Zions Bancorporation, N.A. (NASDAQ:ZION) Hits New 12-Month High – Here’s Why

Zions Bancorporation, N.A. (NASDAQ:ZION) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $68.02 and last traded at $68.0070, with a volume of 457590 shares trading hands. The stock had previously closed at $67.12.

Analyst Ratings Changes

Several equities research analysts have issued reports on ZION shares. Piper Sandler dropped their price target on Zions Bancorporation, N.A. from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Weiss Ratings upgraded Zions Bancorporation, N.A. from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Royal Bank Of Canada raised their price objective 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. Citigroup boosted their target price on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 22nd. Finally, Barclays upped their target price on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 22nd. 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 company’s stock. According to data from MarketBeat.com, Zions Bancorporation, N.A. has an average rating of “Hold” and a consensus target price of $66.35.

Zions Bancorporation, N.A. Trading Up 1.1%

The firm’s 50-day simple moving average is $62.81 and its 200-day simple moving average is $60.25. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $9.98 billion, a PE ratio of 10.57, a price-to-earnings-growth ratio of 2.19 and a beta of 0.81.

Zions Bancorporation, N.A. (NASDAQ:ZION) last released its quarterly earnings data on Monday, April 20th. The bank reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. The firm had revenue of $859.00 million for the quarter, compared to the consensus estimate of $853.73 million. Zions Bancorporation, N.A. had a return on equity of 13.90% and a net margin of 19.53%.During the same quarter in the previous year, the business earned $1.13 earnings per share. Equities analysts expect that Zions Bancorporation, N.A. will post 6.44 earnings per share for the current year.

Zions Bancorporation, N.A. Announces Dividend

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

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

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

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 value of $263,062.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.43% of the company’s stock.

Institutional Investors Weigh In On Zions Bancorporation, N.A.

Several institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position 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 valued at $430,813,000 after acquiring an additional 56,438 shares during the period. LSV Asset Management boosted its holdings in shares of Zions Bancorporation, N.A. by 1.3% during the fourth quarter. LSV Asset Management now owns 3,888,064 shares of the bank’s stock worth $227,607,000 after purchasing an additional 48,346 shares during the period. Morgan Stanley boosted its holdings in shares of Zions Bancorporation, N.A. by 10.8% during the fourth quarter. Morgan Stanley now owns 3,151,319 shares of the bank’s stock worth $184,478,000 after purchasing an additional 306,717 shares during the period. AQR Capital Management LLC grew 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 purchasing an additional 711,218 shares during the last quarter. Finally, Geode Capital Management LLC grew 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 purchasing an additional 30,881 shares during the last quarter. Hedge funds and other 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.