Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Target Raised at Morgan Stanley

Key Points

• Morgan Stanley raised Zions Bancorporation’s price target from $77 to $78 but maintained an “underweight” rating. The new target implied 23.36% upside from the stock’s previous close.
• ZION shares fell 0.9% to $63.23 in midday trading, below the analyst consensus price target of $72.59. Overall, analysts assigned the stock a consensus “Hold” rating.
• The bank reported quarterly earnings of $1.74 per share, beating estimates by $0.17, while revenue rose 35.7% year over year to $1.14 billion. Zions also authorized a $75 million share repurchase program, covering up to 0.7% of outstanding shares.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) had its target price upped by equities research analysts at Morgan Stanley from $77.00 to $78.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an "underweight" rating on the bank's stock. Morgan Stanley's price objective suggests a potential upside of 23.36% from the stock's previous close.

ZION has been the subject of a number of other research reports. Royal Bank Of Canada upped their price objective 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. UBS Group started coverage on Zions Bancorporation, N.A. in a report on Monday, September 14th. They set a "buy" rating and a $78.00 target price on the stock. DA Davidson boosted their target price on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. Wall Street Zen upgraded Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Cantor Fitzgerald raised their price target on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Six investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $72.59.

Zions Bancorporation, N.A. Trading Down 0.9%

Zions Bancorporation, N.A. stock traded down $0.60 during midday trading on Monday, hitting $63.23. 158,768 shares of the stock were exchanged, compared to its average volume of 1,663,448. The company has a fifty day simple moving average of $68.57 and a two-hundred day simple moving average of $64.77. Zions Bancorporation, N.A. has a 52 week low of $46.19 and a 52 week high of $73.34. The stock has a market capitalization of $9.23 billion, a PE ratio of 8.06, a P/E/G ratio of 1.08 and a beta of 0.78. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last issued its earnings results 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 business's quarterly revenue was up 35.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 earnings per share. Equities research analysts anticipate that Zions Bancorporation, N.A. will post 6.6 EPS for the current fiscal year.

Zions Bancorporation, N.A. declared that its board has approved 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 reacquire up to 0.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Zions Bancorporation, N.A.

In other Zions Bancorporation, N.A. news, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction on Tuesday, July 28th. The shares were 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 $1,215,322.85. The trade was a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Scott Mclean sold 33,285 shares of the company'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 owned 73,043 shares in the company, valued at approximately $5,159,027.09. This represents a 31.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 88,787 shares of company stock valued at $6,283,858 in the last quarter. 1.43% of the stock is currently owned by insiders.

Institutional Trading of Zions Bancorporation, N.A.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Zions Bancorporation, N.A. during the second quarter worth approximately $982,244,000. Dimensional Fund Advisors LP lifted its holdings in Zions Bancorporation, N.A. by 0.8% during the 1st 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 last quarter. Geode Capital Management LLC boosted its stake in Zions Bancorporation, N.A. by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 2,963,243 shares of the bank's stock valued at $173,501,000 after purchasing an additional 30,881 shares during the period. First Trust Advisors LP boosted its stake in 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 during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in 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. Institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Company Profile

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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