Zions Bancorporation, N.A. (NASDAQ:ZION) Releases Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Zions Bancorporation, N.A. (NASDAQ:ZION) posted its earnings results on Monday. The bank reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.14, Zacks reports. The business 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 13.72% and a net margin of 23.92%.

Zions Bancorporation, N.A. Stock Performance

ZION stock traded down $0.23 during midday trading on Monday, reaching $63.14. 1,863,877 shares of the company were exchanged, compared to its average volume of 1,650,299. 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 business has a 50-day moving average price of $66.37 and a two-hundred day moving average price of $65.60. Zions Bancorporation, N.A. has a one year low of $48.50 and a one year high of $73.34. The firm has a market capitalization of $9.22 billion, a price-to-earnings ratio of 8.04, a price-to-earnings-growth ratio of 1.04 and a beta of 0.84.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were paid a $0.48 dividend. This is a boost from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 13th. This represents a $1.92 dividend on an annualized basis and a yield of 3.0%. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is currently 24.46%.

Zions Bancorporation, N.A. announced that its board has authorized a share repurchase plan on Thursday, July 30th that allows the company to buy back $75.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 0.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total transaction of $62,267.10. Following the completion of the sale, the executive vice president 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Scott Mclean sold 33,285 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the transaction, the president owned 73,043 shares in the company, valued at approximately $5,159,027.09. This trade represents a 31.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 88,787 shares of company stock valued at $6,283,858 over the last ninety days. 1.43% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 21st. Evercore downgraded Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 price target for the company. in a research note on Thursday, July 23rd. DA Davidson boosted their price target on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research note on Friday, July 31st. Finally, Robert W. Baird raised Zions Bancorporation, N.A. from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a report on Thursday. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $71.59.

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.