Zions Bancorporation, N.A. $ZION Shares Sold by SummitTX Capital L.P.

SummitTX Capital L.P. trimmed its holdings in shares of Zions Bancorporation, N.A. (NASDAQ:ZION) by 48.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,306 shares of the bank’s stock after selling 11,633 shares during the quarter. SummitTX Capital L.P.’s holdings in Zions Bancorporation, N.A. were worth $709,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bessemer Group Inc. boosted its position in Zions Bancorporation, N.A. by 5.2% during the first quarter. Bessemer Group Inc. now owns 3,159 shares of the bank’s stock worth $182,000 after acquiring an additional 157 shares during the last quarter. Signaturefd LLC raised its holdings in Zions Bancorporation, N.A. by 17.1% in the 4th quarter. Signaturefd LLC now owns 1,192 shares of the bank’s stock valued at $70,000 after acquiring an additional 174 shares during the last quarter. C M Bidwell & Associates Ltd. raised its holdings in Zions Bancorporation, N.A. by 13.5% in the 4th quarter. C M Bidwell & Associates Ltd. now owns 1,555 shares of the bank’s stock valued at $91,000 after acquiring an additional 185 shares during the last quarter. Michels Family Financial LLC lifted its stake in 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 purchasing an additional 185 shares in the last quarter. Finally, Alta Capital Management LLC lifted its stake in Zions Bancorporation, N.A. by 0.7% in the 4th quarter. Alta Capital Management LLC now owns 27,838 shares of the bank’s stock worth $1,630,000 after purchasing an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on ZION shares. Wells Fargo & Company upped their target price on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an “equal weight” rating in a report on Tuesday, July 21st. Truist Financial boosted 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 report on Friday, July 10th. Cantor Fitzgerald upped their price objective on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. DA Davidson raised their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, Piper Sandler reduced their target price on shares of Zions Bancorporation, N.A. from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $71.29.

Zions Bancorporation, N.A. Trading Up 0.8%

Shares of ZION stock opened at $69.46 on Friday. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34. The firm has a market cap of $10.22 billion, a PE ratio of 8.85, a price-to-earnings-growth ratio of 1.64 and a beta of 0.80. The company has a 50-day moving average of $67.36 and a two-hundred day moving average of $62.45. 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. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th will be paid a $0.48 dividend. The ex-dividend date of this dividend is 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 annualized dividend and a dividend yield of 2.8%. Zions Bancorporation, N.A.’s payout ratio is 22.93%.

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

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Derek Steward sold 894 shares of the firm’s 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 transaction, the executive vice president owned 17,449 shares of the company’s stock, valued at $1,215,322.85. This trade represents a 4.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Jennifer Anne Smith sold 4,209 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $62.50, for a total value of $263,062.50. The SEC filing for this sale provides additional information. Insiders sold 5,653 shares of company stock valued at $359,958 in the last 90 days. Company insiders own 1.43% of the company’s stock.

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.