PNC Financial Services Group Inc. Sells 2,828 Shares of Zions Bancorporation, National Association (NASDAQ:ZION)

PNC Financial Services Group Inc. decreased its position in Zions Bancorporation, National Association (NASDAQ:ZION) by 8.9% during the fourth quarter, HoldingsChannel reports. The firm owned 28,794 shares of the bank’s stock after selling 2,828 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Zions Bancorporation, National Association were worth $1,562,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Virtu Financial LLC bought a new position in shares of Zions Bancorporation, National Association during the 3rd quarter worth about $583,000. Cornercap Investment Counsel Inc. bought a new stake in shares of Zions Bancorporation, National Association in the 3rd quarter worth approximately $510,000. Fisher Asset Management LLC acquired a new stake in shares of Zions Bancorporation, National Association during the 4th quarter worth approximately $389,000. Strategic Financial Concepts LLC acquired a new position in shares of Zions Bancorporation, National Association in the fourth quarter valued at $2,538,000. Finally, State Street Corp lifted its position in Zions Bancorporation, National Association by 14.6% in the third quarter. State Street Corp now owns 7,041,818 shares of the bank’s stock worth $332,515,000 after purchasing an additional 896,889 shares during the period. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Zions Bancorporation, National Association Stock Up 3.5 %

Shares of NASDAQ ZION opened at $48.63 on Friday. Zions Bancorporation, National Association has a 1 year low of $39.05 and a 1 year high of $63.22. The firm’s 50-day moving average is $54.86 and its 200-day moving average is $53.55. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $7.19 billion, a PE ratio of 9.82, a price-to-earnings-growth ratio of 1.61 and a beta of 1.10.

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

Zions Bancorporation, National Association declared that its board has authorized a stock buyback plan on Monday, February 24th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 0.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Zions Bancorporation, National Association Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Thursday, February 13th were paid a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.54%. Zions Bancorporation, National Association’s dividend payout ratio (DPR) is presently 34.75%.

Insider Activity at Zions Bancorporation, National Association

In related news, EVP Steven Dan Stephens sold 10,000 shares of the company’s 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 completion of the sale, the executive vice president now owns 45,847 shares in the company, valued at $2,554,136.37. This represents a 17.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jennifer Anne Smith sold 22,673 shares of Zions Bancorporation, National Association stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $56.47, for a total value of $1,280,344.31. Following the transaction, the executive vice president now owns 29,313 shares in the company, 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. Over the last quarter, insiders sold 32,713 shares of company stock worth $1,839,686. 2.22% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ZION shares. Morgan Stanley lowered their price target on shares of Zions Bancorporation, National Association from $71.00 to $64.00 and set an “equal weight” rating on the stock in a report on Thursday. The Goldman Sachs Group raised shares of Zions Bancorporation, National Association from a “neutral” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Tuesday, January 7th. 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. Keefe, Bruyette & Woods raised 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, Barclays boosted their target price on Zions Bancorporation, National Association from $59.00 to $61.00 and gave the stock an “underweight” rating in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $61.18.

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.