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

Key Points

• Analysts maintain a “Hold” consensus on Zions Bancorporation, with 12 hold, six buy and two sell ratings among 20 brokerages. The average 12-month price target is $71.29.
• Zions reported quarterly EPS of $1.74, exceeding the $1.57 consensus estimate, while revenue rose 35.7% year over year to $1.14 billion. The board also authorized a $75 million share buyback and increased the quarterly dividend to $0.48 per share.
• The stock opened at $66.69, down 1.6%, while insiders sold $6.28 million worth of shares over the past three months. Institutional investors own 76.84% of the company.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) has earned a consensus recommendation of "Hold" from the twenty brokerages that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $71.2941.

Several analysts have recently commented on the stock. Wall Street Zen upgraded shares of Zions Bancorporation, N.A. from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. DA Davidson increased their price objective on shares of 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. Truist Financial boosted their target price on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. JPMorgan Chase & Co. downgraded Zions Bancorporation, N.A. from a "neutral" rating to an "underweight" rating and set a $75.00 price target for the company. in a research report on Tuesday, July 21st. Finally, Robert W. Baird lifted their price target on Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a "neutral" rating in a report on Tuesday, July 21st.

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

In other news, EVP Scott A. Law sold 4,608 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total value of $333,711.36. Following the sale, the executive vice president directly owned 32,890 shares of the company's stock, valued at approximately $2,381,893.80. This represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Scott J. Mclean sold 33,285 shares of the business'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 transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 88,787 shares of company stock valued at $6,283,858 over the last three months. 1.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its holdings in shares of Zions Bancorporation, N.A. by 76.3% during the 1st quarter. Royal Bank of Canada now owns 137,434 shares of the bank's stock valued at $6,853,000 after purchasing an additional 59,483 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Zions Bancorporation, N.A. by 18.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,960 shares of the bank's stock worth $2,042,000 after purchasing an additional 6,393 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Zions Bancorporation, N.A. by 0.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 504,860 shares of the bank's stock worth $25,172,000 after purchasing an additional 2,659 shares during the last quarter. Focus Partners Wealth lifted its stake in Zions Bancorporation, N.A. by 91.7% in the first quarter. Focus Partners Wealth now owns 21,502 shares of the bank's stock worth $1,072,000 after purchasing an additional 10,283 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Zions Bancorporation, N.A. by 52.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,816 shares of the bank's stock valued at $94,000 after buying an additional 625 shares during the period. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Stock Down 1.6%

Zions Bancorporation, N.A. stock opened at $66.69 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $9.73 billion, a PE ratio of 8.50, a PEG ratio of 1.61 and a beta of 0.81. The firm's fifty day moving average is $69.86 and its 200 day moving average is $63.83. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released 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. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. During the same quarter in the previous year, the company posted $1.63 earnings per share. The company's quarterly revenue was up 35.7% on a year-over-year basis. As a group, sell-side analysts predict that Zions Bancorporation, N.A. will post 6.6 EPS for the current fiscal year.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a share buyback plan on Thursday, July 30th that permits the company to repurchase $75.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 0.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Zions Bancorporation, N.A.'s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.'s payout ratio is currently 24.46%.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is a bank holding company headquartered in Salt Lake City, Utah, offering a full suite of banking and financial services to individuals, businesses and institutions. Through its primary subsidiary, Zions Bank, the company provides commercial banking, retail banking and wealth management solutions designed to serve the needs of small businesses, middle‐market firms and high‐net‐worth clients. Its service portfolio includes deposit accounts, cash‐management tools, lending products, mortgage origination, treasury services and investment advisory services.

The company's commercial banking segment delivers custom credit and treasury management services, including working capital lines of credit, equipment financing and international trade finance.

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