Zions Bancorporation, N.A. (NASDAQ:ZION) Hits New 52-Week High – Still a Buy?

Zions Bancorporation, N.A. (NASDAQ:ZION) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $68.02 and last traded at $68.0070, with a volume of 457590 shares. The stock had previously closed at $67.12.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ZION shares. JPMorgan Chase & Co. upped their price objective on shares of Zions Bancorporation, N.A. from $62.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 21st. Barclays raised their target price on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an “underweight” rating in a research report on Wednesday, April 22nd. TD Cowen lifted their price target on Zions Bancorporation, N.A. from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Tuesday, April 21st. Royal Bank Of Canada upped their price target on Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 21st. Finally, Morgan Stanley lowered their price target on Zions Bancorporation, N.A. from $75.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $66.35.

Zions Bancorporation, N.A. Price Performance

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $10.05 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 2.27 and a beta of 0.81. The stock’s 50-day simple moving average is $63.10 and its two-hundred day simple moving average is $60.44.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its earnings results on Monday, April 20th. The bank reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.13. The business had revenue of $859.00 million for the quarter, compared to analyst estimates of $853.73 million. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. During the same quarter last year, the business earned $1.13 earnings per share. Equities research analysts predict that Zions Bancorporation, N.A. will post 6.44 earnings per share for the current year.

Zions Bancorporation, N.A. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.80 dividend on an annualized basis and a yield of 2.6%. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is currently 27.99%.

Zions Bancorporation, N.A. announced that its board has initiated a stock buyback program 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.43% of the company’s stock.

Institutional Trading of Zions Bancorporation, N.A.

A number of institutional investors have recently made changes to their positions in the company. M&T Bank Corp purchased a new stake in shares of Zions Bancorporation, N.A. during the fourth quarter worth $8,591,000. Burney Co. purchased a new position in shares of Zions Bancorporation, N.A. in the fourth quarter worth about $4,762,000. Basswood Capital Management L.L.C. lifted its stake in shares of Zions Bancorporation, N.A. by 266.4% in the fourth quarter. Basswood Capital Management L.L.C. now owns 404,520 shares of the bank’s stock worth $23,681,000 after buying an additional 294,121 shares in the last quarter. LSV Asset Management boosted its position in Zions Bancorporation, N.A. by 1.3% during the fourth quarter. LSV Asset Management now owns 3,888,064 shares of the bank’s stock worth $227,607,000 after acquiring an additional 48,346 shares during the last quarter. Finally, Arbejdsmarkedets Tillaegspension acquired a new position in Zions Bancorporation, N.A. during the fourth quarter worth about $24,271,000. 76.84% of the stock is owned by institutional investors and hedge funds.

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.