Pinebridge Investments L.P. Has $2.88 Million Stock Position in Zions Bancorporation, National Association (NASDAQ:ZION)

Pinebridge Investments L.P. raised its position in Zions Bancorporation, National Association (NASDAQ:ZION) by 42.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 53,114 shares of the bank’s stock after buying an additional 15,889 shares during the period. Pinebridge Investments L.P.’s holdings in Zions Bancorporation, National Association were worth $2,881,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its position 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 worth $29,000 after buying an additional 183 shares in the last quarter. Covestor Ltd raised its holdings in 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. boosted its position in shares of Zions Bancorporation, National Association by 120.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 901 shares of the bank’s stock worth $49,000 after purchasing an additional 493 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of Zions Bancorporation, National Association in the 4th quarter valued at $62,000. Finally, Natixis bought a new stake in shares of Zions Bancorporation, National Association in the 4th quarter valued at $102,000. 76.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on ZION. The Goldman Sachs Group upgraded Zions Bancorporation, National Association from a “neutral” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Tuesday, January 7th. Royal Bank of Canada cut their price objective on shares of Zions Bancorporation, National Association from $63.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 22nd. DA Davidson increased 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. Morgan Stanley cut their price target on Zions Bancorporation, National Association from $71.00 to $64.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Finally, Robert W. Baird reduced their price objective on Zions Bancorporation, National Association from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Zions Bancorporation, National Association presently has an average rating of “Hold” and a consensus target price of $59.00.

Insider Buying and Selling

In other news, EVP Steven Dan Stephens sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The stock was 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 owns 45,847 shares in the company, valued at $2,554,136.37. The trade was a 17.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jennifer Anne Smith sold 22,673 shares of the 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. This trade represents a 43.61 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,029 shares of company stock valued at $1,855,321. 2.22% of the stock is owned by insiders.

Zions Bancorporation, National Association Stock Performance

NASDAQ ZION opened at $44.84 on Friday. The firm has a market capitalization of $6.62 billion, a P/E ratio of 9.06, a price-to-earnings-growth ratio of 1.61 and a beta of 0.92. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.16. The firm’s fifty day moving average price is $48.02 and its two-hundred day moving average price is $53.30. 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 issued its earnings results on Monday, April 21st. The bank reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $795.00 million during the quarter, compared to the consensus estimate of $792.49 million. Zions Bancorporation, National Association had a net margin of 15.70% and a return on equity of 13.65%. During the same period last year, the business posted $0.96 EPS. As a group, research analysts anticipate that Zions Bancorporation, National Association will post 5.39 EPS for the current year.

Zions Bancorporation, National Association Dividend Announcement

The firm also recently announced 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 annualized dividend and a dividend yield of 3.84%. Zions Bancorporation, National Association’s dividend payout ratio is currently 33.59%.

Zions Bancorporation, National Association announced that its board has authorized a share buyback program on Monday, February 24th that permits the company to buyback $40.00 million in shares. This buyback authorization permits the bank to reacquire up to 0.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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.