Zions Bancorporation, N.A. (NASDAQ:ZION) Reaches New 12-Month High Following Analyst Upgrade

Zions Bancorporation, N.A. (NASDAQ:ZION) hit a new 52-week high during mid-day trading on Monday after Morgan Stanley raised their price target on the stock from $68.00 to $77.00. Morgan Stanley currently has an overweight rating on the stock. Zions Bancorporation, N.A. traded as high as $69.84 and last traded at $69.6340, with a volume of 240872 shares trading hands. The stock had previously closed at $69.14.

Several other brokerages also recently weighed in on ZION. Truist Financial upped their price target on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a “hold” rating in a report on Tuesday, April 21st. Weiss Ratings upgraded shares of Zions Bancorporation, N.A. from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 4th. Stephens began coverage on shares of Zions Bancorporation, N.A. in a report on Monday, June 15th. They issued an “overweight” rating and a $79.00 target price on the stock. DA Davidson lifted their price target on shares of Zions Bancorporation, N.A. from $75.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Finally, Brean Capital began coverage on shares of Zions Bancorporation, N.A. in a research report on Thursday, March 12th. They issued a “neutral” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $66.88.

Insider Transactions at Zions Bancorporation, N.A.

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Royal Bank of Canada grew its holdings in shares of Zions Bancorporation, N.A. by 76.3% during the first quarter. Royal Bank of Canada now owns 137,434 shares of the bank’s stock worth $6,853,000 after purchasing an additional 59,483 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Zions Bancorporation, N.A. by 18.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,960 shares of the bank’s stock worth $2,042,000 after buying an additional 6,393 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Zions Bancorporation, N.A. by 0.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 504,860 shares of the bank’s stock valued at $25,172,000 after buying an additional 2,659 shares during the last quarter. Focus Partners Wealth lifted its stake in Zions Bancorporation, N.A. by 91.7% in the first quarter. Focus Partners Wealth now owns 21,502 shares of the bank’s stock valued at $1,072,000 after buying an additional 10,283 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Zions Bancorporation, N.A. by 52.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,816 shares of the bank’s stock valued at $94,000 after acquiring an additional 625 shares during the period. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. Trading Up 0.3%

The business’s 50-day moving average price is $63.40 and its 200-day moving average price is $60.63. The firm has a market capitalization of $10.20 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.83.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its quarterly earnings results on Monday, April 20th. The bank reported $1.56 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. The firm had revenue of $859.00 million during the quarter, compared to analysts’ expectations of $853.73 million. During the same quarter in the prior year, the business earned $1.13 EPS. As a group, analysts expect that Zions Bancorporation, N.A. will post 6.45 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.6%. The ex-dividend date was Thursday, May 14th. Zions Bancorporation, N.A.’s payout ratio is 27.99%.

Zions Bancorporation, N.A. announced that its board has approved a stock buyback plan on Saturday, May 2nd that authorizes the company to buyback $225.00 million in shares. This buyback authorization authorizes the bank to purchase up to 2.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is a bank holding company headquartered in Salt Lake City, Utah, offering a full suite of banking and financial services to individuals, businesses and institutions. Through its primary subsidiary, Zions Bank, the company provides commercial banking, retail banking and wealth management solutions designed to serve the needs of small businesses, middle‐market firms and high‐net‐worth clients. Its service portfolio includes deposit accounts, cash‐management tools, lending products, mortgage origination, treasury services and investment advisory services.

The company’s commercial banking segment delivers custom credit and treasury management services, including working capital lines of credit, equipment financing and international trade finance.