Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Rating Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Zions Bancorporation from “buy” to “hold.” Analyst views are mixed, but the overall consensus is “hold,” with an average price target of $73.44.
• Zions reported quarterly earnings of $1.78 per share, beating the $1.64 estimate, while revenue of $887 million fell slightly short of expectations.
• The bank authorized a $75 million share buyback, allowing it to repurchase up to 0.7% of its shares.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

Several other brokerages also recently commented on ZION. UBS Group started coverage on Zions Bancorporation, N.A. in a research note on Monday, September 14th. They issued a "buy" rating and a $78.00 price objective for the company. Morgan Stanley decreased their price target on shares of Zions Bancorporation, N.A. from $78.00 to $77.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 20th. Robert W. Baird raised shares of Zions Bancorporation, N.A. from a "neutral" rating to an "outperform" rating and set a $75.00 price objective for the company in a research report on Thursday, October 15th. TD Cowen reissued a "hold" rating and set a $69.00 target price on shares of Zions Bancorporation, N.A. in a research report on Tuesday, October 20th. Finally, Stephens increased their price objective on shares of Zions Bancorporation, N.A. from $75.00 to $78.00 and gave the company an "overweight" rating in a report on Monday, October 26th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Zions Bancorporation, N.A. currently has an average rating of "Hold" and a consensus price target of $73.44.

Zions Bancorporation, N.A. Stock Performance

Zions Bancorporation, N.A. stock opened at $64.76 on Friday. The firm's 50 day simple moving average is $65.13 and its 200-day simple moving average is $63.96. The company has a market cap of $9.45 billion, a P/E ratio of 7.95, a price-to-earnings-growth ratio of 1.04 and a beta of 0.85. Zions Bancorporation, N.A. has a fifty-two week low of $48.50 and a fifty-two week high of $73.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.86.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released its earnings results on Monday, October 19th. The bank reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates of $1.64 by $0.14. Zions Bancorporation, N.A. had a return on equity of 13.77% and a net margin of 24.81%. The business had revenue of $887.00 million for the quarter, compared to the consensus estimate of $889.52 million. During the same period last year, the business earned $1.48 earnings per share. As a group, equities research analysts predict that Zions Bancorporation, N.A. will post 6.70 EPS for the current year.

Zions Bancorporation, N.A. declared that its Board of Directors has initiated a share buyback plan on Thursday, July 30th that authorizes the company to repurchase $75 million in shares. This buyback authorization authorizes the bank to reacquire up to 0.7% of its shares through open market purchases. Share buyback plans are generally a sign that the company's board believes its shares are undervalued.

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

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Zions Bancorporation, N.A. during the 2nd quarter worth approximately $982,244,000. Dimensional Fund Advisors LP raised its position in shares of Zions Bancorporation, N.A. by 0.8% in 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. First Trust Advisors LP boosted its position in shares of Zions Bancorporation, N.A. by 28.5% in the first quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank's stock worth $110,505,000 after purchasing an additional 425,325 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at $87,961,000. Finally, Quantinno Capital Management LP raised its stake in Zions Bancorporation, N.A. by 50.1% in the first quarter. Quantinno Capital Management LP now owns 1,242,578 shares of the bank's stock valued at $71,597,000 after buying an additional 414,902 shares during the last quarter. 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 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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