Zions Bancorporation, N.A. (NASDAQ:ZION) Sets New 1-Year High - Should You Buy?

Key Points

• Zions Bancorporation hit a new 52-week high, trading as high as $66.61, and was up about 1.9% on the day.
• The bank beat first-quarter earnings expectations, reporting $1.56 EPS versus the $1.43 consensus and revenue of $859 million, while analysts currently have an average Hold rating and a $65.53 target price.
• Shareholders recently received a $0.45 quarterly dividend, and the company also authorized a $225 million stock buyback, signaling confidence in the stock’s valuation.

Shares of Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $66.61 and last traded at $66.2160, with a volume of 287798 shares. The stock had previously closed at $64.83.

Analyst Ratings Changes

Several research analysts recently commented on the stock. TD Cowen raised their price target on shares of Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the company a "hold" rating in a report on Tuesday, April 21st. Truist Financial raised their price target on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the company a "hold" rating in a report on Tuesday, April 21st. Barclays raised their price target on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an "underweight" rating in a report on Wednesday, April 22nd. DA Davidson raised 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 report on Wednesday, April 22nd. Finally, Morgan Stanley cut their price target on shares of Zions Bancorporation, N.A. from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Zions Bancorporation, N.A. currently has an average rating of "Hold" and a consensus target price of $65.53.

Zions Bancorporation, N.A. Stock Up 1.9%

The firm has a market capitalization of $9.71 billion, a PE ratio of 10.27, a P/E/G ratio of 2.09 and a beta of 0.81. The firm's 50 day moving average price is $61.42 and its two-hundred day moving average price is $59.39. The company has a quick ratio of 0.83, a current 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, April 20th. The bank reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. The business had revenue of $859.00 million during the quarter, compared to the consensus estimate of $853.73 million. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. During the same period in the prior year, the firm earned $1.13 earnings per share. As a group, research analysts forecast that Zions Bancorporation, N.A. will post 6.44 EPS for the current fiscal year.

Zions Bancorporation, N.A. Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were paid a $0.45 dividend. The ex-dividend date was Thursday, May 14th. This represents a $1.80 annualized dividend and a dividend yield of 2.7%. Zions Bancorporation, N.A.'s dividend payout ratio is 27.99%.

Zions Bancorporation, N.A. declared that its Board of Directors has authorized a stock repurchase plan on Saturday, May 2nd that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the bank to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

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

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the company's stock in a transaction 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.43% of the company's stock.

Institutional Trading of Zions Bancorporation, N.A.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in shares of Zions Bancorporation, N.A. by 0.8% in 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 during the last quarter. LSV Asset Management increased its stake in shares of Zions Bancorporation, N.A. by 1.3% in the fourth quarter. LSV Asset Management now owns 3,888,064 shares of the bank's stock worth $227,607,000 after buying an additional 48,346 shares during the last quarter. Morgan Stanley increased its stake in shares of Zions Bancorporation, N.A. by 10.8% in the fourth quarter. Morgan Stanley now owns 3,151,319 shares of the bank's stock worth $184,478,000 after buying an additional 306,717 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Zions Bancorporation, N.A. by 31.6% in the third quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank's stock worth $167,677,000 after buying an additional 711,218 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake 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 buying an additional 30,881 shares during the last quarter. Institutional investors own 76.84% of the company's stock.

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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