Zions Bancorp board member buys up shares amid slide in regional-bank stocks

By Emily Bary

Director Claire Huang purchased 18,000 shares Thursday for about $360,000 and reported another $120,000 in purchases for her spouse

A Zions Bancorp director last week made her first purchase of the company's stock since joining the board, as shares sold off amid pressure on regional-banking names, according to a MarketWatch review of filing data.

Claire Huang, a Zions (ZION) director, bought 18,000 shares Thursday for an average price of $20.021, paying $360,000 in the transaction, according to a filing with the Securities and Exchange Commission released Monday. She also reported the purchase of an additional 6,000 shares at an average price of $19.984 that was conducted Thursday by her spouse, a transaction with a value of just under $120,000.

A MarketWatch review of past Form 4 filings for Huang showed no prior open-market purchases or sales of the company's stock since she joined the board in 2020.

Past filings indicated that she was awarded shares as deferred compensation for her board role at various points each year. As of March 2, 2023, Huang owned 11,449 common shares, according to Zion's proxy statement filed March 23, 2023.

Zions has not responded to a MarketWatch request for comment Monday night on Huang's Thursday transaction.

Huang's purchase of Zions shares came as regional-banking names fell under continued pressure last week following JPMorgan Chase & Co.'s (JPM)takeover of First Republic Bank. That deal fueled concerns about instability in the regional-bank landscape.

Shares of Zions dropped 18.7% from the close of trading Friday, April 28, to the close Wednesday, May 3. Zions' stock fell another 12% Thursday, the day of Huang's purchase, before rallying 21.7% across the next two sessions.

See also: Zions, Western Alliance stocks soar after J.P. Morgan says buy, because they are 'substantially mispriced'

Huang joined Rebecca Robinson, the company's director of wealth management, who bought up just over $200,000 worth of Zions' stock on Thursday, according to a filing made public Friday.

Don't miss: KeyCorp executive buys up stock amid regional-bank selloff

Zions' stock has shed just over half its value so far this year, as the S&P 500 has advanced about 8%.

-Emily Bary

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

05-09-23 0933ET

Copyright (c) 2023 Dow Jones & Company, Inc.