Basswood Capital Management L.L.C. Takes Position in Zions Bancorporation, N.A. $ZION

Basswood Capital Management L.L.C. acquired a new position in Zions Bancorporation, N.A. (NASDAQ:ZION) during the second quarter, Holdings Channel reports. The firm acquired 425,137 shares of the bank’s stock, valued at approximately $29,415,000. Zions Bancorporation, N.A. makes up approximately 1.2% of Basswood Capital Management L.L.C.’s holdings, making the stock its 22nd biggest holding.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bessemer Group Inc. raised its position in shares of Zions Bancorporation, N.A. by 5.2% during the first quarter. Bessemer Group Inc. now owns 3,159 shares of the bank’s stock worth $182,000 after purchasing an additional 157 shares during the period. Michels Family Financial LLC boosted its position in shares of Zions Bancorporation, N.A. by 1.5% in the 4th quarter. Michels Family Financial LLC now owns 12,142 shares of the bank’s stock valued at $711,000 after purchasing an additional 185 shares during the period. C M Bidwell & Associates Ltd. boosted its position in shares of Zions Bancorporation, N.A. by 13.5% in the 4th quarter. C M Bidwell & Associates Ltd. now owns 1,555 shares of the bank’s stock valued at $91,000 after purchasing an additional 185 shares during the period. Alta Capital Management LLC increased its stake in Zions Bancorporation, N.A. by 0.7% in the 4th quarter. Alta Capital Management LLC now owns 27,838 shares of the bank’s stock worth $1,630,000 after purchasing an additional 203 shares in the last quarter. Finally, Modern Wealth Management LLC increased its stake in Zions Bancorporation, N.A. by 4.7% in the 1st quarter. Modern Wealth Management LLC now owns 4,670 shares of the bank’s stock worth $272,000 after purchasing an additional 209 shares in the last quarter. 76.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ZION has been the topic of several recent analyst reports. Robert W. Baird boosted their price objective on Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, July 21st. Wall Street Zen upgraded shares of Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Evercore downgraded shares of Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 target price on the stock. in a research report on Thursday, July 23rd. TD Cowen boosted their price target on shares of Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a “hold” rating in a report on Tuesday, July 21st. Finally, Truist Financial upped their price target on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Six research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $71.29.

Insider Buying and Selling

In related news, EVP Scott A. Law sold 4,608 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total transaction of $333,711.36. Following the transaction, the executive vice president directly owned 32,890 shares of the company’s stock, valued at approximately $2,381,893.80. The trade was a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Derek Steward sold 894 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 17,449 shares in the company, valued at approximately $1,215,322.85. This represents a 4.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 88,787 shares of company stock worth $6,283,858. 1.43% of the stock is owned by company insiders.

Zions Bancorporation, N.A. Stock Up 1.1%

NASDAQ:ZION opened at $68.32 on Thursday. The business’s fifty day moving average price is $69.80 and its 200 day moving average price is $63.78. The firm has a market capitalization of $9.97 billion, a price-to-earnings ratio of 8.70, a PEG ratio of 1.61 and a beta of 0.81. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its quarterly earnings data on Monday, July 20th. The bank reported $1.74 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $877.44 million. During the same period last year, the company posted $1.63 EPS. The business’s quarterly revenue was up 35.7% compared to the same quarter last year. On average, sell-side analysts forecast 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 was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.8%. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 13th. Zions Bancorporation, N.A.’s payout ratio is currently 24.46%.

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

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.