Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Rating Reaffirmed as Sector Perform by Royal Bank Of Canada

Zions Bancorporation, N.A. (NASDAQ:ZION)‘s stock had its “sector perform” rating reaffirmed by equities researchers at Royal Bank Of Canada in a note issued to investors on Tuesday, Benzinga reports. They presently have a $76.00 target price on the bank’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 17.67% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research note on Friday, July 31st. Truist Financial reduced their price target on shares of Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating for the company in a research note on Friday, October 9th. Wall Street Zen upgraded shares of Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Stephens dropped their target price on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. Finally, DA Davidson upped their target price on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Seven research 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $72.65.

Zions Bancorporation, N.A. Stock Performance

Zions Bancorporation, N.A. stock traded up $1.45 during mid-day trading on Tuesday, hitting $64.59. 1,819,902 shares of the company’s stock traded hands, compared to its average volume of 1,650,772. 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. has a one year low of $48.50 and a one year high of $73.34. The firm has a 50 day moving average price of $66.22 and a 200 day moving average price of $65.64. The company has a market cap of $9.43 billion, a PE ratio of 8.23, a price-to-earnings-growth ratio of 1.04 and a beta of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued 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 business had revenue of $887.00 million for the quarter, compared to analysts’ expectations of $889.52 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. During the same period in the previous year, the business earned $1.48 earnings per share. On average, equities analysts forecast that Zions Bancorporation, N.A. will post 6.60 EPS for the current year.

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

Insider Activity at Zions Bancorporation, N.A.

In related news, President Scott Mclean sold 33,285 shares of the firm’s stock in a transaction that occurred on 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 sale, the president directly owned 73,043 shares in the company, valued at approximately $5,159,027.09. This trade represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Derek Steward sold 894 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the sale, the executive vice president owned 17,449 shares of the company’s stock, valued at $1,215,322.85. The trade was a 4.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 88,787 shares of company stock valued at $6,283,858 over the last ninety days. Insiders own 1.43% of the company’s stock.

Hedge Funds Weigh In On Zions Bancorporation, N.A.

A number of hedge funds have recently modified their holdings of ZION. BlackRock Inc. purchased a new stake in shares of Zions Bancorporation, N.A. during the second quarter valued at $982,244,000. Bank of New York Mellon Corp purchased a new position in Zions Bancorporation, N.A. in the 2nd quarter worth about $87,961,000. Deutsche Bank AG purchased a new position in Zions Bancorporation, N.A. in the 2nd quarter worth about $71,767,000. The Manufacturers Life Insurance Company acquired a new stake in Zions Bancorporation, N.A. during the 2nd quarter worth about $54,688,000. Finally, Azora Capital LP purchased a new stake in Zions Bancorporation, N.A. during the second quarter valued at about $52,233,000. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Zions Bancorporation, N.A.

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

• Positive Sentiment: Q3 earnings beat estimates: Zions reported net earnings applicable to common shareholders of $262 million, or $1.78 per diluted share, compared with $1.48 a year earlier and the $1.64 consensus estimate. Net interest income rose 2% year over year to $684 million, while deposits increased 4% to $77.9 billion. Zions third-quarter financial results
• Positive Sentiment: Credit quality improved substantially: Net loan and lease charge-offs fell to $3 million from $56 million a year earlier, and the provision for credit losses was an $8 million benefit versus a $49 million expense in the prior-year quarter. Loans grew 4% to $62.5 billion, and the estimated common equity tier 1 capital ratio improved to 11.8% from 11.3%. Zions net charge-offs report
• Positive Sentiment: Analyst support increased: DA Davidson raised its price target to $80 from $79 and maintained a “buy” rating, signaling confidence in Zions’ earnings and operating outlook. DA Davidson price-target update
• Neutral Sentiment: JPMorgan raised its price target to $87 from $86 but retained an “underweight” rating. TD Cowen maintained “hold” with a $69 target, while RBC kept a “sector perform” rating and a $76 target. The higher targets imply valuation upside, but the ratings indicate that some firms remain cautious. Analyst rating updates
• Negative Sentiment: Revenue slightly missed expectations: Quarterly revenue was reported at approximately $881 million to $887 million, below consensus estimates near $890 million. Noninterest expense also increased 5% year over year to $553 million, limiting the earnings upside.

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 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.