Rena A. Miller, the Executive Vice President and General Counsel of Zions Bancorporation (NASDAQ:ZION), recently sold 116 shares of the company’s common stock. The transaction took place on December 17, 2024, at a price of $59.92 per share, amounting to a total sale value of $6,950. Following the sale, Miller holds a total of 6,660 shares in the company.
This filing, disclosed on December 18, 2024, provides insight into the trading activities of a key executive at the Salt Lake City-based national commercial bank. With a market capitalization of $7.86 billion and a strong dividend track record spanning 54 consecutive years, Zions maintains a current dividend yield of 3.06%. InvestingPro subscribers have access to 8 additional key insights about ZION, including detailed analysis of its financial health and growth prospects.
In other recent news, Zions Bancorp has made substantial financial moves, including a $500 million subordinated debt offering with a fixed-to-floating interest rate structure. The company also plans to redeem several of its preferred stock series and $88 million of its existing subordinated debt. Analysts at Piper Sandler have maintained a neutral rating on Zions Bancorp's stock, viewing these strategies as favorable for the company's earnings per share (EPS).
Zions Bancorp also declared regular quarterly dividends on its common and preferred shares, further reflecting its solid financial health. The company's operating earnings per share stood at $1.36, surpassing the consensus estimate of $1.17, and net earnings increased to $204 million. Additionally, Zions Bancorp has plans to acquire four FirstBank branches in California, subject to regulatory approval.
Several financial firms, including Keefe, Bruyette & Woods, Piper Sandler, RBC Capital Markets, Baird, and Stephens, have revised their stock targets for Zions Bancorp upwards due to its strong financial performance. Evercore ISI also raised the price target for Zions Bancorp to $68, citing the bank's net interest income momentum and efficient expense management. These are all recent developments in Zions Bancorp's ongoing operations.
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