Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “underweight” rating in a report issued on Tuesday, Briefing.com reports. They currently have a $77.00 price target on the bank’s stock. Morgan Stanley’s price target suggests a potential upside of 11.00% from the company’s current price.
Several other research analysts have also weighed in on the stock. DA Davidson increased their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Robert W. Baird boosted 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 report on Tuesday, July 21st. Truist Financial upped their price target on shares of 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. Stephens cut their price target on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note 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 report on Saturday, August 8th. Five equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $71.29.
Read Our Latest Report on Zions Bancorporation, N.A.
Zions Bancorporation, N.A. Stock Performance
Zions Bancorporation, N.A. (NASDAQ:ZION – Get Free Report) last issued its quarterly earnings results 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. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The firm’s quarterly revenue was up 35.7% on a year-over-year basis. During the same period last year, the company earned $1.63 EPS. Equities research analysts anticipate that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current year.
Zions Bancorporation, N.A. announced that its board has initiated a stock repurchase 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
Insider Activity at Zions Bancorporation, N.A.
In other news, EVP Derek Steward sold 894 shares of the stock in a transaction dated 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 owned 17,449 shares in the company, valued at approximately $1,215,322.85. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott A. Law sold 4,608 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the transaction, the executive vice president directly owned 32,890 shares in the company, valued at $2,381,893.80. This trade represents a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 88,787 shares of company stock worth $6,283,858. 1.43% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Zions Bancorporation, N.A.
Large investors have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC grew its stake in shares of Zions Bancorporation, N.A. by 528.8% during the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock valued at $29,000 after acquiring an additional 349 shares in the last quarter. Trust Co. of Vermont acquired a new position in shares of Zions Bancorporation, N.A. in the second quarter worth about $35,000. Leonteq Securities AG purchased a new position in Zions Bancorporation, N.A. in the fourth quarter valued at about $32,000. Atlas Capital Advisors Inc. purchased a new position in Zions Bancorporation, N.A. in the fourth quarter valued at about $36,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Zions Bancorporation, N.A. during the 2nd quarter valued at approximately $45,000. 76.84% of the stock is owned by institutional investors and hedge funds.
About Zions Bancorporation, N.A.
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.
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