First Citizens Bank & Trust Co. Buys 16,395 Shares of Zions Bancorporation, N.A. $ZION

First Citizens Bank & Trust Co. bought a new position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 16,395 shares of the bank’s stock, valued at approximately $1,027,000.

A number of other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in shares of Zions Bancorporation, N.A. in the second quarter worth $87,961,000. Deutsche Bank AG bought a new position in Zions Bancorporation, N.A. during the second quarter worth $71,767,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Zions Bancorporation, N.A. during the 2nd quarter valued at $4,933,000. Amundi raised its stake in Zions Bancorporation, N.A. by 415.2% during the 2nd quarter. Amundi now owns 189,013 shares of the bank’s stock valued at $13,078,000 after purchasing an additional 152,328 shares during the last quarter. Finally, BlackRock Inc. acquired a new position in Zions Bancorporation, N.A. during the 2nd quarter valued at $982,244,000. 76.84% of the stock is currently owned by institutional investors.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ:ZION opened at $63.01 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 capitalization of $9.20 billion, a PE ratio of 8.03, a PEG ratio of 1.01 and a beta of 0.84. The business’s 50 day moving average is $66.51 and its 200-day moving average is $65.54. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26.

Zions Bancorporation, N.A. (NASDAQ:ZION) last released its quarterly earnings data on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.17. The business had revenue of $1.14 billion for 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%. Zions Bancorporation, N.A.’s quarterly revenue was up 35.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.63 earnings per share. Sell-side analysts predict that Zions Bancorporation, N.A. will post 6.60 earnings per share for the current year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were paid a $0.48 dividend. The ex-dividend date of this dividend was Thursday, August 13th. 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 3.0%. Zions Bancorporation, N.A.’s payout ratio is presently 24.46%.

Zions Bancorporation, N.A. announced that its Board of Directors has approved a stock buyback plan on Thursday, July 30th that authorizes the company to buy back $75.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 0.7% of its stock through open market purchases. Share repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

ZION has been the subject of a number of research reports. Stephens reduced their price target 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. Morgan Stanley boosted their price objective on shares of Zions Bancorporation, N.A. from $77.00 to $78.00 and gave the stock an “underweight” rating in a report on Monday, September 28th. Wall Street Zen upgraded shares of Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Piper Sandler cut their price objective on shares of Zions Bancorporation, N.A. from $71.00 to $68.00 and set a “neutral” rating for the company in a research report on Thursday, October 1st. Finally, Royal Bank Of Canada increased their target price on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $71.59.

Insider Buying and Selling

In other news, EVP Scott A. Law sold 4,608 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the sale, the executive vice president directly owned 32,890 shares in the company, valued at approximately $2,381,893.80. This represents a 12.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Scott J. Mclean sold 33,285 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total value of $2,350,919.55. Following the completion of the sale, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. This represents a 31.30% 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 quarter. Corporate insiders own 1.43% of the company’s stock.

Zions Bancorporation, N.A. Company Profile

Zions Bancorporation, N.A. is a regional financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides banking and financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and consumer lending, checking and savings accounts, treasury management, mortgage services, private banking, wealth management, and capital markets services. Zions operates through locally recognized brands including Zions Bank, Amegy Bank, California Bank & Trust, Nevada State Bank, and Vectra Bank Colorado.

Founded in 1873, Zions has expanded its presence across the western United States, serving customers in markets that include Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Wyoming.