Equities research analysts at StockNews.com initiated coverage on shares of Zions Bancorporation, National Association (NASDAQ:ZION – Get Rating) in a research note issued on Wednesday. The brokerage set a “hold” rating on the bank’s stock.
A number of other equities analysts also recently issued reports on the stock. Keefe, Bruyette & Woods downgraded shares of Zions Bancorporation, National Association from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $77.00 to $72.00 in a report on Thursday, October 6th. Truist Financial lifted their price objective on shares of Zions Bancorporation, National Association from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, September 14th. Wedbush reaffirmed a “neutral” rating and set a $61.00 price objective on shares of Zions Bancorporation, National Association in a report on Wednesday, September 28th. JPMorgan Chase & Co. cut their price objective on shares of Zions Bancorporation, National Association from $75.00 to $62.00 and set a “neutral” rating on the stock in a report on Friday, July 1st. Finally, Barclays cut their price objective on shares of Zions Bancorporation, National Association from $81.00 to $71.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $65.53.
Zions Bancorporation, National Association Stock Performance
Shares of ZION stock opened at $49.18 on Wednesday. The firm has a market capitalization of $7.40 billion, a PE ratio of 9.19, a price-to-earnings-growth ratio of 2.16 and a beta of 1.20. The firm has a fifty day simple moving average of $55.49 and a two-hundred day simple moving average of $55.89. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.13. Zions Bancorporation, National Association has a 12 month low of $47.92 and a 12 month high of $75.44.
Zions Bancorporation, National Association (NASDAQ:ZION – Get Rating) last announced its quarterly earnings results on Tuesday, July 26th. The bank reported $1.29 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.06). The business had revenue of $774.00 million for the quarter, compared to the consensus estimate of $745.58 million. Zions Bancorporation, National Association had a net margin of 29.21% and a return on equity of 13.53%. During the same quarter last year, the firm posted $2.08 EPS. Analysts forecast that Zions Bancorporation, National Association will post 5.95 EPS for the current fiscal year.
Zions Bancorporation, National Association announced that its Board of Directors has authorized a stock buyback plan on Friday, July 29th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 0.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
Insider Activity
In other news, VP Mark Richard Young sold 4,775 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $56.34, for a total transaction of $269,023.50. Following the sale, the vice president now directly owns 11,646 shares in the company, valued at $656,135.64. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, VP Mark Richard Young sold 4,775 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $56.34, for a total transaction of $269,023.50. Following the sale, the vice president now directly owns 11,646 shares in the company, valued at $656,135.64. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Terry Alan Shirey sold 4,448 shares of the company’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $56.40, for a total value of $250,867.20. Following the sale, the executive vice president now owns 21,469 shares in the company, valued at $1,210,851.60. The disclosure for this sale can be found here. Insiders have sold a total of 12,666 shares of company stock worth $722,270 over the last ninety days. Company insiders own 1.81% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the stock. M&T Bank Corp increased its position in shares of Zions Bancorporation, National Association by 2.6% in the first quarter. M&T Bank Corp now owns 8,007 shares of the bank’s stock worth $526,000 after purchasing an additional 204 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Zions Bancorporation, National Association by 16.0% in the first quarter. Daiwa Securities Group Inc. now owns 1,686 shares of the bank’s stock worth $111,000 after buying an additional 232 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in Zions Bancorporation, National Association by 111.9% in the first quarter. First Horizon Advisors Inc. now owns 445 shares of the bank’s stock worth $29,000 after buying an additional 235 shares in the last quarter. Kentucky Retirement Systems boosted its stake in Zions Bancorporation, National Association by 2.5% in the first quarter. Kentucky Retirement Systems now owns 9,665 shares of the bank’s stock worth $634,000 after buying an additional 237 shares in the last quarter. Finally, Thompson Investment Management Inc. boosted its stake in Zions Bancorporation, National Association by 0.3% in the second quarter. Thompson Investment Management Inc. now owns 90,859 shares of the bank’s stock worth $4,625,000 after buying an additional 237 shares in the last quarter. 81.30% of the stock is currently owned by institutional investors.
Zions Bancorporation, National Association Company Profile
Zions Bancorporation, National Association provides various banking and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers corporate banking services; commercial banking, including a focus on small- and medium-sized businesses; commercial real estate banking services; municipal and public finance services; retail banking, including residential mortgages; trust services; wealth management and private client banking services; and capital markets products and services.
Further Reading
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