Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Gets Price Target Bump from Morgan Stanley

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price target boosted by Morgan Stanley from $77.00 to $78.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “underweight” rating on the bank’s stock. Morgan Stanley’s price objective would indicate a potential upside of 23.36% from the company’s current price.

A number of other research firms also recently weighed in on ZION. UBS Group initiated coverage on shares of Zions Bancorporation, N.A. in a research report on Monday, September 14th. They issued a “buy” rating and a $78.00 price target for the company. Weiss Ratings restated a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research note on Friday, July 31st. TD Cowen raised their price objective on Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the stock a “hold” rating in a research note on Tuesday, July 21st. Cantor Fitzgerald upped their target price 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. Finally, Wells Fargo & Company upped their target price on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 21st. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $72.59.

Zions Bancorporation, N.A. Stock Performance

NASDAQ:ZION traded down $0.60 during mid-day trading on Monday, reaching $63.23. 158,768 shares of the company’s stock were exchanged, compared to its average volume of 1,663,448. Zions Bancorporation, N.A. has a one year low of $46.19 and a one year high of $73.34. The firm has a market capitalization of $9.23 billion, a PE ratio of 8.06, a price-to-earnings-growth ratio of 1.08 and a beta of 0.78. The business’s fifty day simple moving average is $68.57 and its two-hundred day simple moving average is $64.77. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.84 and a current ratio of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last posted its quarterly earnings data on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.17. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $877.44 million. During the same quarter in the previous year, the firm posted $1.63 EPS. The business’s revenue for the quarter was up 35.7% compared to the same quarter last year. Analysts anticipate that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. announced that its board has authorized a stock repurchase plan on Thursday, July 30th that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 0.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Zions Bancorporation, N.A.

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 stock was 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 of the company’s stock, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Law sold 4,608 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total transaction of $333,711.36. Following the completion of the transaction, the executive vice president directly owned 32,890 shares of the company’s stock, valued at $2,381,893.80. This trade represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 88,787 shares of company stock worth $6,283,858 over the last 90 days. Insiders own 1.43% of the company’s stock.

Hedge Funds Weigh In On Zions Bancorporation, N.A.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Zions Bancorporation, N.A. in the second quarter valued at approximately $982,244,000. Dimensional Fund Advisors LP increased its holdings in shares of Zions Bancorporation, N.A. by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank’s stock worth $430,813,000 after buying an additional 56,438 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Zions Bancorporation, N.A. by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 2,963,243 shares of the bank’s stock valued at $173,501,000 after acquiring an additional 30,881 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Zions Bancorporation, N.A. by 4.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,896,825 shares of the bank’s stock valued at $111,040,000 after acquiring an additional 79,243 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Zions Bancorporation, N.A. by 28.5% during the 1st quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank’s stock valued at $110,505,000 after acquiring an additional 425,325 shares in the last quarter. Institutional investors 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.