Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target Raised to $80.00

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price target lifted by stock analysts at DA Davidson from $79.00 to $80.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. DA Davidson’s target price suggests a potential upside of 22.99% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Robert W. Baird raised shares of Zions Bancorporation, N.A. from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a report on Thursday, October 15th. Piper Sandler decreased their price target on shares of Zions Bancorporation, N.A. from $71.00 to $68.00 and set a “neutral” rating on the stock in a research note on Thursday, October 1st. Evercore lowered shares of Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 price target on the stock. in a research report on Thursday, July 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Zions Bancorporation, N.A. from $75.00 to $65.00 and set an “underweight” rating for the company in a research note on Thursday, October 1st. Finally, Cantor Fitzgerald decreased their target price on shares of Zions Bancorporation, N.A. from $80.00 to $76.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $71.35.

Zions Bancorporation, N.A. Price Performance

Shares of ZION traded up $1.91 during trading hours on Tuesday, hitting $65.05. 429,402 shares of the stock were exchanged, compared to its average volume of 1,643,569. The stock’s 50-day moving average price is $66.22 and its two-hundred day moving average price is $65.64. Zions Bancorporation, N.A. has a 12-month low of $48.50 and a 12-month high of $73.34. 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 company has a market cap of $9.49 billion, a price-to-earnings ratio of 8.26, a price-to-earnings-growth ratio of 1.04 and a beta of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its quarterly earnings data on Monday, October 19th. The bank reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.14. The company had revenue of $887.00 million for the quarter, compared to analyst estimates of $889.52 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%. During the same quarter last year, the firm posted $1.48 EPS. Research analysts expect that Zions Bancorporation, N.A. will post 6.60 earnings per share for the current year.

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

Insider Activity

In related news, EVP Scott A. 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 transaction of $333,711.36. Following the completion of the sale, the executive vice president directly owned 32,890 shares in the company, valued at approximately $2,381,893.80. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the transaction, the executive vice president directly owned 17,449 shares in the company, valued at $1,215,322.85. This trade represents a 4.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 88,787 shares of company stock valued at $6,283,858. 1.43% of the stock is currently owned by insiders.

Institutional Trading of Zions Bancorporation, N.A.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Zions Bancorporation, N.A. during the 2nd quarter worth approximately $982,244,000. Dimensional Fund Advisors LP lifted its holdings in Zions Bancorporation, N.A. by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank’s stock valued at $430,813,000 after acquiring an additional 56,438 shares during the last quarter. First Trust Advisors LP lifted its holdings in Zions Bancorporation, N.A. by 28.5% in the first quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank’s stock valued at $110,505,000 after acquiring an additional 425,325 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Zions Bancorporation, N.A. in the second quarter worth approximately $87,961,000. Finally, Quantinno Capital Management LP grew its position in Zions Bancorporation, N.A. by 50.1% in the first quarter. Quantinno Capital Management LP now owns 1,242,578 shares of the bank’s stock worth $71,597,000 after acquiring an additional 414,902 shares during the period. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Key Zions Bancorporation, N.A. News

Here are the key news stories impacting Zions Bancorporation, N.A. this week:

• Positive Sentiment: EPS beat estimates: Diluted earnings per share rose to $1.78 from $1.48 a year earlier, exceeding the $1.64 consensus estimate by $0.14. Net income applicable to common shareholders increased to $262 million from $221 million. Zions Q3 Earnings and Revenues Top Estimates
• Positive Sentiment: Credit trends improved sharply: Zions recorded an $8 million provision benefit, compared with a $49 million provision expense in the prior-year quarter. Net loan charge-offs fell to $3 million from $56 million, supporting profitability and reducing investor concerns about credit losses. Zions Third Quarter Financial Results
• Positive Sentiment: Balance-sheet growth remained healthy: Net interest income increased 2% year over year to $684 million, loans rose 4% to $62.5 billion, and deposits grew 4% to $77.9 billion. The estimated common equity Tier 1 ratio improved to 11.8% from 11.3%, indicating stronger capital protection. Zions Posts Third Quarter Net Earnings
• Neutral Sentiment: Revenue was mixed: Reported revenue was approximately $881 million to $887 million, modestly below the roughly $889.5 million analyst estimate. Noninterest income increased to $197 million, but noninterest expense also rose 5% to $553 million. Zions Bancorporation Q3 Earnings and Revenue

Zions Bancorporation, N.A. Company Profile

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.