Arrowstreet Capital Limited Partnership Sells 498,667 Shares of Zions Bancorporation, National Association (NASDAQ:ZION)

Arrowstreet Capital Limited Partnership cut its holdings in Zions Bancorporation, National Association (NASDAQ:ZION - Free Report) by 20.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,943,286 shares of the bank's stock after selling 498,667 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.32% of Zions Bancorporation, National Association worth $105,423,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ZION. EverSource Wealth Advisors LLC increased its stake in shares of Zions Bancorporation, National Association by 51.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 541 shares of the bank's stock valued at $29,000 after buying an additional 183 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in Zions Bancorporation, National Association by 120.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 901 shares of the bank's stock valued at $49,000 after acquiring an additional 493 shares during the period. Millstone Evans Group LLC bought a new stake in Zions Bancorporation, National Association during the 4th quarter worth approximately $62,000. Whipplewood Advisors LLC acquired a new stake in shares of Zions Bancorporation, National Association during the fourth quarter worth $115,000. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Zions Bancorporation, National Association by 19.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,241 shares of the bank's stock valued at $122,000 after purchasing an additional 368 shares in the last quarter. Institutional investors and hedge funds own 76.84% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. The Goldman Sachs Group upgraded shares of Zions Bancorporation, National Association from a "neutral" rating to a "buy" rating and set a $71.00 price target for the company in a research note on Tuesday, January 7th. Compass Point lifted their price objective on Zions Bancorporation, National Association from $54.00 to $66.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Wells Fargo & Company decreased their price target on Zions Bancorporation, National Association from $62.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, March 28th. Royal Bank of Canada increased their price objective on shares of Zions Bancorporation, National Association from $61.00 to $63.00 and gave the stock a "sector perform" rating in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods increased their price target on shares of Zions Bancorporation, National Association from $65.00 to $70.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Zions Bancorporation, National Association has an average rating of "Hold" and an average price target of $60.94.

Insider Activity at Zions Bancorporation, National Association

In related news, EVP Jennifer Anne Smith sold 22,673 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $56.47, for a total transaction of $1,280,344.31. Following the sale, the executive vice president now owns 29,313 shares of the company's stock, valued at approximately $1,655,305.11. This represents a 43.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Steven Dan Stephens sold 10,000 shares of the business's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $55.71, for a total transaction of $557,100.00. Following the transaction, the executive vice president now owns 45,847 shares of the company's stock, valued at $2,554,136.37. This trade represents a 17.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,029 shares of company stock worth $1,855,321. 2.22% of the stock is owned by corporate insiders.

Zions Bancorporation, National Association Stock Performance

NASDAQ:ZION traded down $5.76 during trading hours on Thursday, reaching $44.68. The stock had a trading volume of 1,861,930 shares, compared to its average volume of 1,543,292. The stock has a market cap of $6.59 billion, a P/E ratio of 9.00, a price-to-earnings-growth ratio of 1.61 and a beta of 1.10. The stock has a 50 day simple moving average of $53.15 and a 200 day simple moving average of $53.80. 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 has a 12-month low of $39.05 and a 12-month high of $63.22.

Zions Bancorporation, National Association (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.08. The company had revenue of $820.00 million during 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 firm's revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 EPS. On average, research analysts forecast that Zions Bancorporation, National Association will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, National Association Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Thursday, February 13th were paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date of this dividend was Thursday, February 13th. Zions Bancorporation, National Association's payout ratio is currently 34.75%.

Zions Bancorporation, National Association declared that its board has approved a share buyback program on Monday, February 24th that authorizes the company to repurchase $40.00 million in shares. This repurchase authorization authorizes the bank to buy up to 0.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Zions Bancorporation, National Association Company Profile

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.