Zions Bancorporation’s Board Approves Share Repurchase and Declares Dividends on Common and Preferred Stock

Rhea-AI Summary

Zions Bancorporation (NASDAQ: ZION) has authorized a $125 million share repurchase for Q3 2021, enhancing shareholder value. The board also declared a regular quarterly dividend of $0.38 per common share, payable August 19, 2021. Shareholders of record will be those on August 12, 2021. Additionally, dividends on various perpetual preferred shares are scheduled, with the next payments on September 15, 2021. Zions has received necessary regulatory approval to proceed with the share buyback strategy, reflecting strong financial health with $2.8 billion in annual revenue and $85 billion in total assets.

Positive

• Authorization of a $125 million share repurchase, indicating confidence in stock value.
• Regular quarterly dividend of $0.38 per common share enhances shareholder returns.
• Regulatory approval obtained for repurchase, allowing for timely execution.

Negative

• None.

Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that its board of directors (“board”) authorized a share repurchase for the third quarter of 2021 of up to $125 million.

The board also declared a regular quarterly dividend of $0.38 per common share, payable August 19, 2021 to shareholders of record at the close of business on August 12, 2021.

Additionally, the board declared regular quarterly cash dividends on the company's various perpetual preferred shares, as detailed below.

The cash dividend on the following series are payable September 15, 2021 to shareholders of record on September 1, 2021:

• Series A (NASDAQ: ZIONP; CUSIP: 98973A104);
• Series G (NASDAQ: ZIONO; CUSIP: 989701859); and
• Series J (CUSIP: 989701BF3)

The cash dividend on the Series I (CUSIP: 989701BD8) shares is payable on December 15, 2021 to shareholders of record on December 1, 2021.

Zions has obtained the requisite regulatory approval to allow Zions to timely execute on this authorization.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $2.8 billion in 2020 and more than $85 billion of total assets. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending, recently ranking as the tenth largest provider in the U.S. of the SBA’s Paycheck Protection Program loans (including both rounds). In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210723005456/en/

FAQ

What is the purpose of Zions Bancorporation's $125 million share repurchase?

The repurchase aims to enhance shareholder value and reflects the company's strong financial position.

When is the dividend for Zions Bancorporation's common shares payable?

The dividend of $0.38 per common share is payable on August 19, 2021, to shareholders of record as of August 12, 2021.

What is Zions Bancorporation's total annual revenue?

Zions Bancorporation reported an annual net revenue of $2.8 billion in 2020.

How much total assets does Zions Bancorporation have?

Zions Bancorporation has more than $85 billion in total assets.