Piper Sandler Cuts Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $68.00

Key Points

• Piper Sandler lowered Zions Bancorporation’s price target to $68 from $71 while maintaining a neutral rating, implying about 10.2% upside from the $61.70 share price.
• Analyst sentiment remains mixed, with six buy ratings, ten holds, and three sells; the consensus rating is “Hold” with an average price target of $72.94.
• Zions reported quarterly earnings of $1.74 per share, beating estimates of $1.57, while revenue rose 35.7% year over year to $1.14 billion. The bank also authorized a $75 million share-repurchase program.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) had its price target dropped by investment analysts at Piper Sandler from $71.00 to $68.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a "neutral" rating on the bank's stock. Piper Sandler's target price indicates a potential upside of 10.21% from the stock's current price.

ZION has been the topic of a number of other reports. Weiss Ratings restated a "buy (b)" rating on shares of Zions Bancorporation, N.A. in a research report on Friday, July 31st. Evercore cut Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 target price on the stock. in a report on Thursday, July 23rd. Wall Street Zen raised Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Morgan Stanley increased their price objective on shares of Zions Bancorporation, N.A. from $77.00 to $78.00 and gave the stock an "underweight" rating in a report on Monday. Finally, Royal Bank Of Canada upped their target price on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 21st. Six 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 company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $72.94.

Zions Bancorporation, N.A. Price Performance

Shares of ZION opened at $61.70 on Thursday. The company has a market cap of $9.01 billion, a P/E ratio of 7.86, a PEG ratio of 1.05 and a beta of 0.78. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34. 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 stock has a fifty day moving average price of $68.12 and a 200 day moving average price of $64.94.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings data 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. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $877.44 million. During the same period in the prior year, the firm earned $1.63 earnings per share. The company's quarterly revenue was up 35.7% compared to the same quarter last year. On average, research analysts forecast that Zions Bancorporation, N.A. will post 6.61 earnings per share for the current year.

Zions Bancorporation, N.A. announced that its board has initiated a share repurchase program on Thursday, July 30th that allows the company to buyback $75.00 million in shares. This buyback authorization allows the bank to repurchase up to 0.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Derek Steward sold 894 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the completion of the transaction, the executive vice president directly owned 17,449 shares of the company's stock, 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 SEC, which is accessible through this hyperlink. Also, EVP Scott A. Law sold 4,608 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the transaction, the executive vice president directly owned 32,890 shares in the company, valued at $2,381,893.80. This trade represents a 12.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 88,787 shares of company stock worth $6,283,858. Company insiders own 1.43% of the company's stock.

Institutional Trading of Zions Bancorporation, N.A.

A number of large investors have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC raised its holdings in shares of Zions Bancorporation, N.A. by 528.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank's stock valued at $29,000 after purchasing an additional 349 shares during the period. Trust Co. of Vermont acquired a new position in Zions Bancorporation, N.A. during the second quarter worth approximately $35,000. Northwestern Mutual Wealth Management Co. acquired a new position in Zions Bancorporation, N.A. during the second quarter worth approximately $45,000. Burnham & Co LLC bought a new stake in Zions Bancorporation, N.A. in the second quarter valued at approximately $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at approximately $61,000. Institutional investors and hedge funds own 76.84% of the company's stock.

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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.