Shares of Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $65.09 and traded as high as $67.13. Zions Bancorporation, N.A. shares last traded at $66.25, with a volume of 1,770,351 shares.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on ZION shares. Piper Sandler lifted their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $69.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. UBS Group began coverage on Zions Bancorporation, N.A. in a research report on Monday, September 14th. They issued a “buy” rating and a $78.00 target price on the stock. Truist Financial reduced their target price on Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating for the company in a research note on Friday, October 9th. Robert W. Baird raised Zions Bancorporation, N.A. from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a research report on Thursday, October 15th. Finally, TD Cowen reiterated a “hold” rating and set a $69.00 price target on shares of Zions Bancorporation, N.A. in a research note on Tuesday, October 20th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Zions Bancorporation, N.A. has an average rating of “Hold” and a consensus price target of $73.44.
Check Out Our Latest Stock Report on Zions Bancorporation, N.A.
Zions Bancorporation, N.A. Stock Up 2.3%
The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $9.67 billion, a PE ratio of 8.13, a price-to-earnings-growth ratio of 1.04 and a beta of 0.85. The business’s 50-day simple moving average is $65.09 and its 200-day simple moving average is $63.99.
Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) last announced its quarterly earnings data on Monday, October 19th. The bank reported $1.78 EPS for the quarter, beating the consensus estimate of $1.64 by $0.14. The business had revenue of $887.00 million during 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 period in the previous year, the business posted $1.48 EPS. As a group, equities research analysts anticipate that Zions Bancorporation, N.A. will post 6.70 EPS for the current fiscal year.
Zions Bancorporation, N.A. Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 12th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Thursday, November 12th. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is 23.56%.
Zions Bancorporation, N.A. declared that its board has initiated a share repurchase plan on Thursday, July 30th that allows the company to repurchase $75 million in shares. This buyback authorization allows the bank to purchase up to 0.7% of its shares through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Institutional Investors Weigh In On Zions Bancorporation, N.A.
Several hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new position in Zions Bancorporation, N.A. in the second quarter valued at $87,961,000. Deutsche Bank AG acquired a new position in shares of Zions Bancorporation, N.A. in the second quarter worth about $71,767,000. First Citizens Bank & Trust Co. acquired a new position in shares of Zions Bancorporation, N.A. in the third quarter worth about $1,027,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Zions Bancorporation, N.A. during the 2nd quarter worth about $4,933,000. Finally, Amundi boosted its stake in shares of Zions Bancorporation, N.A. by 415.2% during the 2nd quarter. Amundi now owns 189,013 shares of the bank’s stock worth $13,078,000 after acquiring an additional 152,328 shares in the last quarter. 76.84% of the stock is owned by hedge funds and other institutional investors.
About Zions Bancorporation, N.A.
Zions Bancorporation, N.A. is a national bank providing commercial and retail banking services to individuals, businesses, and institutions. Its offerings include business and consumer lending, deposit accounts, treasury management, and related banking services.
The bank serves customers across 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through regional banking brands, including Zions Bank, Amegy Bank, California Bank & Trust, and National Bank of Arizona.
The institution traces its history to 1873, when Zion’s Savings Bank and Trust Company was established in Salt Lake City.
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