Meeder Asset Management Inc. Takes Position in Zions Bancorporation, N.A. $ZION

Meeder Asset Management Inc. bought a new stake in Zions Bancorporation, N.A. (NASDAQ:ZION) in the 2nd quarter, Holdings Channel.com reports. The fund bought 8,840 shares of the bank’s stock, valued at approximately $612,000.

Several other large investors have also recently added to or reduced their stakes in the business. Royal Bank of Canada increased its stake in shares of Zions Bancorporation, N.A. by 76.3% during the 1st quarter. Royal Bank of Canada now owns 137,434 shares of the bank’s stock valued at $6,853,000 after acquiring an additional 59,483 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 worth $2,042,000 after acquiring an additional 6,393 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in 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 purchasing an additional 2,659 shares during the period. Focus Partners Wealth grew its holdings in Zions Bancorporation, N.A. by 91.7% in the first quarter. Focus Partners Wealth now owns 21,502 shares of the bank’s stock valued at $1,072,000 after purchasing an additional 10,283 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Zions Bancorporation, N.A. by 52.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,816 shares of the bank’s stock worth $94,000 after purchasing an additional 625 shares during the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Trading Down 0.9%

NASDAQ:ZION opened at $70.93 on Wednesday. The business’s 50-day moving average is $69.61 and its two-hundred day moving average is $63.52. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34. The firm has a market capitalization of $10.35 billion, a PE ratio of 9.04, a price-to-earnings-growth ratio of 1.72 and a beta of 0.81.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.17. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. During the same quarter in the prior year, the business earned $1.63 earnings per share. The company’s revenue was up 35.7% compared to the same quarter last year. Research analysts predict that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be given a dividend of $0.48 per share. This is a boost from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.92 annualized dividend and a yield of 2.7%. Zions Bancorporation, N.A.’s dividend payout ratio is presently 24.46%.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a share repurchase program on Saturday, May 2nd that authorizes the company to repurchase $225.00 million in shares. This repurchase authorization authorizes the bank to buy up to 2.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

ZION has been the topic of a number of recent analyst reports. DA Davidson increased their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Citigroup boosted their price objective on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, April 22nd. Cantor Fitzgerald upped their price objective on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Truist Financial increased their target price on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Finally, Wall Street Zen upgraded Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Six research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $71.29.

Insiders Place Their Bets

In other news, EVP Derek Steward sold 894 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total transaction of $62,267.10. Following the transaction, the executive vice president directly owned 17,449 shares of the company’s stock, valued at approximately $1,215,322.85. The trade was a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Scott J. Mclean sold 33,285 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total value of $2,350,919.55. Following the sale, the president directly owned 73,043 shares in the company, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 88,787 shares of company stock worth $6,283,858 in the last 90 days. 1.43% of the stock is owned by company insiders.

Zions Bancorporation, N.A. 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.