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

CIBC Asset Management Inc increased its holdings in shares of Zions Bancorporation, National Association (NASDAQ:ZION) by 5.2% in the fourth quarter, Holdings Channel reports. The firm owned 4,511 shares of the bank’s stock after acquiring an additional 224 shares during the period. CIBC Asset Management Inc’s holdings in Zions Bancorporation, National Association were worth $245,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC boosted its position in Zions Bancorporation, National Association by 209.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,470 shares of the bank’s stock worth $117,000 after purchasing an additional 1,671 shares during the period. Brooklyn Investment Group purchased a new stake in Zions Bancorporation, National Association during the 3rd quarter worth $119,000. TD Private Client Wealth LLC boosted its position in Zions Bancorporation, National Association by 15.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 2,837 shares of the bank’s stock worth $134,000 after purchasing an additional 375 shares during the period. Diversify Wealth Management LLC purchased a new stake in Zions Bancorporation, National Association during the 4th quarter worth $201,000. Finally, Crewe Advisors LLC boosted its position in Zions Bancorporation, National Association by 24.9% during the 3rd quarter. Crewe Advisors LLC now owns 3,950 shares of the bank’s stock worth $187,000 after purchasing an additional 787 shares during the period. 76.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Steven Dan Stephens sold 10,000 shares of the stock in a transaction that occurred 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 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. This represents a 17.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jennifer Anne Smith sold 22,673 shares of the 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 directly owns 29,313 shares of the company’s stock, valued at approximately $1,655,305.11. This represents a 43.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,713 shares of company stock worth $1,839,686. Insiders own 2.22% of the company’s stock.

Zions Bancorporation, National Association Price Performance

Shares of NASDAQ:ZION opened at $52.89 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.16. Zions Bancorporation, National Association has a fifty-two week low of $38.01 and a fifty-two week high of $63.22. The firm has a 50-day simple moving average of $55.87 and a 200 day simple moving average of $53.30. The company has a market cap of $7.81 billion, a PE ratio of 10.68, a P/E/G ratio of 1.61 and a beta of 1.11.

Zions Bancorporation, National Association (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.08. Zions Bancorporation, National Association had a net margin of 15.70% and a return on equity of 13.65%. The business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $787.70 million. During the same quarter in the prior year, the firm earned $0.78 EPS. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Zions Bancorporation, National Association will post 5.39 EPS for the current year.

Zions Bancorporation, National Association declared that its board has approved a share repurchase program on Monday, February 24th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the bank to reacquire up to 0.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Zions Bancorporation, National Association Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 13th were given a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend was Thursday, February 13th. Zions Bancorporation, National Association’s dividend payout ratio (DPR) is 34.75%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ZION shares. JPMorgan Chase & Co. cut their price objective on shares of Zions Bancorporation, National Association from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Royal Bank of Canada boosted 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 report on Wednesday, January 22nd. Compass Point boosted their price objective on shares of Zions Bancorporation, National Association from $54.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods boosted their price objective on shares of 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. Finally, UBS Group started coverage on shares of Zions Bancorporation, National Association in a report on Tuesday, December 17th. They issued a “neutral” rating and a $64.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Zions Bancorporation, National Association has an average rating of “Hold” and an average target price of $60.71.

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.