Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Rating Cut to Hold at Wall Street Zen

Zions Bancorporation, N.A. (NASDAQ:ZION) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other brokerages have also issued reports on ZION. Truist Financial cut their target price on shares of Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating for the company in a research report on Friday, October 9th. Citigroup decreased their price objective on shares of Zions Bancorporation, N.A. from $73.00 to $70.00 and set a “neutral” rating for the company in a research report on Wednesday, October 21st. Weiss Ratings restated a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a report on Thursday, October 29th. Piper Sandler boosted their target price on Zions Bancorporation, N.A. from $68.00 to $69.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. Finally, Evercore cut Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 price target for the company. in a research report on Thursday, July 23rd. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $73.44.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ:ZION opened at $64.76 on Friday. The firm has a 50-day simple moving average of $65.13 and a 200 day simple moving average of $63.96. Zions Bancorporation, N.A. has a fifty-two week low of $48.50 and a fifty-two week high of $73.34. The company has a market cap of $9.45 billion, a PE ratio of 7.95, a P/E/G ratio of 1.04 and a beta of 0.85. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.32.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its quarterly earnings results on Monday, October 19th. The bank reported $1.78 EPS for the quarter, beating the consensus estimate of $1.64 by $0.14. The company had revenue of $887.00 million for the quarter, compared to the consensus estimate of $889.52 million. Zions Bancorporation, N.A. had a return on equity of 13.77% and a net margin of 24.81%. During the same quarter last year, the company posted $1.48 earnings per share. On average, sell-side analysts anticipate that Zions Bancorporation, N.A. will post 6.70 EPS for the current year.

Zions Bancorporation, N.A. declared that its board has authorized a share repurchase program on Thursday, July 30th that permits the company to buy back $75 million in shares. This buyback authorization permits the bank to buy up to 0.7% of its stock through open market purchases. Share buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

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

A number of large investors have recently bought and sold shares of the stock. Pension & Wealth Management Advisors Inc. bought a new position in shares of Zions Bancorporation, N.A. in the third quarter worth about $27,000. Elevation Wealth Partners LLC grew its stake in shares of Zions Bancorporation, N.A. by 528.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock valued at $29,000 after purchasing an additional 349 shares during the last quarter. Provenance Wealth Advisors LLC acquired a new position in Zions Bancorporation, N.A. in the 3rd quarter valued at $32,000. Trust Co. of Vermont purchased a new position in Zions Bancorporation, N.A. in the second quarter valued at about $35,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Zions Bancorporation, N.A. in the second quarter worth $45,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

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 related financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and industrial lending, commercial real estate financing, small-business banking, consumer loans, residential mortgages, deposit accounts, treasury management, investment services, and private banking.