SummitTX Capital L.P. Lowers Stock Holdings in Zions Bancorporation, N.A. $ZION

SummitTX Capital L.P. reduced its position in Zions Bancorporation, N.A. (NASDAQ:ZION) by 48.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 12,306 shares of the bank’s stock after selling 11,633 shares during the quarter. SummitTX Capital L.P.’s holdings in Zions Bancorporation, N.A. were worth $709,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ZION. M&T Bank Corp acquired a new position in shares of Zions Bancorporation, N.A. during the fourth quarter valued at approximately $8,591,000. Basswood Capital Management L.L.C. boosted its stake in shares of Zions Bancorporation, N.A. by 266.4% in the fourth quarter. Basswood Capital Management L.L.C. now owns 404,520 shares of the bank’s stock worth $23,681,000 after acquiring an additional 294,121 shares during the last quarter. LSV Asset Management boosted its stake in shares of Zions Bancorporation, N.A. by 1.3% in the fourth quarter. LSV Asset Management now owns 3,888,064 shares of the bank’s stock worth $227,607,000 after acquiring an additional 48,346 shares during the last quarter. Burney Co. purchased a new stake in shares of Zions Bancorporation, N.A. during the fourth quarter worth approximately $4,762,000. Finally, Qsemble Capital Management LP purchased a new stake in shares of Zions Bancorporation, N.A. during the fourth quarter worth approximately $3,353,000. Institutional investors and hedge funds own 76.84% of the company’s stock.

Zions Bancorporation, N.A. Stock Up 0.8%

NASDAQ ZION opened at $69.46 on Friday. Zions Bancorporation, N.A. has a 52 week low of $46.19 and a 52 week high of $73.34. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. The business’s fifty day simple moving average is $67.36 and its 200-day simple moving average is $62.45. The firm has a market cap of $10.22 billion, a PE ratio of 8.85, a P/E/G ratio of 1.64 and a beta of 0.80.

Zions Bancorporation, N.A. Increases Dividend

The company also recently disclosed 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. The ex-dividend date is Thursday, August 13th. This is an increase from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. This represents a $1.92 annualized dividend and a yield of 2.8%. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is 22.93%.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Evercore lowered Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 price objective on the stock. in a report on Thursday, July 23rd. Barclays increased their target price on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an “underweight” rating in a research report on Wednesday, April 22nd. DA Davidson boosted 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 report on Tuesday, July 21st. Truist Financial upped their price objective on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a “hold” rating in a research note on Friday, July 10th. Finally, Robert W. Baird increased their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $71.29.

Insider Transactions at Zions Bancorporation, N.A.

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Derek Steward sold 894 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the sale, the executive vice president owned 17,449 shares of the company’s stock, valued at $1,215,322.85. This represents a 4.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 5,653 shares of company stock worth $359,958 over the last ninety days. 1.43% of the stock is owned by 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.