Zions Bancorporation, N.A. (NASDAQ:ZION) Reaches New 52-Week High After Analyst Upgrade

Shares of Zions Bancorporation, N.A. (NASDAQ:ZION) hit a new 52-week high on Monday after Morgan Stanley raised their price target on the stock from $68.00 to $77.00. Morgan Stanley currently has an overweight rating on the stock. Zions Bancorporation, N.A. traded as high as $69.84 and last traded at $69.6340, with a volume of 240872 shares trading hands. The stock had previously closed at $69.14.

Other equities analysts have also issued reports about the stock. Royal Bank Of Canada boosted their price target on shares of Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 21st. Stephens assumed coverage on Zions Bancorporation, N.A. in a research report on Monday, June 15th. They issued an “overweight” rating and a $79.00 price target for the company. Truist Financial lifted their price objective on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a “hold” rating in a research report on Tuesday, April 21st. Barclays upped their target price on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an “underweight” rating in a report on Wednesday, April 22nd. Finally, Weiss Ratings raised shares of Zions Bancorporation, N.A. from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $66.88.

Insider Buying and Selling

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $62.50, for a total value of $263,062.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ZION. Torren Management LLC purchased a new position in shares of Zions Bancorporation, N.A. during the 4th quarter worth approximately $32,000. Leonteq Securities AG acquired a new position in Zions Bancorporation, N.A. during the fourth quarter worth $32,000. Atlas Capital Advisors Inc. purchased a new position in shares of Zions Bancorporation, N.A. during the fourth quarter worth $36,000. Community Bank N.A. acquired a new stake in shares of Zions Bancorporation, N.A. in the third quarter valued at $36,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Zions Bancorporation, N.A. in the 4th quarter valued at $42,000. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Zions Bancorporation, N.A. Trading Up 0.3%

The stock has a market cap of $10.20 billion, a price-to-earnings ratio of 10.77, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.83 and a current ratio of 0.83. The company has a 50 day moving average of $63.40 and a 200-day moving average of $60.63.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its quarterly earnings results on Monday, April 20th. The bank reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. The company had revenue of $859.00 million for the quarter, compared to analyst estimates of $853.73 million. During the same period in the prior year, the firm earned $1.13 earnings per share. On average, research analysts anticipate that Zions Bancorporation, N.A. will post 6.45 earnings per share for the current year.

Zions Bancorporation, N.A. Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were issued a dividend of $0.45 per share. The ex-dividend date 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 is 27.99%.

Zions Bancorporation, N.A. announced that its board has initiated a share buyback program on Saturday, May 2nd that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Zions Bancorporation, N.A. Company Profile

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.