Sumitomo Mitsui Trust Group Inc. Purchases 19,905 Shares of Zions Bancorporation, N.A. $ZION

Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION) in the third quarter, Holdings Channel.com reports. The fund acquired 19,905 shares of the bank’s stock, valued at approximately $1,247,000.

Several other large investors have also modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter worth $982,244,000. Dimensional Fund Advisors LP lifted its holdings in shares of Zions Bancorporation, N.A. by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank’s stock valued at $430,813,000 after purchasing an additional 56,438 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Zions Bancorporation, N.A. by 28.5% in the 1st quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank’s stock valued at $110,505,000 after purchasing an additional 425,325 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at $87,961,000. Finally, Deutsche Bank AG acquired a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at $71,767,000. 76.84% of the stock is owned by institutional investors.

Zions Bancorporation, N.A. Stock Performance

Shares of ZION stock opened at $64.76 on Friday. Zions Bancorporation, N.A. has a 1-year low of $48.50 and a 1-year high of $73.34. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $9.45 billion, a price-to-earnings ratio of 7.95, a P/E/G ratio of 1.07 and a beta of 0.85. The stock’s fifty day simple moving average is $65.13 and its 200-day simple moving average is $63.96.

Zions Bancorporation, N.A. (NASDAQ:ZION) last posted its quarterly earnings results on Monday, October 19th. The bank reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.14. The firm had revenue of $887.00 million for the quarter, compared to analyst estimates of $889.52 million. Zions Bancorporation, N.A. had a return on equity of 13.77% and a net margin of 24.81%. During the same period in the previous year, the firm earned $1.48 earnings per share. On average, sell-side analysts predict that Zions Bancorporation, N.A. will post 6.70 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 12th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Thursday, November 12th. Zions Bancorporation, N.A.’s payout ratio is 23.56%.

Zions Bancorporation, N.A. declared that its Board of Directors has authorized a share repurchase plan on Thursday, July 30th that allows the company to buy back $75 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 0.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

ZION has been the topic of a number of analyst reports. Piper Sandler lifted their price target on Zions Bancorporation, N.A. from $68.00 to $69.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. Robert W. Baird raised shares of Zions Bancorporation, N.A. from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Thursday, October 15th. Wells Fargo & Company raised their target price on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 21st. Wall Street Zen downgraded shares of Zions Bancorporation, N.A. from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Truist Financial cut their price target on shares of Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating on the stock in a report on Friday, October 9th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $73.44.

Zions Bancorporation, N.A. Company Profile

Zions Bancorporation, N.A. is a national bank providing commercial and retail banking services to individuals, businesses, and institutions. Its offerings include business and consumer lending, deposit accounts, treasury management, and related banking services.

The bank serves customers across 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through regional banking brands, including Zions Bank, Amegy Bank, California Bank & Trust, and National Bank of Arizona.

The institution traces its history to 1873, when Zion’s Savings Bank and Trust Company was established in Salt Lake City.