Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Rating Reaffirmed as “Hold” by TD Cowen

Zions Bancorporation, N.A. (NASDAQ:ZION)‘s stock had its “hold” rating reissued by equities research analysts at TD Cowen in a report issued on Tuesday, Benzinga reports. They presently have a $69.00 target price on the bank’s stock. TD Cowen’s target price points to a potential upside of 6.81% from the company’s current price.

A number of other brokerages have also recently weighed in on ZION. Royal Bank Of Canada restated a “sector perform” rating and issued a $76.00 price target on shares of Zions Bancorporation, N.A. in a research report on Tuesday. Morgan Stanley boosted their price target 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. JPMorgan Chase & Co. decreased their price target on shares of Zions Bancorporation, N.A. from $75.00 to $65.00 and set an “underweight” rating on the stock in a research note on Thursday, October 1st. Wells Fargo & Company boosted their price target on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an “equal weight” rating in a report on Tuesday, July 21st. Finally, Cantor Fitzgerald reduced their target price on Zions Bancorporation, N.A. from $80.00 to $76.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 14th. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $72.59.

Zions Bancorporation, N.A. Stock Performance

NASDAQ:ZION traded up $1.46 during mid-day trading on Tuesday, reaching $64.60. The stock had a trading volume of 2,539,031 shares, compared to its average volume of 1,653,453. 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. has a twelve month low of $48.50 and a twelve month high of $73.34. The firm has a market capitalization of $9.43 billion, a price-to-earnings ratio of 8.23, a PEG ratio of 1.04 and a beta of 0.84. The business has a 50 day simple moving average of $66.22 and a 200 day simple moving average of $65.64.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its earnings results on Monday, October 19th. The bank reported $1.78 EPS for the quarter, topping the consensus estimate of $1.64 by $0.14. The company had revenue of $887.00 million for the quarter, compared to analyst estimates of $889.52 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. During the same period in the previous year, the firm earned $1.48 EPS. On average, analysts expect that Zions Bancorporation, N.A. will post 6.60 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. declared that its Board of Directors has authorized a stock buyback program on Thursday, July 30th that authorizes the company to repurchase $75.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 0.7% of its stock through open market purchases. Share buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Zions Bancorporation, N.A. news, EVP Scott A. Law sold 4,608 shares of the firm’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 value of $333,711.36. Following the sale, the executive vice president owned 32,890 shares in the company, valued at approximately $2,381,893.80. This trade represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Scott J. Mclean sold 33,285 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total value of $2,350,919.55. Following the completion of the transaction, the president directly 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 position. Additional details regarding this sale are available in the official SEC disclosure. 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 insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter worth approximately $982,244,000. Bank of New York Mellon Corp purchased a new stake in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at approximately $87,961,000. Deutsche Bank AG acquired a new stake in Zions Bancorporation, N.A. during the 2nd quarter valued at $71,767,000. The Manufacturers Life Insurance Company purchased a new stake in Zions Bancorporation, N.A. in the 2nd quarter worth about $54,688,000. Finally, Azora Capital LP acquired a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at about $52,233,000. 76.84% of the stock is owned by institutional investors and hedge funds.

More Zions Bancorporation, N.A. News

Here are the key news stories impacting Zions Bancorporation, N.A. this week:

• Positive Sentiment: Third-quarter earnings exceeded expectations. Zions reported diluted EPS of $1.78, above the $1.64 consensus and up from $1.48 a year earlier. Net earnings applicable to common shareholders rose to $262 million. Zions Bancorporation Third Quarter Financial Results
• Positive Sentiment: Credit metrics improved substantially. Net charge-offs fell to $3 million from $56 million in the prior-year quarter, while Zions recorded an $8 million provision benefit versus a $49 million expense previously. This helped support profitability and reduced concerns about loan losses. Zions Third-Quarter Net Charge-Offs
• Positive Sentiment: Core banking trends remained constructive. Net interest income increased 2% year over year, deposits grew 4% to $77.9 billion and loans rose 4% to $62.5 billion. The estimated common equity tier 1 ratio also improved to 11.8% from 11.3%, indicating solid capital strength.
• Positive Sentiment: DA Davidson raised its price target to $80 and maintained a buy rating, signaling confidence that the earnings and credit trends can support further gains.

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 related financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and industrial lending, commercial real estate financing, small-business banking, consumer loans, residential mortgages, deposit accounts, treasury management, investment services, and private banking.