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

Zions Bancorporation, National Association (NASDAQ:ZION) shares 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 trading hands.

The bank reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.21. The business 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 last year, the firm earned $1.13 earnings per share.

Zions Bancorporation, National Association Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 3.16%. The ex-dividend date was Thursday, August 15th. Zions Bancorporation, National Association’s dividend payout ratio is currently 41.21%.

Wall Street Analyst Weigh In

ZION has been the topic of several research reports. Wells Fargo & Company raised their target price on shares of Zions Bancorporation, National Association from $50.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday. The Goldman Sachs Group lifted their price target on shares of Zions Bancorporation, National Association from $52.00 to $59.00 and gave the company a “neutral” rating in a report on Tuesday. Keefe, Bruyette & Woods lifted their price target 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. Barclays boosted their target price on shares of Zions Bancorporation, National Association from $47.00 to $52.00 and gave the stock an “underweight” rating in a report on Tuesday. Finally, Royal Bank of Canada boosted their target price on shares of Zions Bancorporation, National Association from $55.00 to $57.00 and gave the stock a “sector perform” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $52.82.

Insider Transactions at Zions Bancorporation, National Association

In related news, VP Bruce K. Alexander sold 5,156 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $51.83, for a total transaction of $267,235.48. Following the completion of the transaction, the vice president now owns 17,857 shares in the company, valued at $925,528.31. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Zions Bancorporation, National Association news, VP Bruce K. Alexander sold 5,156 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $51.83, for a total transaction of $267,235.48. Following the transaction, the vice president now owns 17,857 shares in the company, valued at approximately $925,528.31. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Terry Alan Shirey sold 1,917 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $1,275,859.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.22% of the company’s stock.

Institutional Trading of Zions Bancorporation, National Association

A number of hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in shares of Zions Bancorporation, National Association by 197.5% in the first quarter. Principal Financial Group Inc. now owns 567,198 shares of the bank’s stock valued at $24,616,000 after purchasing an additional 376,549 shares during the period. Commonwealth Equity Services LLC grew its position in shares of Zions Bancorporation, National Association by 4.1% in the first quarter. Commonwealth Equity Services LLC now owns 57,497 shares of the bank’s stock valued at $2,495,000 after purchasing an additional 2,285 shares during the period. Caprock Group LLC grew its position in shares of Zions Bancorporation, National Association by 18.4% in the first quarter. Caprock Group LLC now owns 7,043 shares of the bank’s stock valued at $306,000 after purchasing an additional 1,097 shares during the period. HB Wealth Management LLC lifted its stake in shares of Zions Bancorporation, National Association by 16.0% in the first quarter. HB Wealth Management LLC now owns 10,396 shares of the bank’s stock worth $451,000 after buying an additional 1,432 shares in the last quarter. Finally, Retirement Systems of Alabama lifted its stake in shares of Zions Bancorporation, National Association by 469.8% in the first quarter. Retirement Systems of Alabama now owns 186,038 shares of the bank’s stock worth $8,074,000 after buying an additional 153,387 shares in the last quarter. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, National Association Trading Down 1.2 %

The company’s 50 day moving average price is $47.72 and its two-hundred day moving average price is $45.33. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $7.66 billion, a PE ratio of 13.04, a P/E/G ratio of 1.91 and a beta of 1.09.

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.