705,480 shares, compared to its average volume of 1,724,667. 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 0.27, a quick ratio of 0.83 and a current ratio of 0.83. The business has a fifty day moving average of $65.74 and a 200 day moving average of $61.82. The company has a market cap of $10.57 billion, a P/E ratio of 11.18, a price-to-earnings-growth ratio of 1.73 and a beta of 0.80.

Zions Bancorporation, N.A. Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were given a $0.45 dividend. The ex-dividend date was Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a yield of 2.5%. Zions Bancorporation, N.A.’s payout ratio is presently 27.99%.

Analyst Upgrades and Downgrades

ZION has been the subject of several recent analyst reports. Citigroup boosted their target price on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 22nd. Piper Sandler dropped their price target on Zions Bancorporation, N.A. from $65.00 to $62.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Truist Financial boosted their price objective on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Stephens assumed coverage on shares of Zions Bancorporation, N.A. in a research report on Monday, June 15th. They issued an “overweight” rating and a $79.00 price objective on the stock. Finally, Wells Fargo & Company raised their target price on shares of Zions Bancorporation, N.A. from $63.00 to $66.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Six investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $69.12.

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

Insider Buying and Selling at Zions Bancorporation, N.A.

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in Zions Bancorporation, N.A. by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,420,688 shares of the bank’s stock worth $434,407,000 after acquiring an additional 77,612 shares during the last quarter. Morgan Stanley boosted its stake 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 valued at $184,478,000 after purchasing an additional 306,717 shares during the period. AQR Capital Management LLC boosted its stake in shares of Zions Bancorporation, N.A. by 31.6% during the third quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank’s stock valued at $167,677,000 after purchasing an additional 711,218 shares during the period. Invesco Ltd. grew its holdings in shares of Zions Bancorporation, N.A. by 8.6% in the fourth quarter. Invesco Ltd. now owns 1,756,280 shares of the bank’s stock worth $102,813,000 after purchasing an additional 139,731 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Zions Bancorporation, N.A. by 23.1% in the third quarter. Wellington Management Group LLP now owns 1,621,400 shares of the bank’s stock worth $91,739,000 after purchasing an additional 303,783 shares during the last quarter. Hedge funds and other institutional investors own 76.84% of the company’s stock.

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.