Zions Bancorporation, N.A. $ZION Stock: GRIMES & Co WEALTH MANAGEMENT LLC Cuts Position

GRIMES & Co WEALTH MANAGEMENT LLC lessened its stake in shares of Zions Bancorporation, N.A. (NASDAQ:ZION) by 9.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,346 shares of the bank’s stock after selling 11,875 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Zions Bancorporation, N.A. were worth $6,851,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Zions Bancorporation, N.A. in the second quarter worth $982,244,000. Dimensional Fund Advisors LP increased 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 acquiring an additional 56,438 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Zions Bancorporation, N.A. by 28.5% during the first quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank’s stock valued at $110,505,000 after acquiring an additional 425,325 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Zions Bancorporation, N.A. during the second quarter valued at $87,961,000. Finally, Deutsche Bank AG purchased a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter worth about $71,767,000. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on ZION shares. DA Davidson increased their price objective on shares of Zions Bancorporation, N.A. from $79.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, October 20th. Piper Sandler lifted their target price on shares of Zions Bancorporation, N.A. from $68.00 to $69.00 and gave the stock a “neutral” rating in a report on Wednesday, October 21st. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $76.00 target price on shares of Zions Bancorporation, N.A. in a research note on Tuesday, October 20th. Robert W. Baird upgraded shares of Zions Bancorporation, N.A. from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Thursday, October 15th. Finally, UBS Group initiated coverage on shares of Zions Bancorporation, N.A. in a report on Monday, September 14th. They set a “buy” rating and a $78.00 price target on the stock. Seven research 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’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $73.44.

Zions Bancorporation, N.A. Stock Up 1.5%

Zions Bancorporation, N.A. stock opened at $66.38 on Tuesday. The stock has a market cap of $9.69 billion, a PE ratio of 8.14, a price-to-earnings-growth ratio of 1.02 and a beta of 0.84. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.86 and a current ratio of 0.86. Zions Bancorporation, N.A. has a one year low of $48.50 and a one year high of $73.34. The stock has a fifty day moving average of $65.32 and a 200 day moving average of $63.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its earnings results on Monday, October 19th. The bank reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.14. The business had revenue of $887.00 million for the quarter, compared to analysts’ expectations 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 last year, the firm posted $1.48 earnings per share. As a group, sell-side analysts predict that Zions Bancorporation, N.A. will post 6.69 EPS for the current year.

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

Zions Bancorporation, N.A. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 12th will be issued a $0.48 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.9%. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is presently 23.56%.

Zions Bancorporation, N.A. Company Profile

Zions Bancorporation, N.A. is a regional financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides banking and related financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and industrial lending, commercial real estate financing, small-business banking, consumer loans, residential mortgages, deposit accounts, treasury management, investment services, and private banking.