Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Rating Upgraded by Robert W. Baird

Zions Bancorporation, N.A. (NASDAQ:ZION) was upgraded by research analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a report released on Thursday, Marketbeat.com reports. The firm presently has a $75.00 target price on the bank’s stock. Robert W. Baird’s price objective indicates a potential upside of 18.35% from the company’s previous close.

A number of other brokerages also recently issued reports on ZION. Weiss Ratings restated a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research report on Friday, July 31st. Wall Street Zen upgraded Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Morgan Stanley lifted their target price on Zions Bancorporation, N.A. from $77.00 to $78.00 and gave the stock an “underweight” rating in a research report on Monday, September 28th. Cantor Fitzgerald decreased their target price on Zions Bancorporation, N.A. from $80.00 to $76.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Stephens decreased their target price on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $71.59.

Zions Bancorporation, N.A. Trading Up 0.6%

ZION traded up $0.36 during trading on Thursday, reaching $63.37. The company had a trading volume of 1,674,476 shares, compared to its average volume of 1,649,225. The stock has a market cap of $9.25 billion, a P/E ratio of 8.07, a PEG ratio of 1.01 and a beta of 0.84. The business has a 50 day simple moving average of $66.51 and a 200-day simple moving average of $65.54. Zions Bancorporation, N.A. has a 52 week low of $47.77 and a 52 week high of $73.34. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its quarterly earnings results on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.17. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%. Zions Bancorporation, N.A.’s revenue was up 35.7% on a year-over-year basis. During the same period last year, the company earned $1.63 earnings per share. On average, equities analysts anticipate that Zions Bancorporation, N.A. will post 6.60 EPS for the current fiscal year.

Zions Bancorporation, N.A. declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 30th that permits the company to buy back $75.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 0.7% of its shares through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, President Scott J. Mclean sold 33,285 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the transaction, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. This trade represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott A. Law sold 4,608 shares of the firm’s stock in a transaction on Tuesday, August 4th. The shares were 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 in the company, valued at approximately $2,381,893.80. This represents a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 88,787 shares of company stock worth $6,283,858. Company insiders own 1.43% of the company’s stock.

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

Several institutional investors have recently made changes to their positions in the company. Pension & Wealth Management Advisors Inc. purchased a new position in shares of Zions Bancorporation, N.A. during the third quarter valued at $27,000. Essex LLC increased its stake in shares of Zions Bancorporation, N.A. by 7.0% during the third quarter. Essex LLC now owns 5,415 shares of the bank’s stock valued at $339,000 after buying an additional 355 shares during the period. First Citizens Bank & Trust Co. purchased a new position in shares of Zions Bancorporation, N.A. during the third quarter valued at $1,027,000. Fragasso Financial Advisors Inc purchased a new position in shares of Zions Bancorporation, N.A. during the third quarter valued at $375,000. Finally, NorthCrest Asset Manangement LLC purchased a new position in shares of Zions Bancorporation, N.A. during the third quarter valued at $452,000. Hedge funds and other 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.