Principal Financial Group Inc. Sells 160,857 Shares of Zions Bancorporation, National Association (NASDAQ:ZION)

Principal Financial Group Inc. lessened its holdings in Zions Bancorporation, National Association (NASDAQ:ZION) by 32.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 341,698 shares of the bank’s stock after selling 160,857 shares during the period. Principal Financial Group Inc. owned 0.23% of Zions Bancorporation, National Association worth $16,135,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ORG Wealth Partners LLC acquired a new position in shares of Zions Bancorporation, National Association in the third quarter valued at approximately $28,000. International Assets Investment Management LLC acquired a new position in Zions Bancorporation, National Association in the 2nd quarter valued at $34,000. Rothschild Investment LLC acquired a new stake in shares of Zions Bancorporation, National Association during the second quarter worth $39,000. Allspring Global Investments Holdings LLC grew its stake in shares of Zions Bancorporation, National Association by 68.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,289 shares of the bank’s stock valued at $56,000 after acquiring an additional 526 shares in the last quarter. Finally, Abich Financial Wealth Management LLC raised its stake in Zions Bancorporation, National Association by 26.4% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 1,417 shares of the bank’s stock worth $61,000 after purchasing an additional 296 shares in the last quarter. 76.84% of the stock is owned by institutional investors.

Zions Bancorporation, National Association Stock Performance

Shares of Zions Bancorporation, National Association stock opened at $54.68 on Friday. The stock has a market cap of $8.08 billion, a price-to-earnings ratio of 12.46, a P/E/G ratio of 5.10 and a beta of 1.10. Zions Bancorporation, National Association has a twelve month low of $37.76 and a twelve month high of $63.22. The company’s fifty day moving average is $56.66 and its 200 day moving average is $50.14. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.58.

Zions Bancorporation, National Association (NASDAQ:ZION) last released 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. Zions Bancorporation, National Association had a return on equity of 13.89% and a net margin of 14.09%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $781.63 million. During the same quarter in the previous year, the company posted $1.13 EPS. Sell-side analysts forecast that Zions Bancorporation, National Association will post 4.85 EPS for the current year.

Zions Bancorporation, National Association Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were paid a $0.43 dividend. This is a positive change from Zions Bancorporation, National Association’s previous quarterly dividend of $0.41. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Thursday, November 14th. Zions Bancorporation, National Association’s dividend payout ratio is currently 39.18%.

Insider Transactions at Zions Bancorporation, National Association

In related news, VP Eric Ellingsen sold 1,238 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $60.84, for a total transaction of $75,319.92. Following the sale, the vice president now owns 35,878 shares in the company, valued at $2,182,817.52. This represents a 3.34 % 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, EVP Paul E. Burdiss sold 9,506 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $61.06, for a total value of $580,436.36. Following the transaction, the executive vice president now owns 86,232 shares in the company, valued at $5,265,325.92. The trade was a 9.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,881 shares of company stock worth $1,108,184 over the last three months. 2.22% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ZION shares. UBS Group started coverage on Zions Bancorporation, National Association in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $64.00 price target for the company. Keefe, Bruyette & Woods raised 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, October 22nd. Stephens upped their price target on shares of Zions Bancorporation, National Association from $53.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. reduced their price target on shares of Zions Bancorporation, National Association from $58.00 to $54.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Finally, Royal Bank of Canada boosted their price objective on shares of Zions Bancorporation, National Association from $55.00 to $57.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $57.06.

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.