SSgA Funds Management, Inc. has recently announced that it has increased stake in Zions Bancorporation N.A (NASDAQ:ZION) by 28.20%. After grabbing 10.48 million shares, the institutional investor is now in possession of 2.31 million shares of the Financial Company. The new investment brought the stake of investor firm to 7.07% having worth around $323.32 million. Moreover, Dimensional Fund Advisors LP increased its share by 0.51 million to have a control over 4.09 million shares. And Charles Schwab Investment Managem raised its holdings to 98719.0 shares by acquiring 3.72 million shares or 2.51% of the stake.
Zions Bancorporation N.A (ZION) concluded trading on 12/14/23 at a closing price of $45.67, with 6.5 million shares of worth about $296.96 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 57.59% during that period and on Thursday the price saw a gain of about 9.21%. Currently the company’s common shares owned by public are about 148.66M shares, out of which, 145.58M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 157 times over the past 12 months. They bought 288,185 shares in 47 of the transactions. In 110 selling transactions, insiders dumped 72,776 shares.
Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in Zions Bancorporation N.A Vanguard Total Stock Market ETF is currently holding 4.64 million shares of worth totaling $143.07 million. The company recently came buying 7875.0 shares which brought its stake up to 3.13% of the company’s outstanding shares. Vanguard Small Cap Index Fund bought 8248.0 shares, after which its hold over company’s outstanding shares expand to 2.58%, leaving 3.82 million shares with the mutual fund that have a worth of about $117.89 million. Vanguard 500 Index Fund, after buying 3.57 million shares, have now control over 2.41% of the stake in the company. It holds 15517.0 shares of worth $110.19 million.
However, the stock later moved at a day high price of 46.15, or with a gain of 9.21%. Stock saw a price change of 18.99% in past 5 days and over the past one month there was a price change of 29.12%. Year-to-date (YTD), ZION shares are showing a performance of -7.10% which decreased to -5.41% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $18.26 but also hit the highest price of $55.19 during that period. The average intraday trading volume for Zions Bancorporation N.A shares is 2.71 million. The stock is currently trading 24.41% above its 20-day simple moving average (SMA20), while that difference is up 32.41% for SMA50 and it goes to 39.84% higher than SMA200.
SSgA Funds Management, Inc. acquired 10.48 million shares of Zions Bancorporation N.A having value of about $323.32 million. Data submitted at the U.S SEC by SSgA Funds Management, Inc. revealed that the firm now holds 2.31 million shares in the company valued at close to $105275606.79, or have control over 28.20% stake in the company. Zions Bancorporation N.A (NASDAQ: ZION) currently have 148.66M outstanding shares and institutions hold larger chunk of about 81.58% of that. Holding of mutual funds in the company is about 30.85% while other institutional holders and individual stake holders have control over 50.91% and 3.76% of the stake respectively.
The stock has a current market capitalization of $6.77B and its 3Y-monthly beta is at 1.16. PE ratio of stock for trailing 12 months is 8.43, while it has posted earnings per share of $5.42 in the same period. It has a debt-to-equity ratio of 0.96. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ZION, volatility over the week remained 4.68% while standing at 3.84% over the month.
Analysts are in expectations that Zions Bancorporation N.A (ZION) stock would likely to be making an EPS of $1.01 in the current quarter, while forecast for next quarter EPS is $0.94 and it is $4.08 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.55 which is $1.19 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.84 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -19.57% while it is estimated to decrease by -12.18% in next year.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Citigroup on November 21, 2023 offering a Neutral rating for the stock and assigned a target price of $37 to it.
