Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) had its price target lowered by research analysts at Stephens from $82.00 to $80.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Stephens' target price would indicate a potential upside of 15.97% from the stock's previous close.
Other equities research analysts have also recently issued reports about the company. Truist Financial lifted their target price on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Cantor Fitzgerald upped their target price on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Morgan Stanley boosted their price objective on Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. Piper Sandler dropped their price objective on shares of Zions Bancorporation, N.A. from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Thursday, April 2nd. Finally, Wells Fargo & Company lifted their price target on shares of Zions Bancorporation, N.A. from $63.00 to $66.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Six investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $70.53.
Read Our Latest Report on ZION
Zions Bancorporation, N.A. Stock Performance
NASDAQ:ZION traded down $2.91 during mid-day trading on Tuesday, reaching $68.98. The company's stock had a trading volume of 2,014,552 shares, compared to its average volume of 1,734,081. The firm's fifty day moving average price is $65.96 and its two-hundred day moving average price is $61.92. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The stock has a market cap of $10.15 billion, a P/E ratio of 10.72, a PEG ratio of 1.73 and a beta of 0.80. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.27.
Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last announced its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.17. Zions Bancorporation, N.A. had a return on equity of 13.90% and a net margin of 19.53%.The business had revenue of $878.00 million for the quarter, compared to analysts' expectations of $877.44 million. During the same period last year, the firm posted $1.63 earnings per share. On average, equities analysts forecast that Zions Bancorporation, N.A. will post 6.49 EPS for the current fiscal year.
Zions Bancorporation, N.A. announced that its Board of Directors has initiated a stock buyback plan on Saturday, May 2nd that authorizes the company to repurchase $225.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.
Insider Buying and Selling
In other news, EVP Jennifer Anne Smith sold 4,209 shares of Zions Bancorporation, N.A. stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $62.50, for a total value of $263,062.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.43% of the company's stock.
Institutional Trading of Zions Bancorporation, N.A.
Large investors have recently added to or reduced their stakes in the stock. Elevation Wealth Partners LLC grew its position in Zions Bancorporation, N.A. by 528.8% in the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank's stock worth $29,000 after acquiring an additional 349 shares during the period. Torren Management LLC purchased a new position in Zions Bancorporation, N.A. in the fourth quarter worth approximately $32,000. Leonteq Securities AG acquired a new position in shares of Zions Bancorporation, N.A. during the 4th quarter worth about $32,000. Atlas Capital Advisors Inc. purchased a new stake in shares of Zions Bancorporation, N.A. during the 4th quarter worth approximately $36,000. Finally, V Square Quantitative Management LLC purchased a new position in shares of Zions Bancorporation, N.A. during the fourth quarter worth about $42,000. 76.84% of the stock is currently owned by hedge funds and other institutional investors.
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About Zions Bancorporation, N.A.
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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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