Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Gets Price Target Cut from Citigroup

Zions Bancorporation, N.A. (NASDAQ:ZION) had its target price lowered by Citigroup from $73.00 to $70.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

ZION has been the subject of several other reports. Cantor Fitzgerald reduced their price target on shares of Zions Bancorporation, N.A. from $80.00 to $76.00 and set an “overweight” rating for the company in a report on Wednesday, October 14th. DA Davidson boosted their price objective on shares of Zions Bancorporation, N.A. from $79.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday. Truist Financial dropped their price objective on shares of Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating on the stock in a report on Friday, October 9th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $76.00 price objective on shares of Zions Bancorporation, N.A. in a research report on Tuesday. Finally, Robert W. Baird upgraded shares of Zions Bancorporation, N.A. from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Thursday, October 15th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $73.56.

Zions Bancorporation, N.A. Stock Performance

Shares of NASDAQ ZION opened at $66.20 on Wednesday. Zions Bancorporation, N.A. has a 12 month low of $48.50 and a 12 month high of $73.34. The company has a market cap of $9.66 billion, a P/E ratio of 8.12, a P/E/G ratio of 1.04 and a beta of 0.84. The business’s 50 day moving average is $65.74 and its two-hundred day moving average is $65.79. The company has a quick ratio of 0.84, a current ratio of 0.86 and a debt-to-equity ratio of 0.32.

Zions Bancorporation, N.A. (NASDAQ:ZION) last posted its quarterly earnings data on Monday, October 19th. The bank reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.14. The company had revenue of $887.00 million during the quarter, compared to analysts’ expectations of $889.52 million. Zions Bancorporation, N.A. had a return on equity of 13.77% and a net margin of 24.81%. During the same period in the prior year, the business earned $1.48 earnings per share. On average, equities analysts expect that Zions Bancorporation, N.A. will post 6.67 EPS for the current year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were paid 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 2.9%. The ex-dividend date was Thursday, August 13th. Zions Bancorporation, N.A.’s dividend payout ratio is 23.56%.

Zions Bancorporation, N.A. declared that its Board of Directors has approved a share repurchase program on Thursday, July 30th that allows the company to repurchase $75.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 0.7% of its shares through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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

In related news, EVP Derek Steward sold 894 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the completion of the transaction, the executive vice president owned 17,449 shares in the company, valued at $1,215,322.85. This trade represents a 4.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott A. Law sold 4,608 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the transaction, the executive vice president 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. Over the last ninety days, insiders have sold 88,787 shares of company stock valued at $6,283,858. 1.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ZION. Bank of New York Mellon Corp bought a new position in Zions Bancorporation, N.A. in the 2nd quarter valued at $87,961,000. Deutsche Bank AG acquired a new position in Zions Bancorporation, N.A. in the second quarter worth $71,767,000. Bank of America Corp DE acquired a new position in Zions Bancorporation, N.A. in the second quarter worth $40,776,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Zions Bancorporation, N.A. during the second quarter worth $4,933,000. Finally, Amundi grew its holdings in shares of Zions Bancorporation, N.A. by 415.2% during the second quarter. Amundi now owns 189,013 shares of the bank’s stock worth $13,078,000 after purchasing an additional 152,328 shares during the last quarter. 76.84% of the stock is currently owned by institutional investors and hedge funds.

About Zions Bancorporation, N.A.

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.