Zions Bancorporation, National Association (NASDAQ:ZION) Shares Gap Up After Better-Than-Expected Earnings

22 Oct 2024, 10:54 by Teresa Graham · The Cerbat Gem

Shares of Zions Bancorporation, National Association (NASDAQ:ZION – Get Free Report) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $49.44, but opened at $51.58. Zions Bancorporation, National Association shares last traded at $51.80, with a volume of 803,968 shares changing hands.

The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.21. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $781.63 million. Zions Bancorporation, National Association had a net margin of 13.53% and a return on equity of 13.85%. During the same quarter in the prior year, the firm earned $1.13 EPS.

Zions Bancorporation, National Association Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Thursday, August 15th. Zions Bancorporation, National Association’s dividend payout ratio (DPR) is 41.21%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Jefferies Financial Group cut their price objective on Zions Bancorporation, National Association from $51.00 to $49.00 and set a “hold” rating for the company in a research report on Wednesday, September 11th. Evercore ISI decreased their price objective on Zions Bancorporation, National Association from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 2nd. Wells Fargo & Company cut their target price on shares of Zions Bancorporation, National Association from $52.00 to $50.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 21st. Keefe, Bruyette & Woods upped their target price on shares of Zions Bancorporation, National Association from $53.00 to $56.00 and gave the company a “market perform” rating in a report on Tuesday. Finally, StockNews.com raised shares of Zions Bancorporation, National Association from a “sell” rating to a “hold” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $50.33.

Read Our Latest Stock Analysis on Zions Bancorporation, National Association

Insider Activity at Zions Bancorporation, National Association

In related news, EVP Terry Alan Shirey sold 1,917 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $51.78, for a total value of $99,262.26. Following the sale, the executive vice president now directly owns 24,640 shares in the company, valued at $1,275,859.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Zions Bancorporation, National Association news, President Scott J. Mclean sold 60,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $51.83, for a total value of $3,109,800.00. Following the completion of the sale, the president now directly owns 74,286 shares of the company’s stock, valued at approximately $3,850,243.38. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Terry Alan Shirey sold 1,917 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $51.78, for a total transaction of $99,262.26. Following the transaction, the executive vice president now owns 24,640 shares of the company’s stock, valued at approximately $1,275,859.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,073 shares of company stock worth $3,476,298 in the last ninety days. 2.22% of the stock is owned by insiders.

Hedge Funds Weigh In On Zions Bancorporation, National Association

A number of hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its stake in Zions Bancorporation, National Association by 103.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 165,025 shares of the bank’s stock worth $7,163,000 after purchasing an additional 4,993,164 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Zions Bancorporation, National Association by 17.5% in the second quarter. Dimensional Fund Advisors LP now owns 6,248,836 shares of the bank’s stock valued at $271,003,000 after purchasing an additional 929,251 shares in the last quarter. Artemis Investment Management LLP boosted its position in shares of Zions Bancorporation, National Association by 165.0% in the third quarter. Artemis Investment Management LLP now owns 905,576 shares of the bank’s stock worth $42,761,000 after buying an additional 563,889 shares during the period. AQR Capital Management LLC grew its holdings in shares of Zions Bancorporation, National Association by 75.0% during the second quarter. AQR Capital Management LLC now owns 1,011,900 shares of the bank’s stock valued at $43,294,000 after buying an additional 433,513 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Zions Bancorporation, National Association by 197.5% during the first quarter. Principal Financial Group Inc. now owns 567,198 shares of the bank’s stock valued at $24,616,000 after buying an additional 376,549 shares in the last quarter. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Zions Bancorporation, National Association Trading Up 4.8 %

The company has a 50 day simple moving average of $47.51 and a two-hundred day simple moving average of $45.20. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market cap of $7.65 billion, a PE ratio of 13.02, a PEG ratio of 1.91 and a beta of 1.09.

About Zions Bancorporation, National Association

(Get Free Report)

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.