JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock

Key Points

• JPMorgan raised its price target for Zions Bancorporation to $87 from $86, implying 34.37% potential upside, but maintained an “underweight” rating. The broader analyst consensus remains “Hold,” with a $72.65 target price.
• Zions reported quarterly EPS of $1.78, beating estimates of $1.64, while revenue of approximately $887 million slightly missed expectations. Net interest income, loans, deposits, and capital ratios all improved year over year.
• Credit quality strengthened significantly: the bank recorded an $8 million provision benefit versus a $49 million expense a year earlier, and net loan charge-offs fell to $3 million from $56 million.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) had its price objective hoisted by analysts at JPMorgan Chase & Co. from $86.00 to $87.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an "underweight" rating on the bank's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 34.37% from the company's previous close.

Other equities research analysts have also issued research reports about the stock. Evercore cut shares of Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 price objective for the company. in a research note on Thursday, July 23rd. UBS Group initiated coverage on shares of Zions Bancorporation, N.A. in a report on Monday, September 14th. They set a "buy" rating and a $78.00 price objective for the company. TD Cowen reiterated a "hold" rating and set a $69.00 target price on shares of Zions Bancorporation, N.A. in a research report on Tuesday. Truist Financial lowered their target price on shares of Zions Bancorporation, N.A. from $72.00 to $67.00 and set a "hold" rating on the stock in a research note on Friday, October 9th. Finally, Robert W. Baird raised shares of Zions Bancorporation, N.A. from a "neutral" rating to an "outperform" rating and set a $75.00 target price on the stock in a research note on Thursday, October 15th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $72.65.

Zions Bancorporation, N.A. Stock Performance

Shares of NASDAQ ZION traded up $1.61 during trading hours on Tuesday, reaching $64.75. The stock had a trading volume of 453,245 shares, compared to its average volume of 1,643,908. The business's fifty day moving average is $66.22 and its two-hundred day moving average is $65.64. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market cap of $9.45 billion, a price-to-earnings ratio of 8.28, a PEG ratio of 1.04 and a beta of 0.84. Zions Bancorporation, N.A. has a twelve month low of $48.50 and a twelve month high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued 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. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%. The firm had revenue of $887.00 million during the quarter, compared to analysts' expectations of $889.52 million. During the same period last year, the business earned $1.48 earnings per share. As a group, research analysts expect that Zions Bancorporation, N.A. will post 6.60 EPS for the current year.

Zions Bancorporation, N.A. announced that its Board of Directors has approved a stock repurchase program on Thursday, July 30th that allows the company to buy back $75.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 0.7% of its shares through open market purchases. Stock buyback programs are generally a sign that the company's board believes its stock is undervalued.

Insider Activity

In related news, EVP Scott A. Law sold 4,608 shares of the company's stock in a transaction dated 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 owned 32,890 shares in the company, valued at $2,381,893.80. This represents a 12.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Scott J. Mclean sold 33,285 shares of the company's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the transaction, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. This trade represents a 31.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 88,787 shares of company stock worth $6,283,858. 1.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zions Bancorporation, N.A.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZION. Burns Matteson Capital Management LLC acquired a new position in shares of Zions Bancorporation, N.A. during the third quarter worth approximately $522,000. Pension & Wealth Management Advisors Inc. bought a new stake in shares of Zions Bancorporation, N.A. during the third quarter valued at approximately $27,000. Essex LLC grew its stake in shares of Zions Bancorporation, N.A. by 7.0% during the third quarter. Essex LLC now owns 5,415 shares of the bank's stock valued at $339,000 after purchasing an additional 355 shares during the last quarter. First Citizens Bank & Trust Co. acquired a new stake in shares of Zions Bancorporation, N.A. in the third quarter valued at approximately $1,027,000. Finally, Fragasso Financial Advisors Inc bought a new position in Zions Bancorporation, N.A. in the 3rd quarter worth approximately $375,000. Institutional investors and hedge funds own 76.84% of the company's stock.

Zions Bancorporation, N.A. News Roundup

Here are the key news stories impacting Zions Bancorporation, N.A. this week:

• Positive Sentiment: EPS beat estimates: Diluted earnings per share rose to $1.78 from $1.48 a year earlier, exceeding the $1.64 consensus estimate by $0.14. Net income applicable to common shareholders increased to $262 million from $221 million. Zions Q3 Earnings and Revenues Top Estimates
• Positive Sentiment: Credit trends improved sharply: Zions recorded an $8 million provision benefit, compared with a $49 million provision expense in the prior-year quarter. Net loan charge-offs fell to $3 million from $56 million, supporting profitability and reducing investor concerns about credit losses. Zions Third Quarter Financial Results
• Positive Sentiment: Balance-sheet growth remained healthy: Net interest income increased 2% year over year to $684 million, loans rose 4% to $62.5 billion, and deposits grew 4% to $77.9 billion. The estimated common equity Tier 1 ratio improved to 11.8% from 11.3%, indicating stronger capital protection. Zions Posts Third Quarter Net Earnings
• Neutral Sentiment: Revenue was mixed: Reported revenue was approximately $881 million to $887 million, modestly below the roughly $889.5 million analyst estimate. Noninterest income increased to $197 million, but noninterest expense also rose 5% to $553 million. Zions Bancorporation Q3 Earnings and Revenue

Zions Bancorporation, N.A. Company Profile

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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