Robert W. Baird Upgrades Zions Bancorporation, N.A. (NASDAQ:ZION) to “Outperform”

Zions Bancorporation, N.A. (NASDAQ:ZION) was upgraded by research analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a report released on Thursday, Marketbeat Ratings reports. The brokerage currently has a $75.00 price target on the bank’s stock. Robert W. Baird’s target price would indicate a potential upside of 20.46% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Wall Street Zen raised Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. TD Cowen dropped their price target on Zions Bancorporation, N.A. from $73.00 to $69.00 and set a “hold” rating for the company in a research note on Monday, October 5th. Piper Sandler cut their price target on shares of Zions Bancorporation, N.A. from $71.00 to $68.00 and set a “neutral” rating on the stock in a report on Thursday, October 1st. Wells Fargo & Company boosted their price objective on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 21st. Finally, DA Davidson upped their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $71.59.

Zions Bancorporation, N.A. Stock Performance

Zions Bancorporation, N.A. stock opened at $62.26 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average of $66.66 and a 200-day moving average of $65.49. The firm has a market cap of $9.09 billion, a P/E ratio of 7.93, a P/E/G ratio of 1.02 and a beta of 0.84. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year 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, beating analysts’ consensus estimates of $1.57 by $0.17. The company had revenue of $1.14 billion for 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%. Zions Bancorporation, N.A.’s revenue was up 35.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.63 EPS. Sell-side 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 authorized a share repurchase plan on Thursday, July 30th that authorizes the company to repurchase $75.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 0.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Zions Bancorporation, N.A.

In related news, President Scott Mclean sold 33,285 shares of Zions Bancorporation, N.A. stock in a transaction on Tuesday, August 4th. The stock was 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 of the company’s stock, valued at $5,159,027.09. The trade was a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Law sold 4,608 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total value of $333,711.36. Following the sale, the executive vice president owned 32,890 shares of the company’s stock, valued at approximately $2,381,893.80. This trade represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 88,787 shares of company stock worth $6,283,858 in the last ninety days. Insiders own 1.43% of the company’s stock.

Institutional Trading of Zions Bancorporation, N.A.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its holdings in shares of Zions Bancorporation, N.A. by 5.2% during the first quarter. Bessemer Group Inc. now owns 3,159 shares of the bank’s stock valued at $182,000 after acquiring an additional 157 shares during the last quarter. Allworth Financial LP grew its holdings 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 valued at $206,000 after buying an additional 161 shares in the last quarter. Michels Family Financial LLC raised its holdings in shares of 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 acquiring an additional 185 shares during the period. Modern Wealth Management LLC boosted its position in shares of 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 valued at $272,000 after acquiring an additional 209 shares during the last quarter. Finally, Arizona State Retirement System increased its position in Zions Bancorporation, N.A. by 0.6% during the second quarter. Arizona State Retirement System now owns 40,807 shares of the bank’s stock worth $2,823,000 after purchasing an additional 254 shares during the last quarter. 76.84% of the stock is owned by hedge funds and other 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.