Zions Bancorporation, N.A. (NASDAQ:ZION – Free Report) had its price objective cut by TD Cowen from $73.00 to $69.00 in a research report report published on Monday morning,Benzinga reports. They currently have a hold rating on the bank’s stock.
A number of other brokerages have also recently issued reports on ZION. Morgan Stanley lifted their target price 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. Stephens reduced their target price on 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. Cantor Fitzgerald increased their price target on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Truist Financial lifted their price target on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Finally, Evercore downgraded Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 price objective on the stock. in a report on Thursday, July 23rd. Six research 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 MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $72.12.
Check Out Our Latest Report on Zions Bancorporation, N.A.
Zions Bancorporation, N.A. Trading Down 1.5%
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, beating the consensus estimate 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 company 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 company earned $1.63 earnings per share. The firm’s revenue was up 35.7% on a year-over-year basis. On average, research analysts anticipate that Zions Bancorporation, N.A. will post 6.59 EPS for the current fiscal year.
Zions Bancorporation, N.A. Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.1%. This is a boost from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 13th. Zions Bancorporation, N.A.’s payout ratio is 24.46%.
Zions Bancorporation, N.A. declared that its Board of Directors has authorized a share repurchase plan on Thursday, July 30th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 0.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Insiders Place Their Bets
In related news, EVP Scott A. Law sold 4,608 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total transaction of $333,711.36. Following the transaction, the executive vice president directly owned 32,890 shares of the company’s stock, valued at approximately $2,381,893.80. The trade was a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Scott J. Mclean sold 33,285 shares of the company’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 transaction, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. This represents a 31.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 88,787 shares of company stock worth $6,283,858. 1.43% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Zions Bancorporation, N.A.
A number of institutional investors have recently modified their holdings of ZION. Elevation Wealth Partners LLC grew its holdings in shares of Zions Bancorporation, N.A. by 121.2% during the 3rd quarter. Elevation Wealth Partners LLC now owns 918 shares of the bank’s stock valued at $58,000 after acquiring an additional 503 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Zions Bancorporation, N.A. by 9.9% in the 3rd quarter. Versant Capital Management Inc now owns 7,503 shares of the bank’s stock valued at $470,000 after buying an additional 674 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Zions Bancorporation, N.A. by 11.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 99,262 shares of the bank’s stock valued at $6,868,000 after buying an additional 9,848 shares in the last quarter. Tidal Investments LLC increased its holdings in Zions Bancorporation, N.A. by 11.2% in the second quarter. Tidal Investments LLC now owns 10,519 shares of the bank’s stock worth $728,000 after buying an additional 1,061 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in Zions Bancorporation, N.A. in the second quarter worth approximately $133,000. Institutional investors and hedge funds own 76.84% of the company’s stock.
Zions Bancorporation, N.A. Company Profile
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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