Prudential PLC Invests $392,000 in Zions Bancorporation, National Association (NASDAQ:ZION)

Prudential PLC acquired a new position in shares of Zions Bancorporation, National Association (NASDAQ:ZION) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 7,221 shares of the bank’s stock, valued at approximately $392,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Headlands Technologies LLC raised its stake in shares of Zions Bancorporation, National Association by 13.5% in the 4th quarter. Headlands Technologies LLC now owns 30,287 shares of the bank’s stock valued at $1,643,000 after purchasing an additional 3,613 shares during the period. Franklin Resources Inc. grew its holdings in shares of Zions Bancorporation, National Association by 22.3% during the fourth quarter. Franklin Resources Inc. now owns 248,903 shares of the bank’s stock worth $13,503,000 after buying an additional 45,336 shares in the last quarter. O Shaughnessy Asset Management LLC raised its position in Zions Bancorporation, National Association by 21.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 22,530 shares of the bank’s stock valued at $1,222,000 after buying an additional 3,973 shares during the last quarter. Brandywine Global Investment Management LLC acquired a new position in Zions Bancorporation, National Association during the 4th quarter worth approximately $2,021,000. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Zions Bancorporation, National Association by 1,065.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 19,679 shares of the bank’s stock worth $1,080,000 after acquiring an additional 17,990 shares in the last quarter. 76.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Wells Fargo & Company cut their price objective on shares of Zions Bancorporation, National Association from $62.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, March 28th. Morgan Stanley cut their price target on shares of Zions Bancorporation, National Association from $71.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Stephens restated an “equal weight” rating and issued a $64.00 price objective on shares of Zions Bancorporation, National Association in a report on Wednesday, March 5th. DA Davidson upped their target price on Zions Bancorporation, National Association from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. decreased their price target on Zions Bancorporation, National Association from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.94.

Zions Bancorporation, National Association Stock Performance

Shares of ZION stock opened at $42.17 on Wednesday. The company has a market capitalization of $6.22 billion, a price-to-earnings ratio of 8.52, a PEG ratio of 1.61 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.80 and a current ratio of 0.80. Zions Bancorporation, National Association has a 52 week low of $39.05 and a 52 week high of $63.22. The company has a 50-day simple moving average of $51.60 and a 200 day simple moving average of $53.62.

Zions Bancorporation, National Association (NASDAQ:ZION) last posted its earnings results on Tuesday, January 21st. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.26 by $0.08. The company had revenue of $820.00 million for the quarter, compared to the consensus estimate of $787.70 million. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.78 earnings per share. On average, sell-side analysts predict that Zions Bancorporation, National Association will post 5.39 earnings per share 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. Shareholders of record on Thursday, February 13th were given a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend was Thursday, February 13th. Zions Bancorporation, National Association’s payout ratio is 34.75%.

Zions Bancorporation, National Association declared that its Board of Directors has authorized a stock buyback plan on Monday, February 24th that authorizes the company to repurchase $40.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 0.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Zions Bancorporation, National Association

In related news, EVP Jennifer Anne Smith sold 22,673 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $56.47, for a total transaction of $1,280,344.31. Following the transaction, the executive vice president now directly owns 29,313 shares of the company’s stock, valued at approximately $1,655,305.11. This trade represents a 43.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Steven Dan Stephens sold 10,000 shares of the business’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $55.71, for a total transaction of $557,100.00. Following the completion of the sale, the executive vice president now directly owns 45,847 shares of the company’s stock, valued at $2,554,136.37. This represents a 17.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,029 shares of company stock valued at $1,855,321. 2.22% of the stock is currently owned by corporate 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.