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

Zions Bancorporation, N.A. (NASDAQ:ZION) had its target price reduced by stock analysts at TD Cowen from $73.00 to $69.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. TD Cowen’s target price would suggest a potential upside of 9.79% from the stock’s current price.

Several other equities analysts have also recently commented on ZION. DA Davidson raised their target price 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. JPMorgan Chase & Co. decreased their price objective on shares of Zions Bancorporation, N.A. from $75.00 to $65.00 and set an “underweight” rating for the company in a report on Thursday, October 1st. Truist Financial raised their price objective on shares of Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a “hold” rating in a research note on Friday, July 10th. Weiss Ratings reissued a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. Finally, UBS Group assumed coverage on Zions Bancorporation, N.A. in a research report on Monday, September 14th. They issued a “buy” rating and a $78.00 target price for the company. Six research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Zions Bancorporation, N.A. presently has an average rating of “Hold” and an average target price of $72.12.

Zions Bancorporation, N.A. Stock Performance

Shares of ZION stock opened at $62.85 on Monday. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. 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 firm has a market capitalization of $9.17 billion, a price-to-earnings ratio of 8.01, a price-to-earnings-growth ratio of 1.07 and a beta of 0.84. The business has a 50 day simple moving average of $67.63 and a 200 day simple moving average of $65.21.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.17. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The firm’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.63 EPS. On average, equities research analysts anticipate that Zions Bancorporation, N.A. will post 6.58 EPS for the current year.

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

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

In other news, President Scott 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 transaction of $2,350,919.55. Following the completion of the sale, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. This represents a 31.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Derek Steward sold 894 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total value of $62,267.10. Following the sale, the executive vice president directly owned 17,449 shares of the company’s stock, valued at approximately $1,215,322.85. This represents a 4.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 88,787 shares of company stock valued at $6,283,858. Corporate insiders own 1.43% of the company’s stock.

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

A number of hedge funds and other institutional investors have recently modified their holdings of ZION. 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 buying an additional 349 shares during the period. Trust Co. of Vermont acquired a new position in shares of Zions Bancorporation, N.A. in the second quarter worth about $35,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Zions Bancorporation, N.A. in the second quarter worth about $45,000. Burnham & Co LLC purchased a new position in shares of Zions Bancorporation, N.A. in the second quarter worth approximately $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Zions Bancorporation, N.A. in the second quarter worth approximately $61,000. 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 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.