Zions Bancorporation, N.A. (NASDAQ:ZION) Given New $65.00 Price Target at JPMorgan Chase & Co.

by · The Markets Daily

Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $75.00 to $65.00 in a report released on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 4.80% from the company’s previous close.

A number of other research firms have also weighed in on ZION. Piper Sandler reduced their price objective on shares of Zions Bancorporation, N.A. from $71.00 to $68.00 and set a “neutral” rating for the company in a research note on Thursday. Cantor Fitzgerald raised their price target on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Truist Financial raised their price target on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Evercore cut Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 price target for the company. in a research report on Thursday, July 23rd. Finally, Stephens dropped their price objective on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. Six equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $72.35.

View Our Latest Report on ZION

Zions Bancorporation, N.A. Stock Performance

NASDAQ:ZION traded down $0.63 during trading hours on Thursday, reaching $62.02. The stock had a trading volume of 512,702 shares, compared to its average volume of 1,658,705. The stock has a market cap of $9.05 billion, a P/E ratio of 7.90, a price-to-earnings-growth ratio of 1.05 and a beta of 0.78. The stock has a 50 day simple moving average of $68.12 and a 200 day simple moving average of $64.94. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.84 and a current ratio of 0.84. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) last posted its quarterly earnings results on Monday, July 20th. The bank reported $1.74 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.17. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The firm’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.63 EPS. On average, research analysts forecast that Zions Bancorporation, N.A. will post 6.61 EPS for the current fiscal year.

Zions Bancorporation, N.A. declared that its Board of Directors has authorized a share repurchase program on Thursday, July 30th that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 0.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Zions Bancorporation, N.A.

In related news, President Scott J. Mclean sold 33,285 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total value of $2,350,919.55. Following the sale, the president directly owned 73,043 shares of the company’s stock, valued at $5,159,027.09. This trade represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total transaction of $62,267.10. Following the sale, the executive vice president owned 17,449 shares of the company’s stock, valued at approximately $1,215,322.85. The trade was a 4.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 88,787 shares of company stock valued at $6,283,858 in the last 90 days. Corporate insiders own 1.43% of the company’s stock.

Institutional Trading of Zions Bancorporation, N.A.

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Zions Bancorporation, N.A. during the second quarter worth about $982,244,000. Dimensional Fund Advisors LP lifted its position in Zions Bancorporation, N.A. by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank’s stock worth $430,813,000 after buying an additional 56,438 shares during the last quarter. Geode Capital Management LLC boosted its stake in Zions Bancorporation, N.A. by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 2,963,243 shares of the bank’s stock worth $173,501,000 after buying an additional 30,881 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Zions Bancorporation, N.A. by 4.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,896,825 shares of the bank’s stock worth $111,040,000 after buying an additional 79,243 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Zions Bancorporation, N.A. by 28.5% during the first quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank’s stock valued at $110,505,000 after acquiring an additional 425,325 shares during the last quarter. 76.84% of the stock is owned by institutional investors.

Zions Bancorporation, N.A. Company Profile

(Get Free Report)

Zions Bancorporation, N.A. is a regional financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides banking and financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and consumer lending, checking and savings accounts, treasury management, mortgage services, private banking, wealth management, and capital markets services. Zions operates through locally recognized brands including Zions Bank, Amegy Bank, California Bank & Trust, Nevada State Bank, and Vectra Bank Colorado.

Founded in 1873, Zions has expanded its presence across the western United States, serving customers in markets that include Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Wyoming.

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