HBK Sorce Advisory LLC bought a new stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 54,029 shares of the bank’s stock, valued at approximately $3,874,000.
A number of other hedge funds also recently modified their holdings of the business. Elevation Wealth Partners LLC boosted its position in shares of Zions Bancorporation, N.A. by 528.8% in the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock worth $29,000 after buying an additional 349 shares during the period. Torren Management LLC purchased a new stake in Zions Bancorporation, N.A. in the 4th quarter worth about $32,000. Leonteq Securities AG purchased a new stake in Zions Bancorporation, N.A. in the 4th quarter worth about $32,000. Atlas Capital Advisors Inc. acquired a new stake in Zions Bancorporation, N.A. during the 4th quarter worth about $36,000. Finally, International Assets Investment Management LLC acquired a new stake in Zions Bancorporation, N.A. during the 4th quarter worth about $49,000. Hedge funds and other institutional investors own 76.84% of the company’s stock.
Insiders Place Their Bets
In related news, President Scott J. Mclean sold 33,285 shares of Zions Bancorporation, N.A. stock in a transaction 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 of the company’s stock, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott A. Law sold 4,608 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total transaction of $333,711.36. Following the transaction, the executive vice president directly owned 32,890 shares in the company, valued at $2,381,893.80. The trade was a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 88,787 shares of company stock valued at $6,283,858 over the last ninety days. Corporate insiders own 1.43% of the company’s stock.
Zions Bancorporation, N.A. Stock Performance
Zions Bancorporation, N.A. declared that its Board of Directors has approved a share buyback plan on Saturday, May 2nd that authorizes the company to buyback $225.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 2.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
Zions Bancorporation, N.A. Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 2.7%. This is a boost from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 13th. Zions Bancorporation, N.A.’s dividend payout ratio is presently 24.46%.
Wall Street Analysts Forecast Growth
Several research firms recently commented on ZION. Cantor Fitzgerald raised their price target on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Barclays upped their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an “underweight” rating in a research note on Wednesday, April 22nd. Stephens decreased their target price on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating for the company in a research note 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 report on Friday, July 10th. Finally, Evercore downgraded shares of Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 price target on the stock. in a research note on Thursday, July 23rd. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $71.29.
View Our Latest Analysis on ZION
Zions Bancorporation, N.A. Company Profile
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.
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