Rena A. Miller, the Executive Vice President and General Counsel of Zions Bancorporation (NASDAQ:ZION), National Association (NASDAQ:ZION), recently reported a series of stock transactions. According to the SEC filing, Miller sold 313 shares of common stock on November 15, 2024, at an average price of $59.12 per share, totaling $18,504.
In conjunction with this sale, Miller also exercised stock options to acquire 313 shares at a price of $55.68 per share, equivalent to a total value of $17,427. Following these transactions, Miller holds a total of 6,776 shares directly.
These transactions reflect Miller's ongoing management of her equity position in the company, providing insight into insider activities at Zions Bancorporation.
In other recent news, Zions Bancorp has demonstrated strong financial performance, leading to several financial firms adjusting their stock targets upward. Notably, Evercore ISI raised its price target to $68 from $61, maintaining an Outperform rating due to the company's promising growth prospects. Similarly, Keefe, Bruyette & Woods, Piper Sandler, RBC Capital Markets, Baird, and Stephens have all revised their stock targets for Zions Bancorp, citing the bank's robust expense management and positive operating leverage.
Zions Bancorp has reported impressive operating earnings per share (EPS) of $1.36, surpassing the consensus estimate of $1.17, and a net earnings increase to $204 million. The company's robust financial health is also reflected in its declaration of a regular quarterly dividend of $0.43 per common share and quarterly cash dividends on its perpetual preferred shares.
In addition to these financial highlights, Zions Bancorp plans to acquire four FirstBank branches in California, pending regulatory approval. Despite some concerns regarding credit, particularly in commercial real estate, the outlook for manageable losses remains positive. These recent developments shed light on Zions Bancorp's financial health and future prospects.
InvestingPro Insights
Zions Bancorporation's recent insider activity aligns with the company's strong financial performance and market position. According to InvestingPro data, Zions boasts a market capitalization of $8.79 billion and a P/E ratio of 13.57, suggesting a relatively attractive valuation compared to industry peers.
InvestingPro Tips highlight Zions' commitment to shareholder value. The company has maintained dividend payments for an impressive 54 consecutive years and has raised its dividend for 12 consecutive years. This consistent dividend policy underscores the bank's financial stability and commitment to returning value to shareholders, which may be of interest to investors considering the recent insider transactions.
Moreover, Zions has demonstrated strong market performance, with a 71.24% price total return over the past year and a 30.13% return over the last three months. The stock is currently trading near its 52-week high, with the price at 96.29% of its peak, indicating positive investor sentiment.
For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Zions Bancorporation, providing deeper insights into the company's financial health and market position.
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