Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Target Lowered at Truist Financial

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price objective cut by analysts at Truist Financial from $72.00 to $67.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s price target suggests a potential upside of 6.97% from the company’s current price.

A number of other equities research analysts have also recently issued reports on ZION. Robert W. Baird boosted their price objective on Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. 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 note on Tuesday, July 21st. Piper Sandler lowered their target price on Zions Bancorporation, N.A. from $71.00 to $68.00 and set a “neutral” rating for the company in a research note on Thursday, October 1st. Wells Fargo & Company raised their price target on 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, 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 on the stock in a research note on Thursday, October 1st. Six equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $71.82.

Zions Bancorporation, N.A. Stock Down 0.2%

Shares of NASDAQ:ZION traded down $0.10 during midday trading on Friday, hitting $62.63. 321,395 shares of the company’s stock were exchanged, compared to its average volume of 1,650,849. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a 50 day moving average price of $67.35 and a 200-day moving average price of $65.32. The company has a market cap of $9.14 billion, a PE ratio of 7.99, a price-to-earnings-growth ratio of 1.04 and a beta of 0.84. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its quarterly earnings results on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.17. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. During the same quarter in the prior year, the company posted $1.63 earnings per share. Zions Bancorporation, N.A.’s revenue was up 35.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Zions Bancorporation, N.A. will post 6.6 EPS for the current fiscal year.

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

Insider Activity

In other Zions Bancorporation, N.A. news, EVP Derek Steward sold 894 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were 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 directly 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Scott J. Mclean sold 33,285 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the sale, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 88,787 shares of company stock worth $6,283,858 in the last three months. Company insiders own 1.43% of the company’s stock.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. grew its stake in Zions Bancorporation, N.A. by 5.2% during the 1st quarter. Bessemer Group Inc. now owns 3,159 shares of the bank’s stock worth $182,000 after buying an additional 157 shares during the last quarter. Allworth Financial LP boosted its stake in Zions Bancorporation, N.A. by 5.7% in the 2nd quarter. Allworth Financial LP now owns 2,978 shares of the bank’s stock worth $206,000 after purchasing an additional 161 shares in the last quarter. Michels Family Financial LLC grew its position in Zions Bancorporation, N.A. by 1.5% during the 4th quarter. Michels Family Financial LLC now owns 12,142 shares of the bank’s stock worth $711,000 after purchasing an additional 185 shares during the last quarter. Modern Wealth Management LLC grew its position in Zions Bancorporation, N.A. by 4.7% during the 1st quarter. Modern Wealth Management LLC now owns 4,670 shares of the bank’s stock worth $272,000 after purchasing an additional 209 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Zions Bancorporation, N.A. by 0.6% during the 2nd quarter. Arizona State Retirement System now owns 40,807 shares of the bank’s stock valued at $2,823,000 after purchasing an additional 254 shares in the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

About Zions Bancorporation, N.A.

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.