KLP Kapitalforvaltning Cuts Stake in Zions Bancorporation by 3.7%
KLP Kapitalforvaltning AS has reduced its holdings in Zions Bancorporation, N.A. (NASDAQ: ZION) by 3.7% during the first quarter of 2023. According to its recent 13F filing with the Securities and Exchange Commission, the firm now owns 28,900 shares after selling 1,100 shares during the quarter. As of the latest filing, KLP Kapitalforvaltning AS’s stake in Zions Bancorporation is valued at approximately $1,441,000.
This adjustment follows a trend among institutional investors, as several hedge funds have recently altered their positions in Zions Bancorporation. For instance, American Century Companies Inc. increased its stake by 4.4% in the fourth quarter. The firm now holds 534,647 shares worth approximately $29,005,000 after acquiring an additional 22,367 shares during that period.
In a notable move, Sei Investments Co. raised its position in Zions Bancorporation by 39.7% in the same quarter, resulting in ownership of 97,442 shares valued at about $5,286,000. Blair William & Co. IL also expanded its investment, increasing its stake by 4.7%, now holding 6,713 shares worth $364,000. Meanwhile, Norges Bank acquired a new stake valued at $73,542,000, and Schroder Investment Management Group purchased another new stake worth approximately $793,000. Currently, institutional investors own 76.84% of Zions Bancorporation’s stock.
Stock Performance and Recent Developments
As of Monday, Zions Bancorporation’s stock opened at $55.38. The company has a market capitalization of $8.17 billion and demonstrates a current ratio of 0.80, a quick ratio of 0.80, and a debt-to-equity ratio of 0.15. The price-to-earnings (P/E) ratio stands at 10.12, while the price-to-earnings-growth (PEG) ratio is 1.58. Over the past year, the stock has fluctuated between a low of $39.32 and a high of $63.22.
In addition to its stock performance, Zions Bancorporation recently announced a quarterly dividend of $0.43, which was paid out on May 22, 2023. Shareholders of record on May 15 received the dividend. This payment translates to an annualized dividend of $1.72, resulting in a dividend yield of 3.11%. The company’s dividend payout ratio is currently 31.44%.
Analyst Ratings and Future Outlook
Several analysts have recently provided insights into Zions Bancorporation’s stock. DA Davidson raised its price target from $57.00 to $66.00, giving the stock a “buy” rating in a report dated July 22, 2023. Wall Street Zen upgraded the stock from a “sell” to a “hold” rating on July 13, 2023. Citigroup also increased its target from $48.00 to $52.00, maintaining a “neutral” rating as of July 2, 2023.
Moreover, Morgan Stanley raised its price target to $66.00, labeling it as “equal weight,” while Royal Bank of Canada adjusted its target from $57.00 to $62.00, assigning a “sector perform” rating. Currently, one analyst has assigned a sell rating, fifteen have issued a hold rating, and four have given a buy rating. According to data from MarketBeat.com, Zions Bancorporation holds an average rating of “Hold” with a consensus target price of $60.78.
Zions Bancorporation, N.A. offers a range of banking products and services primarily across the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company operates through various segments, including Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington.
Investors and analysts alike will continue to monitor Zions Bancorporation’s performance as it navigates the dynamic financial landscape.
