Zions Bancorporation, N.A. (NASDAQ:ZION) Given New $69.00 Price Target at TD Cowen

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price objective lowered by TD Cowen from $73.00 to $69.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

Other equities research analysts also recently issued reports about the stock. Cantor Fitzgerald upped their price objective on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Wells Fargo & Company lifted their target price on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 21st. UBS Group initiated coverage on Zions Bancorporation, N.A. in a research note on Monday, September 14th. They issued a “buy” rating and a $78.00 target price on the stock. DA Davidson upped their target price on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Finally, Royal Bank Of Canada upped their target price on Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the company a “sector perform” rating in a report on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $72.12.

Zions Bancorporation, N.A. Price Performance

ZION opened at $63.28 on Monday. 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 company has a market capitalization of $9.24 billion, a price-to-earnings ratio of 8.06, a P/E/G ratio of 1.06 and a beta of 0.84. The firm’s fifty day moving average price is $67.76 and its two-hundred day moving average price is $65.14. Zions Bancorporation, N.A. has a 1 year low of $46.19 and a 1 year high of $73.34.

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

Zions Bancorporation, N.A. announced that its board has approved a share repurchase program on Thursday, July 30th that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 0.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were issued a $0.48 dividend. This is a boost from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.0%. Zions Bancorporation, N.A.’s payout ratio is presently 24.46%.

Insider Activity at Zions Bancorporation, N.A.

In other Zions Bancorporation, N.A. news, EVP Scott A. Law sold 4,608 shares of the firm’s 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 completion of the sale, the executive vice president directly owned 32,890 shares of the company’s stock, valued at $2,381,893.80. This trade 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 link. Also, President Scott J. Mclean sold 33,285 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total value of $2,350,919.55. Following the completion of the sale, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 88,787 shares of company stock worth $6,283,858. Insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Zions Bancorporation, N.A. in the 2nd quarter valued at about $982,244,000. Dimensional Fund Advisors LP boosted its holdings 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 worth $430,813,000 after acquiring an additional 56,438 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Zions Bancorporation, N.A. by 4.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,896,825 shares of the bank’s stock valued at $111,040,000 after buying an additional 79,243 shares in the last quarter. First Trust Advisors LP grew its stake in Zions Bancorporation, N.A. by 28.5% during the first quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank’s stock valued at $110,505,000 after acquiring an additional 425,325 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Zions Bancorporation, N.A. during the 2nd quarter valued at $87,961,000. Institutional investors own 76.84% of the company’s stock.

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.