Zions Bancorporation, N.A.’s (ZION) Underweight Rating Reiterated at Morgan Stanley

Morgan Stanley reiterated their underweight rating on shares of Zions Bancorporation, N.A. (NASDAQ:ZION) in a research report released on Tuesday morning, Marketbeat reports. Morgan Stanley currently has a $77.00 price target on the bank’s stock.

A number of other analysts have also recently issued reports on the stock. Robert W. Baird raised their target price on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. Wall Street Zen upgraded shares of Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. TD Cowen increased their price target on shares of Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a “hold” rating in a report on Tuesday, July 21st. Cantor Fitzgerald raised their price objective on shares of Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, Truist Financial boosted their price objective on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Five investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $71.29.

Zions Bancorporation, N.A. Stock Up 0.3%

ZION stock opened at $68.29 on Tuesday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $9.97 billion, a PE ratio of 8.70, a PEG ratio of 1.15 and a beta of 0.78. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34. The business’s 50 day simple moving average is $69.72 and its 200 day simple moving average is $64.21.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced 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 business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. During the same quarter last year, the firm posted $1.63 EPS. The company’s quarterly revenue was up 35.7% on a year-over-year basis. As a group, research analysts anticipate that Zions Bancorporation, N.A. will post 6.6 EPS for the current year.

Zions Bancorporation, N.A. declared that its board has approved a share repurchase program on Thursday, July 30th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 0.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were given a dividend of $0.48 per share. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 13th. Zions Bancorporation, N.A.’s payout ratio is 24.46%.

Insiders Place Their Bets

In other Zions Bancorporation, N.A. news, President Scott Mclean sold 33,285 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total value of $2,350,919.55. Following the completion of the sale, the president owned 73,043 shares of the company’s stock, valued at $5,159,027.09. The trade was a 31.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Law sold 4,608 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total transaction of $333,711.36. Following the transaction, the executive vice president owned 32,890 shares in the company, valued at approximately $2,381,893.80. The trade was a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 88,787 shares of company stock worth $6,283,858 in the last quarter. 1.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Zions Bancorporation, N.A.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Zions Bancorporation, N.A. during the 2nd quarter worth $982,244,000. California State Teachers Retirement System raised its stake in Zions Bancorporation, N.A. by 6,628.9% in the second quarter. California State Teachers Retirement System now owns 11,912,304 shares of the bank’s stock valued at $824,212,000 after purchasing an additional 11,735,272 shares in the last quarter. Norges Bank acquired a new position in Zions Bancorporation, N.A. in the fourth quarter valued at about $105,700,000. Bank of New York Mellon Corp bought a new stake in Zions Bancorporation, N.A. during the second quarter worth about $87,961,000. Finally, Balyasny Asset Management L.P. lifted its position in Zions Bancorporation, N.A. by 1,270.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,146,992 shares of the bank’s stock worth $67,145,000 after purchasing an additional 1,063,303 shares during the period. 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 financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides a broad range of banking and related financial services to individuals, small and midsize businesses, commercial clients, and public-sector organizations.

The company’s services include commercial and consumer lending, deposits, home loans, cash management, treasury services, wealth management, investment services, and capital markets activities.