Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target Raised to $78.00

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price target boosted by Morgan Stanley from $77.00 to $78.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has an underweight rating on the bank’s stock.

A number of other equities analysts have also recently commented on the company. Wall Street Zen upgraded Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research note on Friday, July 31st. Royal Bank Of Canada increased their target price on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 21st. Truist Financial upped their price objective on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Finally, UBS Group assumed coverage on Zions Bancorporation, N.A. in a research note on Monday, September 14th. They issued a “buy” rating and a $78.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $72.59.

Zions Bancorporation, N.A. Stock Up 0.1%

NASDAQ:ZION opened at $62.65 on Monday. 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 stock’s fifty day moving average is $68.12 and its two-hundred day moving average is $64.94. Zions Bancorporation, N.A. has a 52 week low of $46.19 and a 52 week high of $73.34. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 7.98, a price-to-earnings-growth ratio of 1.05 and a beta of 0.78.

Zions Bancorporation, N.A. (NASDAQ:ZION) last released its quarterly earnings results on Monday, July 20th. The bank reported $1.74 EPS for the quarter, topping the consensus estimate of $1.57 by $0.17. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The company’s quarterly revenue was up 35.7% on a year-over-year basis. During the same period last year, the business posted $1.63 earnings per share. Research analysts anticipate that Zions Bancorporation, N.A. will post 6.61 EPS for the current year.

Zions Bancorporation, N.A. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Thursday, August 13th. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is 24.46%.

Zions Bancorporation, N.A. announced that its board has initiated a stock buyback program on Thursday, July 30th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the bank to repurchase up to 0.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Scott Law sold 4,608 shares of the stock in a transaction on Tuesday, August 4th. The stock was 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 $2,381,893.80. This represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Derek Steward sold 894 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total value of $62,267.10. Following the completion of the transaction, the executive vice president owned 17,449 shares in the company, valued at approximately $1,215,322.85. The trade was a 4.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 88,787 shares of company stock worth $6,283,858. Corporate insiders own 1.43% of the company’s stock.

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new stake in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at about $87,961,000. Basswood Capital Management L.L.C. increased its position in Zions Bancorporation, N.A. by 266.4% during the fourth quarter. Basswood Capital Management L.L.C. now owns 404,520 shares of the bank’s stock worth $23,681,000 after buying an additional 294,121 shares during the period. Deutsche Bank AG acquired a new position in Zions Bancorporation, N.A. during the second quarter worth approximately $71,767,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Zions Bancorporation, N.A. in the second quarter valued at approximately $4,933,000. Finally, Amundi lifted its stake in Zions Bancorporation, N.A. by 415.2% in the second quarter. Amundi now owns 189,013 shares of the bank’s stock valued at $13,078,000 after buying an additional 152,328 shares during the last quarter. 76.84% of the stock is owned by institutional investors and hedge funds.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is a regional financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides banking and financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and consumer lending, checking and savings accounts, treasury management, mortgage services, private banking, wealth management, and capital markets services. Zions operates through locally recognized brands including Zions Bank, Amegy Bank, California Bank & Trust, Nevada State Bank, and Vectra Bank Colorado.

Founded in 1873, Zions has expanded its presence across the western United States, serving customers in markets that include Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Wyoming.