Wall Street Zen Upgrades Zions Bancorporation, N.A. (NASDAQ:ZION) to Buy

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

Several other research firms also recently commented on ZION. Morgan Stanley lifted their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. DA Davidson lifted their price target on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Wells Fargo & Company increased their price objective on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an “equal weight” rating in a report on Tuesday, July 21st. Cantor Fitzgerald lifted their target price on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Finally, Citigroup raised their price target on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 22nd. Six research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $71.29.

Zions Bancorporation, N.A. Stock Performance

Shares of Zions Bancorporation, N.A. stock opened at $70.32 on Friday. The company has a 50 day moving average price of $68.38 and a 200 day moving average price of $62.93. The firm has a market capitalization of $10.34 billion, a P/E ratio of 8.96, a PEG ratio of 1.68 and a beta of 0.81. 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. has a 52 week low of $46.19 and a 52 week high of $73.34.

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

Insider Buying and Selling at Zions Bancorporation, N.A.

In other Zions Bancorporation, N.A. news, President Scott J. Mclean sold 33,285 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total value of $2,350,919.55. Following the completion of the transaction, the president directly owned 73,043 shares of the company’s stock, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Derek Steward sold 894 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the sale, the executive vice president directly owned 17,449 shares in the company, valued at $1,215,322.85. The trade was a 4.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 88,787 shares of company stock valued at $6,283,858. 1.43% of the stock is owned by company insiders.

Institutional Trading of Zions Bancorporation, N.A.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC raised its position in shares of Zions Bancorporation, N.A. by 528.8% in the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock worth $29,000 after acquiring an additional 349 shares during the period. Torren Management LLC purchased a new position in shares of Zions Bancorporation, N.A. in the 4th quarter valued at about $32,000. Leonteq Securities AG acquired a new position in Zions Bancorporation, N.A. in the 4th quarter worth about $32,000. Trust Co. of Vermont acquired a new position in Zions Bancorporation, N.A. in the 2nd quarter worth about $35,000. Finally, Atlas Capital Advisors Inc. purchased a new position in Zions Bancorporation, N.A. during the fourth quarter worth approximately $36,000. Institutional investors and hedge funds own 76.84% of the company’s stock.

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.