Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target Raised to $80.00

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price target increased by equities research analysts at DA Davidson from $79.00 to $80.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. DA Davidson’s target price indicates a potential upside of 22.99% from the company’s current price.

ZION has been the topic of a number of other research reports. Wells Fargo & Company upped their target price on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 21st. Piper Sandler reduced their price target on Zions Bancorporation, N.A. from $71.00 to $68.00 and set a “neutral” rating for the company in a research report on Thursday, October 1st. Cantor Fitzgerald reduced their price target on Zions Bancorporation, N.A. from $80.00 to $76.00 and set an “overweight” rating for the company in a research report on Wednesday, October 14th. Truist Financial decreased their price target on Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating for the company in a report on Friday, October 9th. Finally, Wall Street Zen upgraded Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $71.35.

Zions Bancorporation, N.A. Stock Performance

Shares of Zions Bancorporation, N.A. stock traded up $1.91 during trading on Tuesday, hitting $65.05. 429,402 shares of the company’s stock were exchanged, compared to its average volume of 1,643,569. The stock has a market capitalization of $9.49 billion, a price-to-earnings ratio of 8.26, a PEG ratio of 1.04 and a beta of 0.84. The business has a 50-day simple moving average of $66.22 and a 200-day simple moving average of $65.64. Zions Bancorporation, N.A. has a 52-week low of $48.50 and a 52-week high of $73.34. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.84 and a current ratio of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last posted its quarterly earnings results on Monday, October 19th. The bank reported $1.78 EPS for the quarter, beating the consensus estimate of $1.64 by $0.14. The company had revenue of $887.00 million for the quarter, compared to analyst estimates of $889.52 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. During the same period in the prior year, the company earned $1.48 earnings per share. On average, research analysts forecast that Zions Bancorporation, N.A. will post 6.60 EPS for the current year.

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

Insider Activity

In other news, EVP Derek Steward sold 894 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the transaction, the executive vice president owned 17,449 shares in the company, valued at $1,215,322.85. This trade represents a 4.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Scott J. Mclean sold 33,285 shares of Zions Bancorporation, N.A. stock in a transaction on 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 sale, the president directly owned 73,043 shares in the company, valued at $5,159,027.09. This represents a 31.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 88,787 shares of company stock worth $6,283,858 over the last three months. 1.43% of the stock is currently owned by corporate insiders.

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

A number of large investors have recently added to or reduced their stakes in the stock. Pension & Wealth Management Advisors Inc. acquired a new stake in shares of Zions Bancorporation, N.A. in the third quarter valued at about $27,000. Elevation Wealth Partners LLC raised its position in shares of 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 acquired a new position in shares of Zions Bancorporation, N.A. during the 2nd quarter worth about $35,000. Northwestern Mutual Wealth Management Co. purchased a new position in Zions Bancorporation, N.A. in the 2nd quarter valued at about $45,000. Finally, Burnham & Co LLC purchased a new position in Zions Bancorporation, N.A. in the 2nd quarter valued at about $55,000. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Key Zions Bancorporation, N.A. News

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

• Positive Sentiment: EPS beat estimates: Diluted earnings per share rose to $1.78 from $1.48 a year earlier, exceeding the $1.64 consensus estimate by $0.14. Net income applicable to common shareholders increased to $262 million from $221 million. Zions Q3 Earnings and Revenues Top Estimates
• Positive Sentiment: Credit trends improved sharply: Zions recorded an $8 million provision benefit, compared with a $49 million provision expense in the prior-year quarter. Net loan charge-offs fell to $3 million from $56 million, supporting profitability and reducing investor concerns about credit losses. Zions Third Quarter Financial Results
• Positive Sentiment: Balance-sheet growth remained healthy: Net interest income increased 2% year over year to $684 million, loans rose 4% to $62.5 billion, and deposits grew 4% to $77.9 billion. The estimated common equity Tier 1 ratio improved to 11.8% from 11.3%, indicating stronger capital protection. Zions Posts Third Quarter Net Earnings
• Neutral Sentiment: Revenue was mixed: Reported revenue was approximately $881 million to $887 million, modestly below the roughly $889.5 million analyst estimate. Noninterest income increased to $197 million, but noninterest expense also rose 5% to $553 million. Zions Bancorporation Q3 Earnings and Revenue

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.