CIBC Asset Management Inc Makes New Investment in Zions Bancorporation, National Association (NASDAQ:ZION)

CIBC Asset Management Inc bought a new stake in Zions Bancorporation, National Association (NASDAQ:ZION) during the third quarter, Holdings Channel reports. The institutional investor bought 4,287 shares of the bank’s stock, valued at approximately $202,000.

Several other hedge funds also recently modified their holdings of ZION. O Shaughnessy Asset Management LLC lifted its holdings in Zions Bancorporation, National Association by 37.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 11,271 shares of the bank’s stock worth $489,000 after acquiring an additional 3,061 shares during the period. Bessemer Group Inc. raised its stake in shares of Zions Bancorporation, National Association by 19.3% during the 1st quarter. Bessemer Group Inc. now owns 7,978 shares of the bank’s stock worth $347,000 after purchasing an additional 1,291 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Zions Bancorporation, National Association by 71.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 118,248 shares of the bank’s stock worth $5,136,000 after buying an additional 49,213 shares during the last quarter. EP Wealth Advisors LLC grew its position in Zions Bancorporation, National Association by 7.4% during the first quarter. EP Wealth Advisors LLC now owns 9,485 shares of the bank’s stock valued at $412,000 after buying an additional 654 shares during the period. Finally, Axxcess Wealth Management LLC increased its holdings in Zions Bancorporation, National Association by 98.7% during the first quarter. Axxcess Wealth Management LLC now owns 14,106 shares of the bank’s stock worth $612,000 after buying an additional 7,006 shares during the last quarter. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Insiders Place Their Bets

In other Zions Bancorporation, National Association news, EVP Jennifer Anne Smith sold 4,385 shares of Zions Bancorporation, National Association stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $53.46, for a total value of $234,422.10. Following the transaction, the executive vice president now directly owns 24,714 shares of the company’s stock, valued at $1,321,210.44. The trade was a 15.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Eric Ellingsen sold 1,238 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $60.84, for a total value of $75,319.92. Following the sale, the vice president now directly owns 35,878 shares of the company’s stock, valued at approximately $2,182,817.52. This trade represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,228 shares of company stock valued at $519,048 over the last three months. Insiders own 2.22% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ZION. The Goldman Sachs Group raised their price target on shares of Zions Bancorporation, National Association from $52.00 to $59.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company raised their target price on Zions Bancorporation, National Association from $54.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 15th. Wedbush boosted their target price on Zions Bancorporation, National Association from $52.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada increased their price target on Zions Bancorporation, National Association from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 22nd. Finally, Robert W. Baird boosted their price objective on Zions Bancorporation, National Association from $52.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $54.63.

Zions Bancorporation, National Association Price Performance

Shares of Zions Bancorporation, National Association stock opened at $60.58 on Friday. The firm has a market capitalization of $8.95 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 5.23 and a beta of 1.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.58. Zions Bancorporation, National Association has a 12 month low of $33.66 and a 12 month high of $61.80. The business’s 50-day moving average price is $51.81 and its 200-day moving average price is $47.65.

Zions Bancorporation, National Association (NASDAQ:ZION) last issued its quarterly earnings results on Monday, October 21st. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.21. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $781.63 million. Zions Bancorporation, National Association had a net margin of 14.09% and a return on equity of 13.89%. During the same period last year, the business earned $1.13 earnings per share. Sell-side analysts forecast that Zions Bancorporation, National Association will post 4.85 EPS for the current fiscal year.

Zions Bancorporation, National Association Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Zions Bancorporation, National Association’s previous quarterly dividend of $0.41. Zions Bancorporation, National Association’s dividend payout ratio (DPR) is presently 39.18%.

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.