Zions Bancorporation, N.A. (NASDAQ:ZION – Free Report) had its price objective cut by Truist Financial from $72.00 to $67.00 in a research report released on Friday,Benzinga reports. They currently have a hold rating on the bank’s stock.
Several other brokerages have also issued reports on ZION. Robert W. Baird lifted their target price on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 21st. DA Davidson raised their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. lowered their price objective on shares of Zions Bancorporation, N.A. from $75.00 to $65.00 and set an “underweight” rating on the stock in a research report on Thursday, October 1st. Stephens dropped their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Six equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Zions Bancorporation, N.A. presently has an average rating of “Hold” and an average target price of $71.82.
View Our Latest Report on ZION
Zions Bancorporation, N.A. Price Performance
Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) last issued its quarterly earnings data on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.17. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $877.44 million. During the same quarter in the prior year, the firm posted $1.63 EPS. The firm’s quarterly revenue was up 35.7% on a year-over-year basis. Equities research analysts anticipate that Zions Bancorporation, N.A. will post 6.60 earnings per share for the current year.
Zions Bancorporation, N.A. declared that its Board of Directors has initiated a stock buyback program on Thursday, July 30th that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the bank to reacquire up to 0.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Zions Bancorporation, N.A. Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.1%. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 13th. Zions Bancorporation, N.A.’s dividend payout ratio is currently 24.46%.
Insider Activity
In related news, President Scott J. Mclean sold 33,285 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total transaction 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. This trade represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction 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 completion of the sale, the executive vice president directly owned 17,449 shares of the company’s stock, valued at approximately $1,215,322.85. The trade was a 4.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 88,787 shares of company stock worth $6,283,858. Insiders own 1.43% of the company’s stock.
Institutional Trading of Zions Bancorporation, N.A.
Several large investors have recently modified their holdings of the company. Wedmont Private Capital boosted its holdings in shares of Zions Bancorporation, N.A. by 4.3% during the 3rd quarter. Wedmont Private Capital now owns 15,468 shares of the bank’s stock valued at $970,000 after purchasing an additional 641 shares during the last quarter. Diversified Management Inc. grew its position in shares of Zions Bancorporation, N.A. by 474.6% during the third quarter. Diversified Management Inc. now owns 38,051 shares of the bank’s stock valued at $2,384,000 after purchasing an additional 31,429 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Zions Bancorporation, N.A. by 5.2% in the third quarter. GAMMA Investing LLC now owns 13,546 shares of the bank’s stock worth $849,000 after purchasing an additional 666 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Zions Bancorporation, N.A. by 20.5% in the third quarter. Farther Finance Advisors LLC now owns 22,075 shares of the bank’s stock worth $1,383,000 after purchasing an additional 3,751 shares during the last quarter. Finally, Elevation Wealth Partners LLC increased its holdings in shares of Zions Bancorporation, N.A. by 121.2% in the third quarter. Elevation Wealth Partners LLC now owns 918 shares of the bank’s stock worth $58,000 after purchasing an additional 503 shares during the last quarter. Institutional investors own 76.84% of the company’s stock.
About Zions Bancorporation, N.A.
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.
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