Wells Fargo & Company Cuts Zions Bancorporation, National Association (NASDAQ:ZION) Price Target to $58.00

Zions Bancorporation, National Association (NASDAQ:ZION) had its price objective decreased by equities researchers at Wells Fargo & Company from $62.00 to $58.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 17.47% from the company’s previous close.

ZION has been the subject of several other research reports. Stephens reiterated an “equal weight” rating and issued a $64.00 price objective on shares of Zions Bancorporation, National Association in a research note on Wednesday, March 5th. UBS Group assumed coverage on Zions Bancorporation, National Association in a research note on Tuesday, December 17th. They set a “neutral” rating and a $64.00 target price for the company. Royal Bank of Canada raised their price target on shares of Zions Bancorporation, National Association from $61.00 to $63.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 22nd. Compass Point lifted their price target on shares of Zions Bancorporation, National Association from $54.00 to $66.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Zions Bancorporation, National Association from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $60.94.

Zions Bancorporation, National Association Stock Down 1.8 %

Shares of ZION stock traded down $0.88 on Friday, hitting $49.38. 58,853 shares of the stock were exchanged, compared to its average volume of 1,483,047. The business has a 50-day moving average of $53.83 and a 200 day moving average of $53.62. Zions Bancorporation, National Association has a fifty-two week low of $39.05 and a fifty-two week high of $63.22. The firm has a market capitalization of $7.29 billion, a P/E ratio of 9.98, a price-to-earnings-growth ratio of 1.61 and a beta of 1.10. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.16.

Zions Bancorporation, National Association (NASDAQ:ZION) last released its earnings results on Tuesday, January 21st. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.08. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. The business had revenue of $820.00 million for the quarter, compared to the consensus estimate of $787.70 million. During the same quarter in the previous year, the business earned $0.78 earnings per share. Zions Bancorporation, National Association’s quarterly revenue was up 12.2% on a year-over-year basis. Equities analysts anticipate that Zions Bancorporation, National Association will post 5.39 EPS for the current year.

Zions Bancorporation, National Association announced that its Board of Directors has approved a stock repurchase program on Monday, February 24th that authorizes the company to buyback $40.00 million in shares. This buyback authorization authorizes the bank to buy up to 0.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Zions Bancorporation, National Association news, EVP Jennifer Anne Smith sold 22,673 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $56.47, for a total value of $1,280,344.31. Following the transaction, the executive vice president now owns 29,313 shares in the company, valued at approximately $1,655,305.11. This represents a 43.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Steven Dan Stephens sold 10,000 shares of Zions Bancorporation, National Association stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $55.71, for a total value of $557,100.00. Following the transaction, the executive vice president now owns 45,847 shares of the company’s stock, valued at $2,554,136.37. This trade represents a 17.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,713 shares of company stock worth $1,839,686 in the last quarter. 2.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zions Bancorporation, National Association

Several institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its position in shares of Zions Bancorporation, National Association by 6.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 43,935 shares of the bank’s stock valued at $2,383,000 after acquiring an additional 2,712 shares during the period. Fluent Financial LLC purchased a new position in Zions Bancorporation, National Association in the fourth quarter valued at approximately $277,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Zions Bancorporation, National Association during the fourth quarter valued at $4,603,000. Michels Family Financial LLC purchased a new stake in Zions Bancorporation, National Association in the fourth quarter worth $651,000. Finally, Vise Technologies Inc. bought a new stake in shares of Zions Bancorporation, National Association in the fourth quarter valued at $311,000. Institutional investors own 76.84% of the company’s stock.

Zions Bancorporation, National Association Company Profile

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments.