Neuberger Berman Group LLC Boosts Stake in Zions Bancorporation, National Association (NASDAQ:ZION)

Neuberger Berman Group LLC lifted its holdings in Zions Bancorporation, National Association (NASDAQ:ZIONGet Rating) by 23.6% during the first quarter, Holdings Channel reports. The institutional investor owned 876,806 shares of the bank’s stock after purchasing an additional 167,513 shares during the quarter. Neuberger Berman Group LLC’s holdings in Zions Bancorporation, National Association were worth $57,533,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its stake in shares of Zions Bancorporation, National Association by 1.4% in the first quarter. The Manufacturers Life Insurance Company now owns 1,495,689 shares of the bank’s stock valued at $98,057,000 after buying an additional 20,142 shares in the last quarter. Toroso Investments LLC purchased a new stake in Zions Bancorporation, National Association during the first quarter worth $230,000. BNP Paribas Arbitrage SA boosted its position in Zions Bancorporation, National Association by 33.2% during the first quarter. BNP Paribas Arbitrage SA now owns 133,578 shares of the bank’s stock worth $8,757,000 after purchasing an additional 33,326 shares in the last quarter. Walleye Capital LLC purchased a new stake in Zions Bancorporation, National Association during the first quarter worth $7,769,000. Finally, Avalon Investment & Advisory purchased a new stake in Zions Bancorporation, National Association during the first quarter worth $262,000. 81.30% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorporation, National Association Trading Down 2.2 %

Shares of ZION opened at $57.70 on Monday. The company has a market capitalization of $8.68 billion, a P/E ratio of 10.79, a P/E/G ratio of 2.47 and a beta of 1.24. Zions Bancorporation, National Association has a one year low of $47.92 and a one year high of $75.44. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a 50-day moving average price of $55.08 and a 200 day moving average price of $57.47.

Zions Bancorporation, National Association (NASDAQ:ZIONGet Rating) last issued its quarterly earnings results on Tuesday, July 26th. The bank reported $1.29 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.06). Zions Bancorporation, National Association had a net margin of 29.21% and a return on equity of 13.53%. During the same period in the previous year, the company posted $2.08 earnings per share. Sell-side analysts forecast that Zions Bancorporation, National Association will post 5.94 EPS for the current fiscal year.

Zions Bancorporation, National Association Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Thursday, August 18th were issued a $0.41 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $1.64 dividend on an annualized basis and a yield of 2.84%. This is an increase from Zions Bancorporation, National Association’s previous quarterly dividend of $0.38. Zions Bancorporation, National Association’s dividend payout ratio is currently 30.65%.

Zions Bancorporation, National Association announced that its Board of Directors has authorized a share repurchase program on Friday, July 29th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 0.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have commented on ZION. JPMorgan Chase & Co. decreased their target price on Zions Bancorporation, National Association from $75.00 to $62.00 and set a “neutral” rating on the stock in a research report on Friday, July 1st. The Goldman Sachs Group cut their price target on Zions Bancorporation, National Association from $75.00 to $61.50 and set a “neutral” rating for the company in a report on Tuesday, May 31st. Wedbush upped their target price on Zions Bancorporation, National Association from $59.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, July 27th. Truist Financial upped their target price on Zions Bancorporation, National Association from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, September 14th. Finally, Piper Sandler dropped their target price on Zions Bancorporation, National Association to $66.00 in a research note on Monday, July 4th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $65.38.

Insider Activity at Zions Bancorporation, National Association

In other Zions Bancorporation, National Association news, EVP Terry Alan Shirey sold 4,448 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $56.40, for a total transaction of $250,867.20. Following the sale, the executive vice president now owns 21,469 shares in the company, valued at $1,210,851.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Zions Bancorporation, National Association news, EVP Terry Alan Shirey sold 4,448 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $56.40, for a total transaction of $250,867.20. Following the sale, the executive vice president now owns 21,469 shares in the company, valued at $1,210,851.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Mark Richard Young sold 3,443 shares of the company’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $58.78, for a total value of $202,379.54. Following the sale, the vice president now owns 8,860 shares in the company, valued at approximately $520,790.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,666 shares of company stock valued at $722,270. Insiders own 1.81% of the company’s stock.

About Zions Bancorporation, National Association

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Zions Bancorporation, National Association provides various banking and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers corporate banking services; commercial banking, including a focus on small- and medium-sized businesses; commercial real estate banking services; municipal and public finance services; retail banking, including residential mortgages; trust services; wealth management and private client banking services; and capital markets products and services.

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Institutional Ownership by Quarter for Zions Bancorporation, National Association (NASDAQ:ZION)

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