Zions Bancorporation, N.A. (NASDAQ:ZION) Cut to In-Line at Evercore

Evercore cut shares of Zions Bancorporation, N.A. (NASDAQ:ZION) from an outperform rating to an in-line rating in a report released on Thursday, MarketBeat.com reports. They currently have $68.00 price objective on the bank’s stock.

A number of other research analysts have also issued reports on ZION. Barclays raised their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an “underweight” rating in a report on Wednesday, April 22nd. Cantor Fitzgerald boosted their target price on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Truist Financial upped their price target on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Citigroup raised their price target on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, April 22nd. Finally, DA Davidson lifted their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $71.29.

Zions Bancorporation, N.A. Stock Performance

Shares of ZION stock opened at $69.29 on Thursday. The business’s 50-day moving average price is $66.71 and its 200-day moving average price is $62.19. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34. The firm has a market capitalization of $10.19 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 1.66 and a beta of 0.80. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.26.

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

Zions Bancorporation, N.A. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a $0.45 dividend. The ex-dividend date was Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. Zions Bancorporation, N.A.’s payout ratio is 22.93%.

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

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.43% of the stock is currently owned by company insiders.

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

Several institutional investors and hedge funds have recently made changes to their positions in ZION. Elevation Wealth Partners LLC lifted its stake in Zions Bancorporation, N.A. by 528.8% in the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock valued at $29,000 after buying an additional 349 shares during the period. Torren Management LLC bought a new position in shares of Zions Bancorporation, N.A. during the 4th quarter worth approximately $32,000. Leonteq Securities AG acquired a new stake in shares of Zions Bancorporation, N.A. during the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Zions Bancorporation, N.A. during the 4th quarter worth approximately $36,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of Zions Bancorporation, N.A. in the 4th quarter valued at $42,000. Institutional investors own 76.84% of the company’s stock.

Key Stories Impacting Zions Bancorporation, N.A.

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

• Positive Sentiment: Robert W. Baird raised its price target on Zions Bancorporation, N.A. (ZION) to $75, signaling room for further upside. Robert W. Baird Increases Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $75.00
• Positive Sentiment: Wells Fargo, RBC, TD Cowen, and DA Davidson all issued bullish notes or strong appreciation forecasts for Zions Bancorporation, N.A. (ZION), reinforcing expectations for further share gains. Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says TD Cowen Forecasts Strong Price Appreciation for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock DA Davidson Forecasts Strong Price Appreciation for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock
• Neutral Sentiment: Shares also saw unusually heavy options activity, suggesting traders are positioning for a larger move but without clear direction. Zions Bancorporation, N.A. Target of Unusually Large Options Trading (NASDAQ:ZION)
• Negative Sentiment: Evercore downgraded Zions Bancorporation, N.A. (ZION) from outperform to in-line and set a $68 target, implying modest downside from recent levels. Read More
• Negative Sentiment: Another report said ZION shares were gapping down on the analyst downgrade, highlighting that the downgrade is the main bearish catalyst weighing on sentiment. Zions Bancorporation, N.A. (NASDAQ:ZION) Shares Gap Down on Analyst Downgrade
• Negative Sentiment: Stephens also lowered expectations for Zions Bancorporation, N.A. (ZION), adding to the pressure from the Evercore downgrade. Stephens Has Lowered Expectations for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price

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.