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

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 note issued to investors on Thursday, MarketBeat Ratings reports. The firm currently has a $75.00 price objective on the bank’s stock. Robert W. Baird’s price objective suggests a potential upside of 18.65% from the stock’s previous close.

A number of other research analysts have also recently weighed in on ZION. TD Cowen cut their price objective on shares of Zions Bancorporation, N.A. from $73.00 to $69.00 and set a “hold” rating for the company in a report on Monday, October 5th. Cantor Fitzgerald lowered their target price on shares of Zions Bancorporation, N.A. from $80.00 to $76.00 and set an “overweight” rating on the stock in a research note on Wednesday. Wells Fargo & Company increased 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 report on Tuesday, July 21st. Royal Bank Of Canada boosted their price objective on Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 21st. Finally, Stephens reduced their target price on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Zions Bancorporation, N.A. currently has an average rating of “Hold” and an average price target of $71.59.

Zions Bancorporation, N.A. Stock Performance

Shares of ZION traded up $1.43 during trading hours on Thursday, reaching $63.21. 879,368 shares of the company traded hands, compared to its average volume of 1,643,912. The business has a fifty day moving average price of $66.66 and a 200-day moving average price of $65.49. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $9.23 billion, a P/E ratio of 8.05, a P/E/G ratio of 1.02 and a beta of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its quarterly earnings data on Monday, July 20th. The bank reported $1.74 EPS for the quarter, beating the consensus estimate of $1.57 by $0.17. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $877.44 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The business’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.63 EPS. Equities analysts anticipate that Zions Bancorporation, N.A. will post 6.60 EPS for the current fiscal year.

Zions Bancorporation, N.A. declared that its board has initiated a share buyback program on Thursday, July 30th that authorizes the company to buy back $75.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 0.7% of its shares through open market purchases. Share buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, EVP Derek Steward sold 894 shares of the company’s stock in a transaction 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 transaction, the executive vice president directly owned 17,449 shares of the company’s stock, valued at $1,215,322.85. This represents a 4.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott A. Law sold 4,608 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the sale, the executive vice president directly owned 32,890 shares in the company, valued at $2,381,893.80. This trade represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 88,787 shares of company stock valued at $6,283,858. Company insiders own 1.43% of the company’s stock.

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

Institutional investors and hedge funds have recently bought and sold shares of the stock. Elevation Wealth Partners LLC lifted its stake in Zions Bancorporation, N.A. by 528.8% in the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock valued at $29,000 after buying an additional 349 shares in the last quarter. Trust Co. of Vermont bought a new stake in Zions Bancorporation, N.A. in the 2nd quarter valued at $35,000. Northwestern Mutual Wealth Management Co. bought a new position in Zions Bancorporation, N.A. during the 2nd quarter worth about $45,000. Burnham & Co LLC bought a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at about $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Zions Bancorporation, N.A. in the 2nd quarter valued at approximately $61,000. Hedge funds and other institutional investors own 76.84% of the company’s stock.

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.