Piper Sandler Cuts Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $68.00

Zions Bancorporation, N.A. (NASDAQ:ZION) had its target price cut by Piper Sandler from $71.00 to $68.00 in a research note released on Thursday morning,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Several other equities research analysts also recently issued reports on the company. Truist Financial raised their price target on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a “hold” rating in a report on Friday, July 10th. JPMorgan Chase & Co. downgraded shares of Zions Bancorporation, N.A. from a “neutral” rating to an “underweight” rating and set a $75.00 price objective on the stock. in a report on Tuesday, July 21st. UBS Group assumed coverage on shares of Zions Bancorporation, N.A. in a research report on Monday, September 14th. They issued a “buy” rating and a $78.00 price objective on the stock. Wells Fargo & Company raised their target price on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 21st. Finally, Stephens reduced their target price on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Six equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $72.35.

Zions Bancorporation, N.A. Stock Performance

ZION opened at $63.17 on Thursday. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The stock has a market cap of $9.22 billion, a price-to-earnings ratio of 8.05, a PEG ratio of 1.06 and a beta of 0.84. The business has a 50 day moving average of $67.87 and a 200-day moving average of $65.00. 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. (NASDAQ:ZION) last issued its earnings results on Monday, July 20th. The bank reported $1.74 EPS for the quarter, topping the consensus estimate of $1.57 by $0.17. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The firm’s revenue for the quarter was up 35.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.63 EPS. On average, equities research analysts expect that Zions Bancorporation, N.A. will post 6.61 earnings per share for the current year.

Zions Bancorporation, N.A. announced that its board has authorized a share buyback program on Thursday, July 30th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the bank to reacquire up to 0.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Zions Bancorporation, N.A. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.0%. The ex-dividend date was Thursday, August 13th. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is 24.46%.

Insider Activity

In other Zions Bancorporation, N.A. news, President Scott J. Mclean sold 33,285 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total value of $2,350,919.55. Following the completion of the sale, the president owned 73,043 shares in the company, valued at $5,159,027.09. The trade was a 31.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 completion of the sale, the executive vice president owned 17,449 shares of the company’s stock, valued at $1,215,322.85. This trade represents a 4.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 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 Investors Weigh In On Zions Bancorporation, N.A.

Institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc grew its position in Zions Bancorporation, N.A. by 9.9% during the third quarter. Versant Capital Management Inc now owns 7,503 shares of the bank’s stock worth $470,000 after buying an additional 674 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in Zions Bancorporation, N.A. by 11.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 99,262 shares of the bank’s stock valued at $6,868,000 after acquiring an additional 9,848 shares in the last quarter. Tidal Investments LLC raised its holdings in Zions Bancorporation, N.A. by 11.2% in the 2nd quarter. Tidal Investments LLC now owns 10,519 shares of the bank’s stock valued at $728,000 after acquiring an additional 1,061 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Zions Bancorporation, N.A. during the 2nd quarter valued at $133,000. Finally, NewEdge Advisors LLC lifted its position in shares of Zions Bancorporation, N.A. by 3.3% during the 2nd quarter. NewEdge Advisors LLC now owns 8,396 shares of the bank’s stock valued at $581,000 after acquiring an additional 270 shares during the period. 76.84% of the stock is currently owned by institutional investors.

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

Its offerings include commercial and consumer lending, checking and savings accounts, treasury management, mortgage services, private banking, wealth management, and capital markets services. Zions operates through locally recognized brands including Zions Bank, Amegy Bank, California Bank & Trust, Nevada State Bank, and Vectra Bank Colorado.

Founded in 1873, Zions has expanded its presence across the western United States, serving customers in markets that include Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Wyoming.