Zions Bancorporation, N.A. (NASDAQ:ZION) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Zions Bancorporation, N.A. (NASDAQ:ZIONFree Report) from a hold rating to a buy rating in a research report report published on Saturday morning.

Several other brokerages also recently weighed in on ZION. Morgan Stanley increased their target price on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Barclays boosted their price target on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an “underweight” rating in a research report on Wednesday, April 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research note on Friday, July 31st. Truist Financial increased their price objective on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Finally, Wells Fargo & Company lifted their target price on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Zions Bancorporation, N.A. presently has an average rating of “Hold” and an average target price of $71.29.

Read Our Latest Stock Analysis on ZION

Zions Bancorporation, N.A. Stock Down 0.4%

ZION stock opened at $70.32 on Friday. The company has a market cap of $10.34 billion, a price-to-earnings ratio of 8.96, a price-to-earnings-growth ratio of 1.68 and a beta of 0.81. The company has a fifty day moving average price of $68.38 and a 200 day moving average price of $62.91. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $73.34.

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

Zions Bancorporation, N.A. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th will be issued a $0.48 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. This represents a $1.92 annualized dividend and a dividend yield of 2.7%. Zions Bancorporation, N.A.’s payout ratio is presently 22.93%.

Insider Transactions at Zions Bancorporation, N.A.

In related news, President Scott J. Mclean sold 33,285 shares of the stock in a transaction dated 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 transaction, the president directly owned 73,043 shares of the company’s stock, valued at $5,159,027.09. This represents a 31.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott A. Law sold 4,608 shares of Zions Bancorporation, N.A. stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total value of $333,711.36. Following the completion of the sale, the executive vice president directly owned 32,890 shares in the company, valued at $2,381,893.80. This represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 88,787 shares of company stock worth $6,283,858 over the last ninety days. 1.43% of the stock is currently owned by company insiders.

Institutional Trading of Zions Bancorporation, N.A.

A number of institutional investors have recently modified their holdings of ZION. Bessemer Group Inc. raised its position in Zions Bancorporation, N.A. by 5.2% in the first quarter. Bessemer Group Inc. now owns 3,159 shares of the bank’s stock worth $182,000 after acquiring an additional 157 shares in the last quarter. Signaturefd LLC boosted its position in shares of Zions Bancorporation, N.A. by 17.1% during the 4th quarter. Signaturefd LLC now owns 1,192 shares of the bank’s stock worth $70,000 after purchasing an additional 174 shares in the last quarter. Michels Family Financial LLC grew its stake in shares of Zions Bancorporation, N.A. by 1.5% during the 4th quarter. Michels Family Financial LLC now owns 12,142 shares of the bank’s stock worth $711,000 after purchasing an additional 185 shares during the period. C M Bidwell & Associates Ltd. grew its stake in shares of Zions Bancorporation, N.A. by 13.5% during the 4th quarter. C M Bidwell & Associates Ltd. now owns 1,555 shares of the bank’s stock worth $91,000 after purchasing an additional 185 shares during the period. Finally, Alta Capital Management LLC increased its holdings in shares of Zions Bancorporation, N.A. by 0.7% in the 4th quarter. Alta Capital Management LLC now owns 27,838 shares of the bank’s stock valued at $1,630,000 after purchasing an additional 203 shares in the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

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

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

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