Zions Bancorporation, N.A. (NASDAQ:ZION) to Repurchase $75.00 million in Stock

Zions Bancorporation, N.A. (NASDAQ:ZION) declared that its Board of Directors has initiated a share buyback plan on Thursday, July 30th, RTT News reports. The company plans to buyback $75.00 million in shares. This buyback authorization authorizes the bank to purchase up to 0.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently issued reports on ZION. Barclays increased their target price on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an “underweight” rating in a report on Wednesday, April 22nd. Cantor Fitzgerald lifted their price target on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Robert W. Baird upped their price target on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Royal Bank Of Canada increased their price objective on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 21st. Finally, Truist Financial raised their price objective on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Six research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $71.29.

Zions Bancorporation, N.A. Stock Performance

NASDAQ:ZION opened at $69.70 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The stock has a 50-day moving average price of $67.51 and a 200 day moving average price of $62.50. The stock has a market capitalization of $10.25 billion, a P/E ratio of 8.88, a P/E/G ratio of 1.66 and a beta of 0.80.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 2.8%. The ex-dividend date is Thursday, August 13th. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.’s dividend payout ratio is currently 22.93%.

Insider Activity at Zions Bancorporation, N.A.

In other news, EVP Derek Steward sold 894 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total value of $62,267.10. Following the transaction, the executive vice president owned 17,449 shares of the company’s stock, valued at approximately $1,215,322.85. The trade was 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 hyperlink. Also, EVP Jennifer Anne Smith sold 4,209 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $62.50, for a total transaction of $263,062.50. The SEC filing for this sale provides additional information. Insiders sold a total of 5,653 shares of company stock valued at $359,958 over the last 90 days. 1.43% of the stock is currently owned by corporate insiders.

Zions Bancorporation, N.A. Company Profile

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.