Zions Bancorporation, N.A. (NASDAQ:ZION) Given New $78.00 Price Target at Stephens

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price target boosted by equities research analysts at Stephens from $75.00 to $78.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Stephens‘s target price suggests a potential upside of 17.82% from the company’s previous close.

Several other research firms have also issued reports on ZION. UBS Group assumed coverage on shares of Zions Bancorporation, N.A. in a report on Monday, September 14th. They set a “buy” rating and a $78.00 target price for the company. DA Davidson lifted their price objective on Zions Bancorporation, N.A. from $79.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, October 20th. Morgan Stanley dropped their target price on Zions Bancorporation, N.A. from $78.00 to $77.00 and set an “underweight” rating on the stock in a report on Tuesday, October 20th. Wells Fargo & Company raised their price target on 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. Finally, JPMorgan Chase & Co. raised their price target on Zions Bancorporation, N.A. from $86.00 to $87.00 and gave the company an “underweight” rating in a report on Tuesday, October 20th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $73.44.

Zions Bancorporation, N.A. Stock Performance

Shares of NASDAQ ZION opened at $66.20 on Monday. Zions Bancorporation, N.A. has a 1 year low of $48.50 and a 1 year high of $73.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a 50-day moving average of $65.74 and a 200 day moving average of $65.84. The stock has a market cap of $9.66 billion, a P/E ratio of 8.12, a price-to-earnings-growth ratio of 1.04 and a beta of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its quarterly earnings data on Monday, October 19th. The bank reported $1.78 earnings per share for the quarter, topping 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 24.81% and a return on equity of 13.77%. During the same quarter in the prior year, the company earned $1.48 earnings per share. As a group, sell-side analysts expect that Zions Bancorporation, N.A. will post 6.67 EPS for the current fiscal year.

Zions Bancorporation, N.A. announced that its Board of Directors has authorized a stock buyback plan 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 shares through open market purchases. Share buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Zions Bancorporation, N.A.

In related news, EVP Derek Steward sold 894 shares of the company’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 value of $62,267.10. Following the transaction, the executive vice president directly owned 17,449 shares of the company’s stock, valued at approximately $1,215,322.85. This represents a 4.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott A. Law sold 4,608 shares of the 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 in the company, valued at approximately $2,381,893.80. This represents a 12.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 88,787 shares of company stock valued at $6,283,858 over the last 90 days. Corporate insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter worth approximately $982,244,000. Bank of New York Mellon Corp purchased a new position in shares of Zions Bancorporation, N.A. in the second quarter worth approximately $87,961,000. Deutsche Bank AG bought a new stake in Zions Bancorporation, N.A. during the second quarter valued at approximately $71,767,000. The Manufacturers Life Insurance Company bought a new stake in Zions Bancorporation, N.A. during the second quarter valued at approximately $54,688,000. Finally, Azora Capital LP purchased a new stake in Zions Bancorporation, N.A. during the second quarter valued at approximately $52,233,000. 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 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.