Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Zions Bancorporation from “hold” to “buy,” though the broader analyst consensus remains “hold” with an average price target of $71.29.
• Zions opened at $70.32, near its 52-week high, and authorized a $225 million share buyback covering up to 2.4% of outstanding shares.
• Institutional investors own 76.84% of the stock, while company insiders sold 88,787 shares worth approximately $6.28 million over the past quarter.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

A number of other research firms have also recently commented on ZION. Morgan Stanley lifted their target price on shares of 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. Robert W. Baird raised their price target on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a "neutral" rating in a report on Tuesday, July 21st. Weiss Ratings reissued a "buy (b)" rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. TD Cowen upped their target price on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. Finally, Barclays lifted their price target on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 22nd. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $71.29.

Zions Bancorporation, N.A. Stock Down 0.4%

Zions Bancorporation, N.A. stock opened at $70.32 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $10.34 billion, a price-to-earnings ratio of 8.96, a PEG ratio of 1.68 and a beta of 0.81. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34. The business has a fifty day moving average price of $68.38 and a 200-day moving average price of $62.91.

Zions Bancorporation, N.A. declared that its board has authorized a share 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 stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Insider Transactions at Zions Bancorporation, N.A.

In other news, President Scott J. Mclean sold 33,285 shares of the company's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total value of $2,350,919.55. Following the sale, the president owned 73,043 shares in the company, valued at $5,159,027.09. This represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott A. Law sold 4,608 shares of Zions Bancorporation, N.A. stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total value of $333,711.36. Following the transaction, the executive vice president owned 32,890 shares of the company's stock, valued at approximately $2,381,893.80. This represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 88,787 shares of company stock worth $6,283,858 over the last quarter. 1.43% of the stock is currently owned by insiders.

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

Several large investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Zions Bancorporation, N.A. in the second quarter valued at $982,244,000. Dimensional Fund Advisors LP boosted its stake in shares of Zions Bancorporation, N.A. by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank's stock worth $430,813,000 after acquiring an additional 56,438 shares in the last quarter. LSV Asset Management grew its position in shares of Zions Bancorporation, N.A. by 1.3% during 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 during the period. Morgan Stanley increased its stake in shares of Zions Bancorporation, N.A. by 10.8% in the 4th quarter. Morgan Stanley now owns 3,151,319 shares of the bank's stock valued at $184,478,000 after purchasing an additional 306,717 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Zions Bancorporation, N.A. by 31.6% in 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 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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