Evercore Downgrades Zions Bancorporation, N.A. (NASDAQ:ZION) to In-Line

Zions Bancorporation, N.A. (NASDAQ:ZION) was downgraded by stock analysts at Evercore from an “outperform” rating to an “in-line” rating in a research report issued on Thursday, MarketBeat reports. They currently have a $68.00 price objective on the bank’s stock. Evercore’s price objective would suggest a potential downside of 2.95% from the company’s previous close.

Several other brokerages have also issued reports on ZION. Stephens decreased their price target on Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday. Weiss Ratings upgraded Zions Bancorporation, N.A. from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Truist Financial raised their price objective on 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. DA Davidson lifted their target price on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Citigroup increased their target price on shares of Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, April 22nd. Six investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $71.29.

Zions Bancorporation, N.A. Stock Performance

NASDAQ ZION opened at $70.07 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $10.31 billion, a price-to-earnings ratio of 8.93, a P/E/G ratio of 1.65 and a beta of 0.80. The firm’s 50 day simple moving average is $66.34 and its 200 day simple moving average is $62.07. Zions Bancorporation, N.A. has a 1 year low of $46.19 and a 1 year high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its quarterly earnings data on Monday, April 20th. The bank reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The business had revenue of $859.00 million during the quarter, compared to the consensus estimate of $853.73 million. During the same period in the previous year, the business earned $1.13 earnings per share. As a group, research analysts expect that Zions Bancorporation, N.A. will post 6.5 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. declared that its Board of Directors has approved a share buyback plan on Saturday, May 2nd that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the bank to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

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

In related news, EVP Jennifer Anne Smith sold 4,209 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.43% of the stock is currently owned by company insiders.

Institutional Trading of Zions Bancorporation, N.A.

A number of hedge funds have recently made changes to their positions in the company. Elevation Wealth Partners LLC grew its holdings in shares of Zions Bancorporation, N.A. by 528.8% during the second 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. Torren Management LLC bought a new position in Zions Bancorporation, N.A. in the 4th quarter valued at approximately $32,000. Leonteq Securities AG acquired a new stake in Zions Bancorporation, N.A. during the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. bought a new stake in Zions Bancorporation, N.A. during the 4th quarter worth approximately $36,000. Finally, V Square Quantitative Management LLC bought a new stake in Zions Bancorporation, N.A. during the 4th quarter worth approximately $42,000. 76.84% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Zions Bancorporation, N.A.

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

• Positive Sentiment: Several analysts raised their outlooks on Zions Bancorporation after the company beat second-quarter earnings and revenue expectations, with firms including Wells Fargo, DA Davidson, Royal Bank of Canada, TD Cowen, and Robert W. Baird lifting price targets. Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says
• Positive Sentiment: DA Davidson and other brokers reiterated bullish views, pointing to expected price appreciation and a stronger valuation setup for the bank after the earnings report. DA Davidson Forecasts Strong Price Appreciation for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock
• Positive Sentiment: Robert W. Baird increased its price target to $75, adding to the list of higher targets following earnings and reinforcing the view that ZION may have more upside if loan growth and margins hold up. Robert W. Baird Increases Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $75.00
• Neutral Sentiment: Unusually large options activity suggests traders are positioning for a bigger move in ZION, but the direction is not clear from the flow alone. Zions Bancorporation, N.A. Target of Unusually Large Options Trading (NASDAQ:ZION)
• Negative Sentiment: One analyst downgrade and a separate note saying shares gapped down after the downgrade weighed on sentiment, offsetting some of the upbeat target increases. Zions Bancorporation, N.A. Shares Gap Down on Analyst Downgrade
• Negative Sentiment: Investors also appeared cautious after Q2 results, focusing on higher costs, credit provisions, and flat net interest margin rather than the headline earnings beat. Zions Q2 Earnings Beat as Revenues Rise, Stock Dips on Cost Woes

About Zions Bancorporation, N.A.

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.