Zions Bancorporation, N.A. (NASDAQ:ZION) to Buyback $75.00 million in Outstanding Shares

Key Points

• Zions Bancorporation authorized a $75 million share-repurchase program, allowing it to buy back up to 0.7% of outstanding shares through open-market purchases.
• Analyst views remain mixed: six rate the stock a Buy, twelve a Hold and two a Sell, producing an overall “Hold” consensus and an average price target of $71.29.
• ZION recently traded at $69.46, near its 52-week high of $73.34, and pays a quarterly dividend of $0.45 per share, equivalent to a 2.6% annual yield.

Zions Bancorporation, N.A. (NASDAQ:ZION - Get Free Report) declared that its board has authorized a stock repurchase program on Thursday, July 30th, RTT News reports. The company plans to buyback $75.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 0.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Morgan Stanley upped their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. Stephens dropped their target price on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 21st. Weiss Ratings upgraded Zions Bancorporation, N.A. from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 4th. Evercore lowered Zions Bancorporation, N.A. from an "outperform" rating to an "in-line" rating and set a $68.00 target price for the company. in a report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. downgraded Zions Bancorporation, N.A. from a "neutral" rating to an "underweight" rating and set a $75.00 price target for the company. in a research report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Zions Bancorporation, N.A. currently has an average rating of "Hold" and an average price target of $71.29.

Zions Bancorporation, N.A. Stock Performance

ZION traded up $0.54 during trading on Thursday, hitting $69.46. 1,265,569 shares of the company traded hands, compared to its average volume of 1,722,101. Zions Bancorporation, N.A. has a one year low of $46.19 and a one year high of $73.34. The stock's fifty day moving average is $67.36 and its 200 day moving average is $62.45. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. The firm has a market cap of $10.22 billion, a P/E ratio of 8.85, a price-to-earnings-growth ratio of 1.64 and a beta of 0.80.

Zions Bancorporation, N.A. Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Thursday, May 14th. Zions Bancorporation, N.A.'s dividend payout ratio is currently 22.93%.

Insider Buying and Selling

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the firm'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 transaction of $263,062.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Derek Steward sold 894 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the sale, the executive vice president owned 17,449 shares of the company's stock, valued at approximately $1,215,322.85. The trade was a 4.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,653 shares of company stock valued at $359,958 over the last three months. Insiders own 1.43% 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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