Zions Bancorporation, N.A. (NASDAQ:ZION) Reaches New 1-Year High on Analyst Upgrade

Key Points

• Zions Bancorporation shares hit a new 52-week high after Truist Financial lifted its price target from $66 to $72, with the stock trading as high as $71.34.
• Recent analyst sentiment remains mixed but mostly cautious: the stock has a consensus rating of Hold and an average price target of $68.18, even as several firms raised targets.
• The bank reported strong recent earnings, beating quarterly EPS estimates, and also announced a quarterly dividend plus a $225 million share buyback program.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) shares reached a new 52-week high on Monday after Truist Financial raised their price target on the stock from $66.00 to $72.00. Truist Financial currently has a hold rating on the stock. Zions Bancorporation, N.A. traded as high as $71.34 and last traded at $70.84, with a volume of 724 shares changing hands. The stock had previously closed at $70.66.

Other analysts have also recently issued reports about the stock. DA Davidson upped their price target on shares of Zions Bancorporation, N.A. from $75.00 to $78.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. Piper Sandler lowered their target price on shares of Zions Bancorporation, N.A. from $65.00 to $62.00 and set a "neutral" rating on the stock in a report on Thursday, April 2nd. Barclays lifted their price target on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an "underweight" rating in a research report on Wednesday, April 22nd. Royal Bank Of Canada lifted their target price on Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the company a "sector perform" rating in a report on Tuesday, April 21st. Finally, TD Cowen increased their price objective on Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the company a "hold" rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Zions Bancorporation, N.A. has a consensus rating of "Hold" and an average target price of $68.18.

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

In other Zions Bancorporation, N.A. 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 transaction of $263,062.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.43% of the company's stock.

Hedge Funds Weigh In On Zions Bancorporation, N.A.

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in Zions Bancorporation, N.A. during the fourth quarter valued at $105,700,000. Balyasny Asset Management L.P. boosted its position in Zions Bancorporation, N.A. by 1,270.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,146,992 shares of the bank's stock worth $67,145,000 after purchasing an additional 1,063,303 shares during the last quarter. AQR Capital Management LLC grew its stake 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 valued at $167,677,000 after purchasing an additional 711,218 shares during the period. Adage Capital Partners GP L.L.C. bought a new stake in shares of Zions Bancorporation, N.A. during the 2nd quarter valued at about $32,008,000. Finally, FIL Ltd increased its position in shares of Zions Bancorporation, N.A. by 117.6% during the 4th quarter. FIL Ltd now owns 1,113,079 shares of the bank's stock valued at $65,160,000 after purchasing an additional 601,610 shares during the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Stock Up 0.3%

The company's 50-day moving average price is $64.90 and its 200 day moving average price is $61.39. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market cap of $10.42 billion, a PE ratio of 11.02, a price-to-earnings-growth ratio of 1.69 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, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $853.73 million. During the same period last year, the firm earned $1.13 earnings per share. As a group, analysts forecast that Zions Bancorporation, N.A. will post 6.49 EPS for the current fiscal year.

Zions Bancorporation, N.A. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were given a dividend of $0.45 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.80 annualized dividend and a yield of 2.5%. Zions Bancorporation, N.A.'s payout ratio is 27.99%.

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

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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