Zions Bancorporation, N.A. (NASDAQ:ZION) Hits New 1-Year High – What’s Next?

Zions Bancorporation, N.A. (NASDAQ:ZIONGet Free Report)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $67.99 and last traded at $66.27, with a volume of 1627506 shares. The stock had previously closed at $67.25.

Wall Street Analysts Forecast Growth

ZION has been the topic of a number of research analyst reports. Robert W. Baird increased their target price on Zions Bancorporation, N.A. from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, April 21st. Citigroup increased their target price on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, April 22nd. Brean Capital started coverage on Zions Bancorporation, N.A. in a report on Thursday, March 12th. They issued a “neutral” rating on the stock. Piper Sandler cut their price target on Zions Bancorporation, N.A. from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Finally, JPMorgan Chase & Co. raised their price target on Zions Bancorporation, N.A. from $62.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Zions Bancorporation, N.A. has a consensus rating of “Hold” and an average price target of $66.35.

Read Our Latest Stock Analysis on ZION

Zions Bancorporation, N.A. Trading Down 0.9%

The firm has a market cap of $9.73 billion, a P/E ratio of 10.29, a P/E/G ratio of 2.21 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 firm has a fifty day moving average of $62.46 and a 200-day moving average of $59.99.

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

Zions Bancorporation, N.A. Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Thursday, May 14th. Zions Bancorporation, N.A.’s payout ratio is presently 27.99%.

Zions Bancorporation, N.A. declared that its Board of Directors has initiated a share buyback program on Saturday, May 2nd that authorizes the company to repurchase $225.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Zions Bancorporation, N.A.

In other news, EVP Jennifer Anne Smith sold 4,209 shares of the firm’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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.43% of the stock is currently owned by company insiders.

Institutional Trading of Zions Bancorporation, N.A.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its position in shares of Zions Bancorporation, N.A. by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank’s stock worth $430,813,000 after buying an additional 56,438 shares during the period. LSV Asset Management boosted its position in shares of Zions Bancorporation, N.A. by 1.3% in the fourth quarter. LSV Asset Management now owns 3,888,064 shares of the bank’s stock worth $227,607,000 after buying an additional 48,346 shares during the period. Morgan Stanley boosted its position in shares of Zions Bancorporation, N.A. by 10.8% in the fourth quarter. Morgan Stanley now owns 3,151,319 shares of the bank’s stock worth $184,478,000 after buying an additional 306,717 shares during the period. AQR Capital Management LLC boosted its position in shares of Zions Bancorporation, N.A. by 31.6% in the third quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank’s stock worth $167,677,000 after buying an additional 711,218 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Zions Bancorporation, N.A. by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 2,963,243 shares of the bank’s stock worth $173,501,000 after buying an additional 30,881 shares during the period. Institutional investors and hedge funds own 76.84% of the company’s stock.

Zions Bancorporation, N.A. Company Profile

(Get Free Report)

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.

Further Reading

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