Wells Fargo & Company Increases Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $66.00

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price objective increased by stock analysts at Wells Fargo & Company from $63.00 to $66.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective points to a potential downside of 4.83% from the stock’s previous close.

A number of other research firms have also weighed in on ZION. Morgan Stanley upped their target price on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Brean Capital initiated coverage on Zions Bancorporation, N.A. in a report on Thursday, March 12th. They set a “neutral” rating for the company. JPMorgan Chase & Co. increased their price objective on Zions Bancorporation, N.A. from $67.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Weiss Ratings upgraded Zions Bancorporation, N.A. from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 4th. Finally, Royal Bank Of Canada lifted their target price on Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the company a “sector perform” rating in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $67.82.

Zions Bancorporation, N.A. Stock Performance

Shares of ZION stock opened at $69.35 on Monday. The firm has a market capitalization of $10.20 billion, a PE ratio of 10.79, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The firm has a fifty day simple moving average of $64.13 and a two-hundred day simple moving average of $61.02. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.27. Zions Bancorporation, N.A. has a 12 month low of $46.19 and a 12 month high of $71.26.

Zions Bancorporation, N.A. (NASDAQ:ZION) last released its quarterly earnings data on Monday, April 20th. The bank reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. The firm had revenue of $859.00 million for the quarter, compared to the consensus estimate of $853.73 million. During the same quarter in the prior year, the company posted $1.13 earnings per share. Analysts forecast that Zions Bancorporation, N.A. will post 6.48 EPS for the current fiscal year.

Zions Bancorporation, N.A. declared that its Board of Directors has authorized a share repurchase program on Saturday, May 2nd that allows the company to repurchase $225.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $62.50, for a total transaction of $263,062.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ZION. Bessemer Group Inc. increased its position in shares of Zions Bancorporation, N.A. by 5.2% during the 1st quarter. Bessemer Group Inc. now owns 3,159 shares of the bank’s stock valued at $182,000 after purchasing an additional 157 shares during the last quarter. Signaturefd LLC increased its stake in shares of Zions Bancorporation, N.A. by 17.1% during the 4th quarter. Signaturefd LLC now owns 1,192 shares of the bank’s stock worth $70,000 after purchasing an additional 174 shares during the last quarter. Michels Family Financial LLC raised its holdings in shares of Zions Bancorporation, N.A. by 1.5% in the 4th quarter. Michels Family Financial LLC now owns 12,142 shares of the bank’s stock worth $711,000 after purchasing an additional 185 shares during the period. C M Bidwell & Associates Ltd. raised its holdings in shares of Zions Bancorporation, N.A. by 13.5% in the 4th quarter. C M Bidwell & Associates Ltd. now owns 1,555 shares of the bank’s stock worth $91,000 after purchasing an additional 185 shares during the period. Finally, Alta Capital Management LLC lifted its stake in Zions Bancorporation, N.A. by 0.7% in the fourth quarter. Alta Capital Management LLC now owns 27,838 shares of the bank’s stock valued at $1,630,000 after purchasing an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Zions Bancorporation, N.A. Company Profile

Zions Bancorporation, N.A. is a bank holding company headquartered in Salt Lake City, Utah, offering a full suite of banking and financial services to individuals, businesses and institutions. Through its primary subsidiary, Zions Bank, the company provides commercial banking, retail banking and wealth management solutions designed to serve the needs of small businesses, middle‐market firms and high‐net‐worth clients. Its service portfolio includes deposit accounts, cash‐management tools, lending products, mortgage origination, treasury services and investment advisory services.

The company’s commercial banking segment delivers custom credit and treasury management services, including working capital lines of credit, equipment financing and international trade finance.