Zions Bancorporation, N.A. (NASDAQ:ZION) Given New $76.00 Price Target at Cantor Fitzgerald

Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) had its target price reduced by research analysts at Cantor Fitzgerald from $80.00 to $76.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Cantor Fitzgerald’s price objective indicates a potential upside of 22.13% from the stock’s current price.

Several other research firms have also recently weighed in on ZION. JPMorgan Chase & Co. cut their target price on Zions Bancorporation, N.A. from $75.00 to $65.00 and set an “underweight” rating for the company in a research note on Thursday, October 1st. Wall Street Zen raised Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Truist Financial decreased their price target on Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating on the stock in a research note on Friday, October 9th. Morgan Stanley boosted their price target on Zions Bancorporation, N.A. from $77.00 to $78.00 and gave the stock an “underweight” rating in a report on Monday, September 28th. Finally, Royal Bank Of Canada boosted their price target on Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Zions Bancorporation, N.A. has an average rating of “Hold” and an average price target of $71.59.

View Our Latest Stock Analysis on ZION

Zions Bancorporation, N.A. Stock Performance

Shares of Zions Bancorporation, N.A. stock opened at $62.23 on Wednesday. The company has a 50 day moving average of $66.86 and a 200-day moving average of $65.46. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. The company has a market cap of $9.08 billion, a PE ratio of 7.93, a price-to-earnings-growth ratio of 1.03 and a beta of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) last posted its quarterly earnings results on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.17. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $877.44 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The firm’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same quarter last year, the business posted $1.63 EPS. As a group, equities research analysts forecast that Zions Bancorporation, N.A. will post 6.60 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a stock repurchase plan on Thursday, July 30th that authorizes the company to buy back $75.00 million in shares. This buyback authorization authorizes the bank to purchase up to 0.7% of its stock through open market purchases. Share buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Zions Bancorporation, N.A. 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 value of $2,350,919.55. Following the sale, the president owned 73,043 shares in the company, 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 filing with the SEC, which is available at this link. Also, EVP Derek Steward sold 894 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 17,449 shares in the company, valued at $1,215,322.85. This represents a 4.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 88,787 shares of company stock worth $6,283,858 in the last three months. 1.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ZION. Bank of New York Mellon Corp acquired a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at about $87,961,000. Deutsche Bank AG bought a new position in shares of Zions Bancorporation, N.A. during the second quarter worth about $71,767,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Zions Bancorporation, N.A. in the second quarter worth approximately $4,933,000. Amundi lifted its stake in shares of Zions Bancorporation, N.A. by 415.2% in the second quarter. Amundi now owns 189,013 shares of the bank’s stock worth $13,078,000 after acquiring an additional 152,328 shares during the period. Finally, BlackRock Inc. acquired a new position in shares of Zions Bancorporation, N.A. in the second quarter worth approximately $982,244,000. 76.84% of the stock is currently owned by institutional investors.

About Zions Bancorporation, N.A.

(Get Free Report)

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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Analyst Recommendations for Zions Bancorporation, N.A. (NASDAQ:ZION)

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