Corebridge Financial Inc. Trims Holdings in Zions Bancorporation, National Association (NASDAQ:ZION)

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

Other hedge funds have also bought and sold shares of the company. Virtu Financial LLC purchased a new position in shares of Zions Bancorporation, National Association during the third quarter valued at approximately $583,000. Fisher Asset Management LLC bought a new position in Zions Bancorporation, National Association during the 4th quarter valued at approximately $389,000. Strategic Financial Concepts LLC purchased a new position in Zions Bancorporation, National Association during the fourth quarter valued at $2,538,000. State Street Corp boosted its holdings 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 acquiring an additional 896,889 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Zions Bancorporation, National Association by 244.8% in the fourth quarter. SG Americas Securities LLC now owns 28,405 shares of the bank’s stock worth $1,541,000 after acquiring an additional 20,167 shares during the last quarter. Institutional investors own 76.84% of the company’s stock.

Insider Activity

In other news, EVP Jennifer Anne Smith sold 22,673 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $56.47, for a total transaction of $1,280,344.31. Following the sale, the executive vice president now directly owns 29,313 shares in the company, valued at $1,655,305.11. This trade represents a 43.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Steven Dan Stephens sold 10,000 shares of the company’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $55.71, for a total transaction of $557,100.00. Following the completion of the transaction, the executive vice president now directly owns 45,847 shares of the company’s stock, valued at $2,554,136.37. This represents a 17.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,713 shares of company stock valued at $1,839,686 in the last ninety days. Corporate insiders own 2.22% of the company’s stock.

Zions Bancorporation, National Association Stock Performance

ZION opened at $50.26 on Friday. Zions Bancorporation, National Association has a 12-month low of $39.05 and a 12-month high of $63.22. The company has a market cap of $7.42 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 1.61 and a beta of 1.10. 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 company’s 50 day moving average is $53.83 and its 200 day moving average is $53.62.

Zions Bancorporation, National Association (NASDAQ:ZION) last issued 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. Zions Bancorporation, National Association had a net margin of 15.70% and a return on equity of 13.65%. The firm had revenue of $820.00 million during the quarter, compared to the consensus estimate of $787.70 million. During the same quarter in the previous year, the firm posted $0.78 EPS. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, equities research analysts predict that Zions Bancorporation, National Association will post 5.39 EPS for the current year.

Zions Bancorporation, National Association declared that its board has approved a share buyback program on Monday, February 24th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Zions Bancorporation, National Association Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Zions Bancorporation, National Association from $65.00 to $70.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 22nd. Barclays lifted their target price on shares of Zions Bancorporation, National Association from $59.00 to $61.00 and gave the stock an “underweight” rating in a report on Wednesday, January 22nd. Royal Bank of Canada upped their target price on shares of Zions Bancorporation, National Association from $61.00 to $63.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 22nd. Morgan Stanley reduced their price target on shares of Zions Bancorporation, National Association from $71.00 to $64.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Finally, DA Davidson upped their price objective on Zions Bancorporation, National Association from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $61.18.

Zions Bancorporation, National Association 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.