Zions Bancorporation, N.A. (NASDAQ:ZION) Downgraded by Evercore to "In-Line"

Key Points

• Evercore downgraded Zions Bancorporation from “outperform” to “in-line” and kept a $68 price target, implying modest downside from the current share price.
• Analyst views remain mixed: while some firms cut ratings, others recently raised targets after Zions beat quarterly earnings and revenue estimates. MarketBeat says the stock now has an average “Hold” rating with a $71.29 consensus target.
• The bank reported solid fundamentals and returned capital to shareholders, including Q1 earnings of $1.56 per share, a new $225 million share buyback authorization, and continued institutional ownership of nearly 77%.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) was downgraded by stock analysts at Evercore from an "outperform" rating to an "in-line" rating in a report issued on Thursday, Marketbeat reports. They presently have a $68.00 target price on the bank's stock. Evercore's price objective would suggest a potential downside of 2.95% from the stock's current price.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. cut shares of Zions Bancorporation, N.A. from a "neutral" rating to an "underweight" rating and set a $75.00 price objective for the company. in a research report on Tuesday. Cantor Fitzgerald increased their price objective 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. Piper Sandler cut their target price 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. DA Davidson lifted their target price on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Robert W. Baird upped their price target on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a "neutral" rating in a research note on Tuesday. 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, Zions Bancorporation, N.A. has an average rating of "Hold" and a consensus price target of $71.29.

Zions Bancorporation, N.A. Stock Performance

ZION opened at $70.07 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The business has a 50 day moving average of $66.34 and a 200-day moving average of $62.07. The stock has a market cap of $10.31 billion, a price-to-earnings ratio of 8.93, a PEG ratio of 1.65 and a beta of 0.80.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last posted its earnings results on Monday, April 20th. The bank reported $1.56 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The business had revenue of $859.00 million for the quarter, compared to analyst estimates of $853.73 million. During the same period in the previous year, the firm earned $1.13 EPS. On average, equities research analysts expect that Zions Bancorporation, N.A. will post 6.5 earnings per share for the current year.

Zions Bancorporation, N.A. announced that its board has authorized a share buyback program on Saturday, May 2nd that permits the company to buyback $225.00 million in shares. This buyback authorization permits the bank to reacquire up to 2.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Activity at Zions Bancorporation, N.A.

In related news, EVP Jennifer Anne Smith sold 4,209 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.43% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its position in Zions Bancorporation, N.A. by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank's stock worth $430,813,000 after buying an additional 56,438 shares in the last quarter. LSV Asset Management raised its holdings in Zions Bancorporation, N.A. by 1.3% in the 4th quarter. LSV Asset Management now owns 3,888,064 shares of the bank's stock valued at $227,607,000 after acquiring an additional 48,346 shares in the last quarter. Morgan Stanley grew its holdings in shares of Zions Bancorporation, N.A. by 10.8% during the 4th quarter. Morgan Stanley now owns 3,151,319 shares of the bank's stock worth $184,478,000 after purchasing an additional 306,717 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Zions Bancorporation, N.A. by 31.6% during the 3rd quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank's stock worth $167,677,000 after purchasing an additional 711,218 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Zions Bancorporation, N.A. by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 2,963,243 shares of the bank's stock worth $173,501,000 after purchasing an additional 30,881 shares during the period. 76.84% of the stock is owned by institutional investors.

Zions Bancorporation, N.A. News Roundup

Here are the key news stories impacting Zions Bancorporation, N.A. this week:

• Positive Sentiment: Several analysts raised their outlooks on Zions Bancorporation after the company beat second-quarter earnings and revenue expectations, with firms including Wells Fargo, DA Davidson, Royal Bank of Canada, TD Cowen, and Robert W. Baird lifting price targets. Zions Bancorporation, N.A. NASDAQ: ZION Stock Price Expected to Rise, Wells Fargo & Company Analyst Says
• Positive Sentiment: DA Davidson and other brokers reiterated bullish views, pointing to expected price appreciation and a stronger valuation setup for the bank after the earnings report. DA Davidson Forecasts Strong Price Appreciation for Zions Bancorporation, N.A. NASDAQ: ZION Stock
• Positive Sentiment: Robert W. Baird increased its price target to $75, adding to the list of higher targets following earnings and reinforcing the view that ZION may have more upside if loan growth and margins hold up. Robert W. Baird Increases Zions Bancorporation, N.A. NASDAQ: ZION Price Target to $75.00
• Neutral Sentiment: Unusually large options activity suggests traders are positioning for a bigger move in ZION, but the direction is not clear from the flow alone. Zions Bancorporation, N.A. Target of Unusually Large Options Trading NASDAQ: ZION
• Negative Sentiment: One analyst downgrade and a separate note saying shares gapped down after the downgrade weighed on sentiment, offsetting some of the upbeat target increases. Zions Bancorporation, N.A. Shares Gap Down on Analyst Downgrade
• Negative Sentiment: Investors also appeared cautious after Q2 results, focusing on higher costs, credit provisions, and flat net interest margin rather than the headline earnings beat. Zions Q2 Earnings Beat as Revenues Rise, Stock Dips on Cost Woes

Zions Bancorporation, N.A. Company Profile

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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