Corebridge Financial Inc. Reduces Stock Position in Zions Bancorporation, National Association (NASDAQ:ZION)

Corebridge Financial Inc. trimmed its holdings in Zions Bancorporation, National Association (NASDAQ:ZION) by 4.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 167,118 shares of the bank’s stock after selling 7,517 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Zions Bancorporation, National Association worth $9,066,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ZION. EverSource Wealth Advisors LLC raised its stake in shares of Zions Bancorporation, National Association by 51.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 541 shares of the bank’s stock valued at $29,000 after purchasing an additional 183 shares during the period. SRS Capital Advisors Inc. increased its position in shares of Zions Bancorporation, National Association by 120.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 901 shares of the bank’s stock valued at $49,000 after buying an additional 493 shares during the period. Millstone Evans Group LLC purchased a new stake in shares of Zions Bancorporation, National Association in the fourth quarter worth about $62,000. Whipplewood Advisors LLC bought a new position in shares of Zions Bancorporation, National Association in the fourth quarter valued at approximately $115,000. Finally, Brooklyn Investment Group purchased a new position in Zions Bancorporation, National Association during the third quarter valued at approximately $119,000. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Analysts Set New Price Targets

ZION has been the subject of several analyst reports. JPMorgan Chase & Co. cut their price target on shares of Zions Bancorporation, National Association from $65.00 to $62.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Royal Bank of Canada boosted their target price on Zions Bancorporation, National Association from $61.00 to $63.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 22nd. Stephens reaffirmed an “equal weight” rating and issued a $64.00 price target on shares of Zions Bancorporation, National Association in a report on Wednesday, March 5th. DA Davidson boosted their price objective on Zions Bancorporation, National Association from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Finally, Compass Point raised their target price on shares of Zions Bancorporation, National Association from $54.00 to $66.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $61.18.

Zions Bancorporation, National Association Stock Performance

Shares of ZION stock opened at $50.26 on Friday. The company has a market capitalization of $7.42 billion, a P/E ratio of 10.15, a PEG ratio of 1.61 and a beta of 1.10. Zions Bancorporation, National Association has a fifty-two week low of $39.05 and a fifty-two week high of $63.22. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50 day moving average price of $53.83 and a two-hundred day moving average price of $53.62.

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

Zions Bancorporation, National Association Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Thursday, February 13th were paid a $0.43 dividend. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $1.72 annualized dividend and a dividend yield of 3.42%. Zions Bancorporation, National Association’s payout ratio is presently 34.75%.

Zions Bancorporation, National Association declared that its Board of Directors has initiated a stock repurchase program on Monday, February 24th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the bank to buy 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 shares are undervalued.

Insider Activity at Zions Bancorporation, National Association

In related news, EVP Steven Dan Stephens sold 10,000 shares of Zions Bancorporation, National Association stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $55.71, for a total value of $557,100.00. Following the sale, the executive vice president now owns 45,847 shares in the company, valued at $2,554,136.37. The trade was a 17.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jennifer Anne Smith sold 22,673 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $56.47, for a total transaction of $1,280,344.31. Following the completion of the transaction, the executive vice president now owns 29,313 shares of the company’s stock, valued at $1,655,305.11. This trade represents a 43.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,713 shares of company stock worth $1,839,686 in the last 90 days. Company insiders own 2.22% of the company’s stock.

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.