Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target Raised to $69.00

by · The Markets Daily

Zions Bancorporation, N.A. (NASDAQ:ZION – Free Report) had its price target increased by Piper Sandler from $68.00 to $69.00 in a report published on Wednesday,Benzinga reports. Piper Sandler currently has a neutral rating on the bank’s stock.

A number of other equities analysts also recently issued reports on ZION. Wells Fargo & Company increased their price target on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 21st. Robert W. Baird upgraded shares of Zions Bancorporation, N.A. from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a report on Thursday, October 15th. Morgan Stanley cut their price objective on Zions Bancorporation, N.A. from $78.00 to $77.00 and set an “underweight” rating on the stock in a research report on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. Finally, Truist Financial decreased their target price on Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating for the company in a research report on Friday, October 9th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $73.56.

Read Our Latest Stock Analysis on ZION

Zions Bancorporation, N.A. Stock Down 0.3%

Shares of Zions Bancorporation, N.A. stock opened at $66.20 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.32. Zions Bancorporation, N.A. has a 12-month low of $48.50 and a 12-month high of $73.34. The company has a market cap of $9.66 billion, a P/E ratio of 8.12, a PEG ratio of 1.04 and a beta of 0.84. The company’s fifty day simple moving average is $65.74 and its two-hundred day simple moving average is $65.79.

Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) last posted its earnings results on Monday, October 19th. The bank reported $1.78 EPS for the quarter, topping the consensus estimate of $1.64 by $0.14. The firm had revenue of $887.00 million during the quarter, compared to analysts’ expectations of $889.52 million. Zions Bancorporation, N.A. had a net margin of 24.81% and a return on equity of 13.77%. During the same period last year, the company posted $1.48 EPS. Research analysts anticipate that Zions Bancorporation, N.A. will post 6.67 EPS for the current year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a $0.48 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.’s payout ratio is currently 23.56%.

Zions Bancorporation, N.A. announced that its board has authorized a share buyback program on Thursday, July 30th that allows the company to buy back $75.00 million in shares. This repurchase authorization allows the bank to purchase up to 0.7% of its stock through open market purchases. Share repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Derek Steward sold 894 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total value of $62,267.10. Following the sale, the executive vice president owned 17,449 shares in the company, valued at approximately $1,215,322.85. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott A. Law sold 4,608 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total transaction of $333,711.36. Following the transaction, the executive vice president directly owned 32,890 shares of the company’s stock, valued at $2,381,893.80. This represents a 12.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 88,787 shares of company stock worth $6,283,858 in the last three months. 1.43% of the stock is owned by corporate insiders.

Institutional Trading of Zions Bancorporation, N.A.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Zions Bancorporation, N.A. during the 2nd quarter valued at approximately $982,244,000. Dimensional Fund Advisors LP boosted its holdings in Zions Bancorporation, N.A. by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank’s stock worth $430,813,000 after acquiring an additional 56,438 shares in the last quarter. First Trust Advisors LP boosted its holdings in Zions Bancorporation, N.A. by 28.5% in the first quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank’s stock worth $110,505,000 after acquiring an additional 425,325 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Zions Bancorporation, N.A. in the second quarter worth $87,961,000. Finally, Quantinno Capital Management LP grew its stake in shares of Zions Bancorporation, N.A. by 50.1% in the first quarter. Quantinno Capital Management LP now owns 1,242,578 shares of the bank’s stock worth $71,597,000 after acquiring an additional 414,902 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 related financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and industrial lending, commercial real estate financing, small-business banking, consumer loans, residential mortgages, deposit accounts, treasury management, investment services, and private banking.

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