Zions Bancorporation, N.A. (NASDAQ:ZION) Receives Average Rating of "Hold" from Analysts

Key Points

• Analysts rate Zions Bancorporation “Hold” on average: Of 20 analysts, 11 recommend holding, six recommend buying and three recommend selling. The average 12-month price target is $72.53, compared with a share price of $63.83.
• 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 raised its quarterly dividend to $0.48 per share, a 3.0% yield, and authorized a $75 million share-repurchase program. However, insiders sold 88,787 shares worth approximately $6.3 million over the past 90 days.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) has received an average rating of "Hold" from the twenty research firms that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $72.53.

Several research analysts have weighed in on the company. Royal Bank Of Canada lifted their target price on Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 21st. Truist Financial raised their price target on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. Evercore cut Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 price objective on the stock. in a report on Thursday, July 23rd. UBS Group initiated coverage on Zions Bancorporation, N.A. in a research report on Monday, September 14th. They issued a "buy" rating and a $78.00 price objective for the company. Finally, Wells Fargo & Company increased their target price on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 21st.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, President Scott J. Mclean sold 33,285 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total value of $2,350,919.55. Following the sale, the president owned 73,043 shares of the company's stock, valued at $5,159,027.09. This trade represents a 31.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott A. Law sold 4,608 shares of the company's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value 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. This represents a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 88,787 shares of company stock valued at $6,283,858. Company insiders own 1.43% of the company's stock.

Institutional Investors Weigh In On Zions Bancorporation, N.A.

Institutional investors have recently bought and sold shares of the company. Bessemer Group Inc. boosted its holdings in shares of Zions Bancorporation, N.A. by 5.2% in the 1st quarter. Bessemer Group Inc. now owns 3,159 shares of the bank's stock valued at $182,000 after buying an additional 157 shares during the last quarter. Allworth Financial LP increased its holdings in Zions Bancorporation, N.A. by 5.7% during the second quarter. Allworth Financial LP now owns 2,978 shares of the bank's stock worth $206,000 after buying an additional 161 shares during the last quarter. Michels Family Financial LLC raised its position 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 acquiring an additional 185 shares in the last quarter. Modern Wealth Management LLC raised its position in Zions Bancorporation, N.A. by 4.7% during the first quarter. Modern Wealth Management LLC now owns 4,670 shares of the bank's stock worth $272,000 after acquiring an additional 209 shares in the last quarter. Finally, Arizona State Retirement System raised its position in Zions Bancorporation, N.A. by 0.6% during the second quarter. Arizona State Retirement System now owns 40,807 shares of the bank's stock worth $2,823,000 after acquiring an additional 254 shares in the last quarter. Institutional investors own 76.84% of the company's stock.

Zions Bancorporation, N.A. Stock Up 1.6%

Shares of NASDAQ ZION opened at $63.83 on Friday. 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 quick ratio of 0.84 and a current ratio of 0.84. The stock has a market cap of $9.32 billion, a P/E ratio of 8.13, a P/E/G ratio of 1.06 and a beta of 0.78. The firm has a 50 day moving average price of $68.57 and a 200 day moving average price of $64.71.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share 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 for the quarter, compared to analyst estimates of $877.44 million. During the same period last year, the business posted $1.63 earnings per share. The business's revenue for the quarter was up 35.7% compared to the same quarter last year. Analysts expect that Zions Bancorporation, N.A. will post 6.6 EPS for the current year.

Zions Bancorporation, N.A. Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.0%. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 13th. Zions Bancorporation, N.A.'s dividend payout ratio is currently 24.46%.

Zions Bancorporation, N.A. announced that its Board of Directors has approved a share repurchase program on Thursday, July 30th that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 0.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

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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