Wells Fargo & Company MN Increases Stock Position in Zions Bancorporation, National Association (NASDAQ:ZION)

Wells Fargo & Company MN grew its position in shares of Zions Bancorporation, National Association (NASDAQ:ZION) by 73.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 116,191 shares of the bank’s stock after purchasing an additional 49,121 shares during the quarter. Wells Fargo & Company MN owned approximately 0.08% of Zions Bancorporation, National Association worth $6,303,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Virtu Financial LLC purchased a new position in Zions Bancorporation, National Association during the 3rd quarter worth approximately $583,000. Fisher Asset Management LLC purchased a new position in shares of Zions Bancorporation, National Association during the fourth quarter worth approximately $389,000. Strategic Financial Concepts LLC purchased a new position in shares of Zions Bancorporation, National Association during the fourth quarter worth approximately $2,538,000. SG Americas Securities LLC increased its holdings in shares of Zions Bancorporation, National Association by 244.8% in the 4th quarter. SG Americas Securities LLC now owns 28,405 shares of the bank’s stock valued at $1,541,000 after acquiring an additional 20,167 shares during the period. Finally, Proficio Capital Partners LLC purchased a new stake in Zions Bancorporation, National Association in the 4th quarter valued at $4,237,000. Institutional investors and hedge funds own 76.84% of the company’s stock.

Zions Bancorporation, National Association Stock Performance

NASDAQ:ZION opened at $44.28 on Friday. Zions Bancorporation, National Association has a twelve month low of $39.05 and a twelve month high of $63.22. The company has a market capitalization of $6.53 billion, a P/E ratio of 8.95, a price-to-earnings-growth ratio of 1.61 and a beta of 0.92. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $49.18 and a two-hundred day moving average price of $53.36.

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 firm had revenue of $820.00 million during the quarter, compared to the consensus estimate of $787.70 million. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.78 EPS. As a group, research analysts expect that Zions Bancorporation, National Association will post 5.39 earnings per share for the current fiscal year.

Zions Bancorporation, National Association announced that its Board of Directors has initiated a share repurchase program on Monday, February 24th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Zions Bancorporation, National Association Dividend Announcement

The business also recently disclosed 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 3.88%. The ex-dividend date was Thursday, February 13th. Zions Bancorporation, National Association’s 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 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 in the company, valued at approximately $1,655,305.11. This trade represents a 43.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Steven Dan Stephens sold 10,000 shares of Zions Bancorporation, National Association stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $55.71, for a total transaction of $557,100.00. Following the completion of the sale, the executive vice president now directly owns 45,847 shares of the company’s stock, valued at $2,554,136.37. The trade was a 17.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,029 shares of company stock worth $1,855,321. 2.22% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on ZION. Keefe, Bruyette & Woods upped their target price on shares of Zions Bancorporation, National Association from $65.00 to $70.00 and gave the company a “market perform” rating in a report on Wednesday, January 22nd. Barclays upped their price objective on Zions Bancorporation, National Association from $59.00 to $61.00 and gave the company an “underweight” rating in a research note on Wednesday, January 22nd. Stephens reiterated an “equal weight” rating and issued a $64.00 target price on shares of Zions Bancorporation, National Association in a research note on Wednesday, March 5th. Wells Fargo & Company cut their price target on Zions Bancorporation, National Association from $62.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, March 28th. Finally, Morgan Stanley lowered their price objective on shares of Zions Bancorporation, National Association from $71.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Zions Bancorporation, National Association has an average rating of “Hold” and a consensus target price of $61.81.

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.