Fifth Third Bancorp Cuts Position in Zions Bancorporation, N.A. (NASDAQ:ZION)

Fifth Third Bancorp decreased its holdings in Zions Bancorporation, N.A. (NASDAQ:ZION) by 13.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,527 shares of the bank’s stock after selling 1,766 shares during the quarter. Fifth Third Bancorp’s holdings in Zions Bancorporation, N.A. were worth $575,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its position in Zions Bancorporation, N.A. by 51.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 541 shares of the bank’s stock worth $29,000 after acquiring an additional 183 shares in the last quarter. CIBC Asset Management Inc raised its position in Zions Bancorporation, N.A. by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 4,511 shares of the bank’s stock worth $245,000 after acquiring an additional 224 shares in the last quarter. Jackson Creek Investment Advisors LLC raised its position in Zions Bancorporation, N.A. by 3.3% in the fourth quarter. Jackson Creek Investment Advisors LLC now owns 9,027 shares of the bank’s stock worth $490,000 after acquiring an additional 285 shares in the last quarter. Blair William & Co. IL raised its position in Zions Bancorporation, N.A. by 4.7% in the fourth quarter. Blair William & Co. IL now owns 6,713 shares of the bank’s stock worth $364,000 after acquiring an additional 303 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of Zions Bancorporation, N.A. by 0.8% in the fourth quarter. Arizona State Retirement System now owns 42,839 shares of the bank’s stock valued at $2,324,000 after buying an additional 322 shares in the last quarter. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Zions Bancorporation, N.A. Stock Down 1.2%

Shares of NASDAQ:ZION opened at $47.28 on Wednesday. The stock’s 50-day moving average price is $46.57 and its two-hundred day moving average price is $51.28. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. Zions Bancorporation, N.A. has a 12-month low of $39.32 and a 12-month high of $63.22. The firm has a market cap of $6.98 billion, a price-to-earnings ratio of 9.23, a PEG ratio of 1.56 and a beta of 0.88.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its quarterly earnings results on Monday, April 21st. The bank reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Zions Bancorporation, N.A. had a return on equity of 13.53% and a net margin of 16.08%. The firm had revenue of $795.00 million for the quarter, compared to analyst estimates of $792.49 million. During the same period last year, the company earned $0.96 EPS. On average, research analysts forecast that Zions Bancorporation, N.A. will post 5.39 EPS for the current year.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a share repurchase program on Monday, February 24th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Zions Bancorporation, N.A. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date was Thursday, May 15th. Zions Bancorporation, N.A.’s payout ratio is 33.59%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ZION shares. Robert W. Baird dropped their price target on Zions Bancorporation, N.A. from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. Stephens dropped their price target on Zions Bancorporation, N.A. from $54.00 to $52.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 22nd. Argus upgraded Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Monday, April 28th. Jefferies Financial Group started coverage on Zions Bancorporation, N.A. in a research report on Wednesday, May 21st. They issued an “underperform” rating and a $40.00 price target for the company. Finally, Keefe, Bruyette & Woods dropped their price target on Zions Bancorporation, N.A. from $65.00 to $58.00 and set a “market perform” rating for the company in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $57.94.

Zions Bancorporation, N.A. Company Profile

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments.