TD Cowen Issues Pessimistic Forecast for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price

Key Points

• TD Cowen lowered its price target for Zions Bancorporation to $69 from $73 and maintained a “hold” rating, implying about 8.7% upside from the stock’s $63.48 price. Analysts overall have a consensus “hold” rating and an average target of $72.12.
• Zions reported stronger-than-expected quarterly results, with EPS of $1.74 versus the $1.57 consensus estimate and revenue of $1.14 billion, up 35.7% year over year.
• The bank authorized a $75 million stock buyback, while insiders sold 88,787 shares worth approximately $6.3 million over the past 90 days. Institutional investors own 76.84% of the company.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) had its price target dropped by equities research analysts at TD Cowen from $73.00 to $69.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a "hold" rating on the bank's stock. TD Cowen's price target indicates a potential upside of 8.69% from the stock's current price.

Several other brokerages have also weighed in on ZION. Wall Street Zen upgraded shares of Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. UBS Group assumed coverage on shares of Zions Bancorporation, N.A. in a research report on Monday, September 14th. They set a "buy" rating and a $78.00 price target on the stock. Truist Financial lifted their target price on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a "hold" rating in a research note on Friday, July 10th. DA Davidson boosted their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Finally, Cantor Fitzgerald upped their price objective on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Six equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $72.12.

Zions Bancorporation, N.A. Stock Up 0.5%

ZION traded up $0.31 on Monday, reaching $63.48. 159,563 shares of the company traded hands, compared to its average volume of 1,656,333. Zions Bancorporation, N.A. has a 52-week low of $46.19 and a 52-week 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 company has a market cap of $9.27 billion, a price-to-earnings ratio of 8.09, a PEG ratio of 1.06 and a beta of 0.84. The stock's 50 day moving average price is $67.87 and its 200-day moving average price is $65.08.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its earnings results on Monday, July 20th. The bank reported $1.74 EPS 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 company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. During the same period in the previous year, the firm posted $1.63 earnings per share. The company's revenue for the quarter was up 35.7% compared to the same quarter last year. On average, sell-side analysts expect 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 approved a stock buyback program on Thursday, July 30th that allows the company to buyback $75.00 million in shares. This buyback authorization allows the bank to reacquire up to 0.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Insider Activity at Zions Bancorporation, N.A.

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

Institutional Trading of Zions Bancorporation, N.A.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Zions Bancorporation, N.A. during the second quarter worth approximately $982,244,000. Dimensional Fund Advisors LP increased its position in shares of 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 purchasing an additional 56,438 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Zions Bancorporation, N.A. by 4.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,896,825 shares of the bank's stock valued at $111,040,000 after buying an additional 79,243 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Zions Bancorporation, N.A. by 28.5% in the 1st quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank's stock valued at $110,505,000 after purchasing an additional 425,325 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Zions Bancorporation, N.A. during the 2nd quarter worth $87,961,000. 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.

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