Zions Bancorporation, N.A. (NASDAQ:ZION) Now Covered by UBS Group

Key Points

• UBS Group initiated coverage of Zions Bancorporation with a “buy” rating and a $78 price target, implying 11.26% upside from the reported share price. Analysts overall maintain a “hold” consensus with an average target of $72.53.
• Zions shares rose 2.0% to $70.11, while the bank reported quarterly EPS of $1.74, exceeding the $1.57 consensus estimate. Revenue reached $1.14 billion, up 35.7% year over year and well above expectations.
• The company authorized a $75 million stock buyback, representing up to 0.7% of outstanding shares. Insiders sold approximately 88,787 shares worth $6.28 million over the past 90 days, while institutional investors own 76.84% of the stock.

Analysts at UBS Group started coverage on shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) in a report issued on Monday. The firm set a "buy" rating and a $78.00 price target on the bank's stock. UBS Group's price objective would suggest a potential upside of 11.26% from the company's current price.

ZION has been the subject of several other reports. Robert W. Baird upped their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a "neutral" rating in a report on Tuesday, July 21st. DA Davidson upped their target price on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Wells Fargo & Company raised their target price on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 21st. Wall Street Zen raised Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, TD Cowen raised their price objective on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Zions Bancorporation, N.A. has an average rating of "Hold" and a consensus price target of $72.53.

Zions Bancorporation, N.A. Trading Up 2.0%

ZION traded up $1.36 during trading on Monday, hitting $70.11. 58,346 shares of the stock traded hands, compared to its average volume of 1,647,177. The firm has a market capitalization of $10.23 billion, a P/E ratio of 8.87, a price-to-earnings-growth ratio of 1.16 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 firm has a 50-day moving average of $69.71 and a 200 day moving average of $64.28.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings data on Monday, July 20th. The bank reported $1.74 EPS for the quarter, beating the consensus estimate of $1.57 by $0.17. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The company's quarterly revenue was up 35.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.63 earnings per share. Equities research analysts anticipate that Zions Bancorporation, N.A. will post 6.6 EPS for the current year.

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

Insider Activity at Zions Bancorporation, N.A.

In other news, EVP Scott A. Law sold 4,608 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, August 4th. The stock was 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. The trade was a 12.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction 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. The trade was a 4.87% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 company insiders.

Hedge Funds Weigh In On Zions Bancorporation, N.A.

Several large investors have recently made changes to their positions in the business. Bessemer Group Inc. boosted its position in shares of Zions Bancorporation, N.A. by 5.2% during the 1st quarter. Bessemer Group Inc. now owns 3,159 shares of the bank's stock worth $182,000 after acquiring an additional 157 shares in the last quarter. Allworth Financial LP boosted its holdings in Zions Bancorporation, N.A. by 5.7% in the second quarter. Allworth Financial LP now owns 2,978 shares of the bank's stock valued at $206,000 after purchasing an additional 161 shares in the last quarter. C M Bidwell & Associates Ltd. increased its stake in Zions Bancorporation, N.A. by 13.5% in the fourth quarter. C M Bidwell & Associates Ltd. now owns 1,555 shares of the bank's stock valued at $91,000 after purchasing an additional 185 shares during the last quarter. Michels Family Financial LLC raised its holdings in Zions Bancorporation, N.A. by 1.5% during the fourth quarter. Michels Family Financial LLC now owns 12,142 shares of the bank's stock worth $711,000 after purchasing an additional 185 shares in the last quarter. Finally, Alta Capital Management LLC lifted its position in shares of Zions Bancorporation, N.A. by 0.7% during the 4th quarter. Alta Capital Management LLC now owns 27,838 shares of the bank's stock worth $1,630,000 after buying an additional 203 shares during the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is a financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides a broad range of banking and related financial services to individuals, small and midsize businesses, commercial clients, and public-sector organizations.

The company's services include commercial and consumer lending, deposits, home loans, cash management, treasury services, wealth management, investment services, and capital markets activities.

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