Zions Bancorporation, N.A. (NASDAQ:ZION) Given “Sector Perform” Rating at Royal Bank Of Canada

Zions Bancorporation, N.A. (NASDAQ:ZION)‘s stock had its “sector perform” rating reissued by stock analysts at Royal Bank Of Canada in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $76.00 target price on the bank’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 16.20% from the company’s previous close.

Several other equities research analysts have also issued reports on ZION. Wells Fargo & Company boosted their price target on shares of 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. Piper Sandler reduced their price objective on shares of Zions Bancorporation, N.A. from $71.00 to $68.00 and set a “neutral” rating for the company in a report on Thursday, October 1st. Truist Financial decreased their target price on shares of Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating on the stock in a research report on Friday, October 9th. TD Cowen lowered their target price on shares of Zions Bancorporation, N.A. from $73.00 to $69.00 and set a “hold” rating on the stock in a research note on Monday, October 5th. Finally, UBS Group initiated coverage on shares of Zions Bancorporation, N.A. in a research note on Monday, September 14th. They issued a “buy” rating and a $78.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $71.59.

Zions Bancorporation, N.A. Price Performance

Shares of ZION stock opened at $65.40 on Tuesday. The stock has a 50 day moving average of $66.22 and a two-hundred day moving average of $65.64. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 12 month low of $48.50 and a 12 month high of $73.34. The company has a market capitalization of $9.55 billion, a P/E ratio of 8.27, a P/E/G ratio of 1.04 and a beta of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last released its quarterly earnings data on Monday, October 19th. The bank reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.14. The business had revenue of $887.00 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted $1.48 earnings per share. As a group, equities analysts expect that Zions Bancorporation, N.A. will post 6.60 EPS for the current year.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a share repurchase program on Thursday, July 30th that permits the company to repurchase $75.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 0.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Zions Bancorporation, N.A.

In related news, President Scott 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 transaction 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 $5,159,027.09. This trade represents a 31.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Derek Steward sold 894 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president owned 17,449 shares in the company, valued at approximately $1,215,322.85. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 88,787 shares of company stock valued at $6,283,858 in the last ninety days. Insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ZION. BlackRock Inc. bought a new position in Zions Bancorporation, N.A. in the 2nd quarter valued at $982,244,000. Dimensional Fund Advisors LP boosted its stake 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 worth $430,813,000 after purchasing an additional 56,438 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Zions Bancorporation, N.A. by 28.5% during the first quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank’s stock worth $110,505,000 after purchasing an additional 425,325 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Zions Bancorporation, N.A. during the second quarter worth $87,961,000. Finally, Deutsche Bank AG acquired a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at $71,767,000. 76.84% of the stock is owned by institutional investors and hedge funds.

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.