Piper Sandler Issues Pessimistic Forecast for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price

Zions Bancorporation, N.A. (NASDAQ:ZION) had its target price reduced by Piper Sandler from $71.00 to $68.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target points to a potential upside of 10.21% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. Royal Bank Of Canada upped 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 report on Tuesday, July 21st. DA Davidson increased their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Finally, Stephens cut their target price on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $72.94.

Zions Bancorporation, N.A. Price Performance

Zions Bancorporation, N.A. stock opened at $61.70 on Thursday. The firm has a market cap of $9.01 billion, a PE ratio of 7.86, a price-to-earnings-growth ratio of 1.05 and a beta of 0.78. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84. The stock’s fifty day moving average price is $68.12 and its two-hundred day moving average price is $64.94. Zions Bancorporation, N.A. has a one year low of $46.19 and a one year high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its quarterly earnings results on Monday, July 20th. The bank reported $1.74 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.17. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.Zions Bancorporation, N.A.’s revenue was up 35.7% on a year-over-year basis. During the same quarter last year, the business earned $1.63 earnings per share. As a group, research analysts expect that Zions Bancorporation, N.A. will post 6.61 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other Zions Bancorporation, N.A. news, President Scott Mclean sold 33,285 shares of the company’s stock in a transaction dated 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 sale, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Derek Steward sold 894 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total value of $62,267.10. Following the completion of the sale, the executive vice president directly 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 position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 88,787 shares of company stock valued at $6,283,858. 1.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC raised its holdings in Zions Bancorporation, N.A. by 528.8% during the 2nd quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock worth $29,000 after purchasing an additional 349 shares during the last quarter. Trust Co. of Vermont bought a new stake in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at $35,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Zions Bancorporation, N.A. during the second quarter worth $45,000. Burnham & Co LLC acquired a new stake in shares of Zions Bancorporation, N.A. during the second quarter worth $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Zions Bancorporation, N.A. during the second quarter worth $61,000. Institutional investors own 76.84% of the company’s stock.

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

Its offerings include commercial and consumer lending, checking and savings accounts, treasury management, mortgage services, private banking, wealth management, and capital markets services. Zions operates through locally recognized brands including Zions Bank, Amegy Bank, California Bank & Trust, Nevada State Bank, and Vectra Bank Colorado.

Founded in 1873, Zions has expanded its presence across the western United States, serving customers in markets that include Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Wyoming.