Sei Investments Co. Increases Stock Position in Zions Bancorporation, N.A. $ZION

Sei Investments Co. boosted its position in shares of Zions Bancorporation, N.A. (NASDAQ:ZION) by 22.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 396,671 shares of the bank’s stock after buying an additional 73,699 shares during the quarter. Sei Investments Co.’s holdings in Zions Bancorporation, N.A. were worth $22,856,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ZION. Norges Bank acquired a new position in shares of Zions Bancorporation, N.A. in the fourth quarter worth about $105,700,000. Balyasny Asset Management L.P. grew its position in shares of Zions Bancorporation, N.A. by 1,270.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,146,992 shares of the bank’s stock valued at $67,145,000 after acquiring an additional 1,063,303 shares during the period. AQR Capital Management LLC increased its stake in shares of Zions Bancorporation, N.A. by 31.6% in the 3rd quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank’s stock valued at $167,677,000 after purchasing an additional 711,218 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at about $32,008,000. Finally, FIL Ltd raised its holdings in Zions Bancorporation, N.A. by 117.6% in the 4th quarter. FIL Ltd now owns 1,113,079 shares of the bank’s stock worth $65,160,000 after purchasing an additional 601,610 shares during the period. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Analyst Ratings Changes

ZION has been the topic of a number of recent analyst reports. Morgan Stanley increased their price target 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. Barclays upped their target price on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 22nd. Weiss Ratings upgraded Zions Bancorporation, N.A. from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. JPMorgan Chase & Co. cut shares of Zions Bancorporation, N.A. from a “neutral” rating to an “underweight” rating and set a $75.00 price target on the stock. in a research note on Tuesday, July 21st. Finally, 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 report on Tuesday, July 21st. 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 stock. According to data from MarketBeat, Zions Bancorporation, N.A. presently has a consensus rating of “Hold” and a consensus target price of $71.29.

Zions Bancorporation, N.A. Stock Up 1.5%

Shares of ZION opened at $69.52 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.84 and a current ratio of 0.84. Zions Bancorporation, N.A. has a one year low of $46.19 and a one year high of $73.34. The stock has a market capitalization of $10.23 billion, a price-to-earnings ratio of 8.86, a PEG ratio of 1.64 and a beta of 0.80. The stock has a 50 day moving average price of $67.06 and a 200 day moving average price of $62.32.

Zions Bancorporation, N.A. Announces Dividend

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

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a stock repurchase plan on Saturday, May 2nd that allows the company to buyback $225.00 million in shares. This buyback authorization allows the bank to buy up to 2.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.43% of the stock is owned by insiders.

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.