Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target Raised to $80.00

Key Points

• Cantor Fitzgerald raised Zions Bancorporation’s price target from $69 to $80 and kept an overweight rating, implying about 11.6% upside from the previous close.
• The stock was up 1.8% to $71.68, near its 1-year high of $71.75, while analysts overall still have a Hold consensus and an average target of $69.12.
• Zions reported better-than-expected quarterly earnings of $1.56 per share and also authorized a $225 million share repurchase, signaling confidence in the company’s valuation.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) had its price target upped by research analysts at Cantor Fitzgerald from $69.00 to $80.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Cantor Fitzgerald's target price indicates a potential upside of 11.61% from the company's previous close.

Other analysts have also issued research reports about the stock. TD Cowen boosted their target price on shares of Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the company a "hold" rating in a research note on Tuesday, April 21st. Royal Bank Of Canada raised their price target on shares of Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the stock a "sector perform" rating in a research report on Tuesday, April 21st. Robert W. Baird reaffirmed a "neutral" rating and issued a $68.00 price target on shares of Zions Bancorporation, N.A. in a report on Tuesday, June 23rd. Stephens assumed coverage on shares of Zions Bancorporation, N.A. in a research report on Monday, June 15th. They set an "overweight" rating and a $79.00 price objective for the company. Finally, Piper Sandler dropped their price objective on shares of Zions Bancorporation, N.A. from $65.00 to $62.00 and set a "neutral" rating on the stock in a research note on Thursday, April 2nd. Six analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $69.12.

Zions Bancorporation, N.A. Stock Up 1.8%

NASDAQ:ZION traded up $1.26 during trading hours on Wednesday, hitting $71.68. The stock had a trading volume of 376,136 shares, compared to its average volume of 1,712,052. 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. has a 1-year low of $46.19 and a 1-year high of $71.75. The business has a 50 day simple moving average of $65.18 and a two-hundred day simple moving average of $61.55. The company has a market cap of $10.54 billion, a PE ratio of 11.15, a price-to-earnings-growth ratio of 1.68 and a beta of 0.80.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) last released its quarterly earnings results on Monday, April 20th. The bank reported $1.56 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. The business had revenue of $859.00 million during the quarter, compared to analyst estimates of $853.73 million. During the same period last year, the business earned $1.13 EPS. Analysts predict that Zions Bancorporation, N.A. will post 6.49 EPS for the current year.

Zions Bancorporation, N.A. announced that its Board of Directors has authorized a stock repurchase plan on Saturday, May 2nd that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 2.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were 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 Securities & Exchange Commission, which is available through this link. 1.43% of the stock is owned by insiders.

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

A number of institutional investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB grew its stake in shares of Zions Bancorporation, N.A. by 17.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 46,100 shares of the bank's stock worth $3,190,000 after purchasing an additional 6,700 shares during the last quarter. Arista Wealth Management LLC acquired a new stake in Zions Bancorporation, N.A. during the second quarter valued at approximately $230,000. Everhart Financial Group Inc. acquired a new position in Zions Bancorporation, N.A. in the second quarter worth approximately $224,000. Beacon Investment Advisory Services Inc. increased its holdings in shares of Zions Bancorporation, N.A. by 12.6% in the second quarter. Beacon Investment Advisory Services Inc. now owns 12,895 shares of the bank's stock valued at $892,000 after buying an additional 1,448 shares in the last quarter. Finally, Elevation Wealth Partners LLC increased its holdings in shares of Zions Bancorporation, N.A. by 528.8% in the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank's stock valued at $29,000 after buying an additional 349 shares in the last quarter. 76.84% of the stock is currently owned by institutional investors and hedge funds.

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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