Zions Bancorporation, N.A. (NASDAQ:ZION) Raised to “Outperform” at Robert W. Baird

Zions Bancorporation, N.A. (NASDAQ:ZION) was upgraded by equities researchers at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research note issued to investors on Thursday, Marketbeat reports. The firm presently has a $75.00 price target on the bank’s stock. Robert W. Baird’s target price would suggest a potential upside of 18.63% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Piper Sandler reduced their target price on Zions Bancorporation, N.A. from $71.00 to $68.00 and set a “neutral” rating for the company in a research note on Thursday, October 1st. Cantor Fitzgerald cut their price target on Zions Bancorporation, N.A. from $80.00 to $76.00 and set an “overweight” rating on the stock in a research report on Wednesday. Wells Fargo & Company increased their price target on 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. Stephens cut their price target on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 21st. Finally, TD Cowen cut their price target on Zions Bancorporation, N.A. from $73.00 to $69.00 and set a “hold” rating on the stock in a research report on Monday, October 5th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Zions Bancorporation, N.A. has a consensus rating of “Hold” and an average price target of $71.59.

Zions Bancorporation, N.A. Stock Up 0.3%

Zions Bancorporation, N.A. stock traded up $0.21 during mid-day trading on Thursday, reaching $63.22. 813,882 shares of the company were exchanged, compared to its average volume of 1,644,446. The firm has a market cap of $9.23 billion, a P/E ratio of 8.06, a PEG ratio of 1.01 and a beta of 0.84. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.84 and a current ratio of 0.84. The business has a fifty day moving average of $66.51 and a 200 day moving average of $65.54. Zions Bancorporation, N.A. has a 12-month low of $47.77 and a 12-month high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its 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 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 firm’s quarterly revenue was up 35.7% on a year-over-year basis. During the same quarter last year, the business posted $1.63 EPS. Research analysts anticipate that Zions Bancorporation, N.A. will post 6.60 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. announced that its board has approved a share buyback plan on Thursday, July 30th that allows the company to buy back $75.00 million in shares. This buyback authorization allows the bank to repurchase up to 0.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, President Scott Mclean sold 33,285 shares of the firm’s stock in a transaction dated 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 sale, the president directly owned 73,043 shares in the company, valued at $5,159,027.09. This trade represents a 31.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Law sold 4,608 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total value of $333,711.36. Following the sale, the executive vice president owned 32,890 shares in the company, valued at $2,381,893.80. This trade represents a 12.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 88,787 shares of company stock worth $6,283,858 in the last ninety days. Company insiders own 1.43% of the company’s stock.

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

Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new position in Zions Bancorporation, N.A. in the 2nd quarter worth approximately $87,961,000. Deutsche Bank AG purchased a new position in Zions Bancorporation, N.A. in the 2nd quarter worth approximately $71,767,000. Amundi lifted its stake in Zions Bancorporation, N.A. by 415.2% in the 2nd quarter. Amundi now owns 189,013 shares of the bank’s stock worth $13,078,000 after purchasing an additional 152,328 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Zions Bancorporation, N.A. in the 2nd quarter worth approximately $4,933,000. Finally, BlackRock Inc. purchased a new position in Zions Bancorporation, N.A. in the 2nd quarter worth approximately $982,244,000. 76.84% of the stock is currently 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.