Zions Bancorporation, N.A. (NASDAQ:ZION) Releases Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Zions Bancorporation, N.A. (NASDAQ:ZION) posted its earnings results on Monday. The bank reported $1.74 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.17, FiscalAI reports. The company had revenue of $878.00 million for the quarter, compared to analyst estimates of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.90% and a net margin of 19.53%.

Zions Bancorporation, N.A. Stock Performance

Shares of Zions Bancorporation, N.A. stock traded down $0.38 during trading hours on Monday, hitting $71.89. 2,670,668 shares of the company’s stock traded hands, compared to its average volume of 1,724,667. The stock has a market capitalization of $10.57 billion, a price-to-earnings ratio of 11.18, a PEG ratio of 1.73 and a beta of 0.80. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.83. The company has a fifty day simple moving average of $65.74 and a 200-day simple moving average of $61.82.

Zions Bancorporation, N.A. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Thursday, May 14th. Zions Bancorporation, N.A.’s dividend payout ratio is 27.99%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ZION. Truist Financial upped their price target on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Stephens started coverage on shares of Zions Bancorporation, N.A. in a report on Monday, June 15th. They set an “overweight” rating and a $79.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on shares of Zions Bancorporation, N.A. from $67.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. DA Davidson increased their target price on shares of Zions Bancorporation, N.A. from $75.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Finally, Robert W. Baird reissued a “neutral” rating and set a $68.00 price target on shares of Zions Bancorporation, N.A. in a research report on Tuesday, June 23rd. Six analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Zions Bancorporation, N.A. presently has a consensus rating of “Hold” and a consensus price target of $69.12.

Zions Bancorporation, N.A. declared that its Board of Directors has initiated a share repurchase plan on Saturday, May 2nd that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the bank to buy up to 2.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Jennifer Anne Smith sold 4,209 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ZION. Royal Bank of Canada lifted its stake in Zions Bancorporation, N.A. by 76.3% in the first quarter. Royal Bank of Canada now owns 137,434 shares of the bank’s stock valued at $6,853,000 after purchasing an additional 59,483 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Zions Bancorporation, N.A. by 18.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,960 shares of the bank’s stock valued at $2,042,000 after buying an additional 6,393 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Zions Bancorporation, N.A. by 0.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 504,860 shares of the bank’s stock valued at $25,172,000 after buying an additional 2,659 shares during the period. Focus Partners Wealth lifted its position in shares of Zions Bancorporation, N.A. by 91.7% during the 1st quarter. Focus Partners Wealth now owns 21,502 shares of the bank’s stock valued at $1,072,000 after buying an additional 10,283 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Zions Bancorporation, N.A. by 52.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,816 shares of the bank’s stock valued at $94,000 after buying an additional 625 shares during the last quarter. 76.84% of the stock is owned by institutional investors.

About Zions Bancorporation, N.A.

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.