CIBC Asset Management Inc Raises Stock Holdings in Zions Bancorporation, National Association (NASDAQ:ZION)

CIBC Asset Management Inc lifted its holdings in Zions Bancorporation, National Association (NASDAQ:ZION) by 5.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,511 shares of the bank’s stock after buying an additional 224 shares during the quarter. CIBC Asset Management Inc’s holdings in Zions Bancorporation, National Association were worth $245,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ZION. State Street Corp raised its holdings in shares of Zions Bancorporation, National Association by 14.6% in the third quarter. State Street Corp now owns 7,041,818 shares of the bank’s stock worth $332,515,000 after buying an additional 896,889 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Zions Bancorporation, National Association by 25.1% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,684,460 shares of the bank’s stock worth $126,762,000 after buying an additional 538,049 shares during the period. Wellington Management Group LLP purchased a new stake in shares of Zions Bancorporation, National Association in the third quarter worth approximately $24,647,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Zions Bancorporation, National Association by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,687,988 shares of the bank’s stock worth $221,367,000 after buying an additional 140,084 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in shares of Zions Bancorporation, National Association in the third quarter worth approximately $4,189,000. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorporation, National Association Stock Performance

Shares of ZION stock opened at $52.89 on Wednesday. The stock’s 50-day moving average is $55.87 and its two-hundred day moving average is $53.30. The firm has a market cap of $7.81 billion, a price-to-earnings ratio of 10.68, a PEG ratio of 1.61 and a beta of 1.11. Zions Bancorporation, National Association has a 1 year low of $38.01 and a 1 year high of $63.22. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.80 and a current ratio of 0.80.

Zions Bancorporation, National Association (NASDAQ:ZION) last issued its quarterly earnings data on Tuesday, January 21st. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.08. The company had revenue of $820.00 million for the quarter, compared to analyst estimates of $787.70 million. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. The business’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.78 earnings per share. Analysts predict that Zions Bancorporation, National Association will post 5.39 earnings per share for the current year.

Zions Bancorporation, National Association announced that its board has initiated a share buyback plan on Monday, February 24th that authorizes the company to buyback $40.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 0.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Zions Bancorporation, National Association Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Thursday, February 13th were issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date was Thursday, February 13th. Zions Bancorporation, National Association’s dividend payout ratio is currently 34.75%.

Insider Buying and Selling

In related news, EVP Jennifer Anne Smith sold 22,673 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $56.47, for a total transaction of $1,280,344.31. Following the transaction, the executive vice president now owns 29,313 shares of the company’s stock, valued at $1,655,305.11. This trade represents a 43.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Steven Dan Stephens sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $55.71, for a total value of $557,100.00. Following the transaction, the executive vice president now directly owns 45,847 shares in the company, valued at approximately $2,554,136.37. This represents a 17.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,713 shares of company stock valued at $1,839,686 over the last quarter. 2.22% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on ZION. Keefe, Bruyette & Woods raised their price objective on Zions Bancorporation, National Association from $65.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised their price objective on Zions Bancorporation, National Association from $54.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 15th. Compass Point raised their price objective on Zions Bancorporation, National Association from $54.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. DA Davidson raised their price objective on Zions Bancorporation, National Association from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada raised their price objective on Zions Bancorporation, National Association from $61.00 to $63.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $60.71.

About Zions Bancorporation, National Association

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments.