Arrowstreet Capital Limited Partnership Sells 423,325 Shares of Zions Bancorporation, N.A. $ZION

Arrowstreet Capital Limited Partnership lessened its holdings in shares of Zions Bancorporation, N.A. (NASDAQ:ZION) by 22.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,473,500 shares of the bank’s stock after selling 423,325 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Zions Bancorporation, N.A. were worth $84,903,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Torren Management LLC acquired a new stake in Zions Bancorporation, N.A. in the fourth quarter valued at $32,000. Leonteq Securities AG acquired a new position in Zions Bancorporation, N.A. during the 4th quarter worth about $32,000. Atlas Capital Advisors Inc. bought a new stake in shares of Zions Bancorporation, N.A. in the 4th quarter valued at about $36,000. V Square Quantitative Management LLC bought a new stake in shares of Zions Bancorporation, N.A. in the 4th quarter valued at about $42,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Zions Bancorporation, N.A. in the fourth quarter valued at about $49,000. Institutional investors own 76.84% of the company’s stock.

Zions Bancorporation, N.A. Price Performance

Shares of Zions Bancorporation, N.A. stock opened at $69.29 on Monday. The stock’s 50-day moving average is $66.71 and its 200 day moving average is $62.20. Zions Bancorporation, N.A. has a one year low of $46.19 and a one year high of $73.34. The firm has a market cap of $10.19 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 1.66 and a beta of 0.80. 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. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.80 annualized dividend and a yield of 2.6%. Zions Bancorporation, N.A.’s payout ratio is 22.93%.

Zions Bancorporation, N.A. announced that its board has approved 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 purchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ZION has been the subject of a number of analyst reports. Morgan Stanley raised their price objective on Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Cantor Fitzgerald increased their target price on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Truist Financial raised their price target on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, July 10th. TD Cowen boosted their price target on shares of Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the stock a “hold” rating in a research report on Tuesday, July 21st. Finally, Evercore lowered shares of 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 research note on Thursday. Six equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $71.29.

Key Zions Bancorporation, N.A. News

Here are the key news stories impacting Zions Bancorporation, N.A. this week:

• Positive Sentiment: Robert W. Baird raised its price target on Zions Bancorporation, N.A. (ZION) to $75, signaling room for further upside. Robert W. Baird Increases Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $75.00
• Positive Sentiment: Wells Fargo, RBC, TD Cowen, and DA Davidson all issued bullish notes or strong appreciation forecasts for Zions Bancorporation, N.A. (ZION), reinforcing expectations for further share gains. Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says TD Cowen Forecasts Strong Price Appreciation for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock DA Davidson Forecasts Strong Price Appreciation for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock
• Neutral Sentiment: Shares also saw unusually heavy options activity, suggesting traders are positioning for a larger move but without clear direction. Zions Bancorporation, N.A. Target of Unusually Large Options Trading (NASDAQ:ZION)
• Negative Sentiment: Evercore downgraded Zions Bancorporation, N.A. (ZION) from outperform to in-line and set a $68 target, implying modest downside from recent levels. Read More
• Negative Sentiment: Another report said ZION shares were gapping down on the analyst downgrade, highlighting that the downgrade is the main bearish catalyst weighing on sentiment. Zions Bancorporation, N.A. (NASDAQ:ZION) Shares Gap Down on Analyst Downgrade
• Negative Sentiment: Stephens also lowered expectations for Zions Bancorporation, N.A. (ZION), adding to the pressure from the Evercore downgrade. Stephens Has Lowered Expectations for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price

Insider Activity

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $62.50, for a total transaction of $263,062.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.43% of the company’s stock.

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.