Short Interest in Zions Bancorporation, National Association (NASDAQ:ZION) Drops By 17.2%

Zions Bancorporation, National Association (NASDAQ:ZION) was the recipient of a large drop in short interest in March. As of March 31st, there was short interest totalling 4,800,000 shares, a drop of 17.2% from the March 15th total of 5,800,000 shares. Based on an average daily trading volume, of 1,800,000 shares, the days-to-cover ratio is presently 2.7 days. Approximately 3.3% of the shares of the stock are sold short.

Zions Bancorporation, National Association Stock Performance

Shares of ZION stock opened at $43.62 on Tuesday. The stock’s 50-day moving average is $48.95 and its two-hundred day moving average is $53.43. The firm has a market cap of $6.44 billion, a price-to-earnings ratio of 8.81, 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 1 year low of $39.32 and a 1 year high of $63.22.

Zions Bancorporation, National Association (NASDAQ:ZION) last released its quarterly earnings results on Monday, April 21st. The bank reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.07). The company had revenue of $795.00 million for the quarter, compared to analysts’ expectations of $792.49 million. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. During the same period in the prior year, the business earned $0.96 EPS. Analysts predict that Zions Bancorporation, National Association will post 5.39 earnings per share for the current year.

Zions Bancorporation, National Association Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, February 13th were paid a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.94%. Zions Bancorporation, National Association’s dividend payout ratio (DPR) is 34.75%.

Zions Bancorporation, National Association announced that its board has authorized a share buyback plan on Monday, February 24th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 0.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

ZION has been the subject of several analyst reports. Wells Fargo & Company cut their price objective on Zions Bancorporation, National Association from $62.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, March 28th. Morgan Stanley reduced 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 note on Thursday, March 13th. Barclays upped their price objective on shares of Zions Bancorporation, National Association from $59.00 to $61.00 and gave the stock an “underweight” rating in a report on Wednesday, January 22nd. Stephens reiterated an “equal weight” rating and issued a $64.00 target price on shares of Zions Bancorporation, National Association in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. decreased their price target on Zions Bancorporation, National Association from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $61.81.

Insider Transactions at Zions Bancorporation, National Association

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

Hedge Funds Weigh In On Zions Bancorporation, National Association

A number of large investors have recently made changes to their positions in ZION. Curat Global LLC purchased a new position in shares of Zions Bancorporation, National Association in the first quarter valued at $25,000. EverSource Wealth Advisors LLC increased its holdings in Zions Bancorporation, National Association by 51.1% during 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 raised its position in Zions Bancorporation, National Association by 128.1% during the fourth quarter. Covestor Ltd now owns 853 shares of the bank’s stock worth $46,000 after acquiring an additional 479 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings in shares of 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. Finally, Princeton Global Asset Management LLC acquired a new stake in shares of Zions Bancorporation, National Association in the first quarter valued at approximately $50,000. Hedge funds and other institutional investors own 76.84% of the company’s stock.

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.