Pinebridge Investments L.P. Acquires 15,889 Shares of Zions Bancorporation, National Association (NASDAQ:ZION)

Pinebridge Investments L.P. lifted its stake in Zions Bancorporation, National Association (NASDAQ:ZION) by 42.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 53,114 shares of the bank’s stock after purchasing an additional 15,889 shares during the quarter. Pinebridge Investments L.P.’s holdings in Zions Bancorporation, National Association were worth $2,881,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in Zions Bancorporation, National Association by 51.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 541 shares of the bank’s stock valued at $29,000 after acquiring an additional 183 shares in the last quarter. Covestor Ltd increased its position in shares of Zions Bancorporation, National Association by 128.1% in the fourth quarter. Covestor Ltd now owns 853 shares of the bank’s stock worth $46,000 after purchasing an additional 479 shares during the period. SRS Capital Advisors Inc. raised its stake in Zions Bancorporation, National Association by 120.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 901 shares of the bank’s stock valued at $49,000 after purchasing an additional 493 shares in the last quarter. Millstone Evans Group LLC bought a new stake in Zions Bancorporation, National Association during the fourth quarter worth about $62,000. Finally, Natixis acquired a new stake in Zions Bancorporation, National Association during the fourth quarter worth about $102,000. Institutional investors and hedge funds own 76.84% of the company’s stock.

Analyst Upgrades and Downgrades

ZION has been the subject of several analyst reports. The Goldman Sachs Group upgraded shares of Zions Bancorporation, National Association from a “neutral” rating to a “buy” rating and set a $71.00 target price for the company in a research report on Tuesday, January 7th. Barclays upped their target price on Zions Bancorporation, National Association from $59.00 to $61.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 22nd. DA Davidson lifted their price target on Zions Bancorporation, National Association from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Morgan Stanley lowered their price target on Zions Bancorporation, National Association from $71.00 to $64.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Finally, Royal Bank of Canada reduced their price objective on Zions Bancorporation, National Association from $63.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Zions Bancorporation, National Association presently has a consensus rating of “Hold” and a consensus target price of $59.00.

Zions Bancorporation, National Association Stock Performance

Shares of Zions Bancorporation, National Association stock opened at $44.84 on Friday. The stock has a market cap of $6.62 billion, a price-to-earnings ratio of 9.06, a P/E/G ratio of 1.61 and a beta of 0.92. Zions Bancorporation, National Association has a twelve month low of $39.32 and a twelve month high of $63.22. The company’s fifty day moving average is $48.02 and its 200 day moving average is $53.30. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.16.

Zions Bancorporation, National Association (NASDAQ:ZION) last issued its quarterly earnings data 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, National Association had a return on equity of 13.65% and a net margin of 15.70%. The company had revenue of $795.00 million during the quarter, compared to the consensus estimate of $792.49 million. During the same period last year, the company earned $0.96 earnings per share. Sell-side analysts forecast that Zions Bancorporation, National Association will post 5.39 EPS for the current year.

Zions Bancorporation, National Association Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, February 13th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend was Thursday, February 13th. Zions Bancorporation, National Association’s dividend payout ratio is currently 33.59%.

Zions Bancorporation, National Association announced that its board has authorized a stock repurchase plan on Monday, February 24th that authorizes the company to repurchase $40.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 0.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Zions Bancorporation, National Association

In related news, EVP Jennifer Anne Smith sold 22,673 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $56.47, for a total transaction of $1,280,344.31. Following the sale, the executive vice president now owns 29,313 shares in the company, valued at $1,655,305.11. This represents a 43.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven Dan Stephens sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $55.71, for a total value of $557,100.00. Following the completion of the transaction, the executive vice president now directly owns 45,847 shares in the company, valued at approximately $2,554,136.37. This trade represents a 17.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,029 shares of company stock worth $1,855,321 over the last three months. 2.22% of the stock is owned by company insiders.

Zions Bancorporation, National Association 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.