Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Rating Raised to "Outperform" at Robert W. Baird

Key Points

• Robert W. Baird upgraded Zions Bancorporation to “outperform” from “neutral” and set a $75 price target, implying approximately 19% upside from the reported share price.
• Zions recently exceeded quarterly expectations, reporting $1.74 in EPS versus a $1.57 consensus estimate and $1.14 billion in revenue, up 35.7% year over year.
• The bank authorized a $75 million stock repurchase program, while institutional investors own 76.84% of shares; however, insiders sold about $6.3 million worth of stock over the prior 90 days.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) was upgraded by research analysts at Robert W. Baird from a "neutral" rating to an "outperform" rating in a report released on Thursday, Marketbeat Ratings reports. The firm presently has a $75.00 price target on the bank's stock. Robert W. Baird's price target suggests a potential upside of 19.03% from the company's current price.

ZION has been the topic of several other reports. Stephens lowered their price target on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Tuesday, July 21st. Evercore lowered shares of Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 price target on the stock. in a report on Thursday, July 23rd. DA Davidson upped their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Morgan Stanley upped 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 research report on Monday, September 28th. Finally, Piper Sandler decreased their price objective on shares of Zions Bancorporation, N.A. from $71.00 to $68.00 and set a "neutral" rating for the company in a research report on Thursday, October 1st. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Zions Bancorporation, N.A. has an average rating of "Hold" and a consensus price target of $71.59.

Zions Bancorporation, N.A. Stock Performance

Shares of NASDAQ:ZION traded up $1.23 on Thursday, hitting $63.01. 1,852,985 shares of the company were exchanged, compared to its average volume of 1,649,098. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34. The stock's 50 day moving average price is $66.66 and its 200 day moving average price is $65.49. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $9.20 billion, a P/E ratio of 8.03, a price-to-earnings-growth ratio of 1.02 and a beta of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its quarterly earnings data 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 business 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 business's revenue for the quarter was up 35.7% compared to the same quarter last year. Sell-side analysts predict that Zions Bancorporation, N.A. will post 6.60 EPS for the current year.

Zions Bancorporation, N.A. declared that its board has authorized a stock repurchase program on Thursday, July 30th that authorizes the company to repurchase $75.00 million in outstanding shares. This buyback authorization authorizes 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 Buying and Selling

In related news, EVP Scott A. Law sold 4,608 shares of the company's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total transaction of $333,711.36. Following the completion of the transaction, the executive vice president owned 32,890 shares in the company, valued at $2,381,893.80. This represents a 12.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Scott J. Mclean sold 33,285 shares of the company's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the transaction, the president owned 73,043 shares of the company's stock, valued at approximately $5,159,027.09. This trade represents a 31.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 88,787 shares of company stock worth $6,283,858 in the last 90 days. Insiders own 1.43% of the company's stock.

Institutional Trading of Zions Bancorporation, N.A.

Large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Zions Bancorporation, N.A. during the 2nd quarter valued at about $982,244,000. Dimensional Fund Advisors LP grew its stake 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 valued at $430,813,000 after acquiring an additional 56,438 shares in the last quarter. First Trust Advisors LP grew its stake in Zions Bancorporation, N.A. by 28.5% during the 1st quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank's stock valued at $110,505,000 after acquiring an additional 425,325 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Zions Bancorporation, N.A. during the 2nd quarter valued at about $87,961,000. Finally, Deutsche Bank AG purchased a new stake in Zions Bancorporation, N.A. during the 2nd quarter valued at about $71,767,000. Hedge funds and other institutional investors 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.