Zions Bancorporation, N.A. (NASDAQ:ZION) Given New $69.00 Price Target at Piper Sandler

Zions Bancorporation, N.A. (NASDAQ:ZION) had its target price boosted by stock analysts at Piper Sandler from $68.00 to $69.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. Piper Sandler’s target price suggests a potential upside of 5.24% from the stock’s previous close.

ZION has been the subject of a number of other reports. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $76.00 target price on shares of Zions Bancorporation, N.A. in a research note on Tuesday. Cantor Fitzgerald dropped their price target on shares of Zions Bancorporation, N.A. from $80.00 to $76.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. UBS Group started coverage on shares of Zions Bancorporation, N.A. in a research note on Monday, September 14th. They set a “buy” rating and a $78.00 price target on the stock. Morgan Stanley cut their price target on shares of Zions Bancorporation, N.A. from $78.00 to $77.00 and set an “underweight” rating on the stock in a report on Tuesday. Finally, Stephens reduced their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Zions Bancorporation, N.A. currently has a consensus rating of “Hold” and an average target price of $72.65.

Zions Bancorporation, N.A. Price Performance

NASDAQ ZION traded up $0.98 on Wednesday, reaching $65.57. The company’s stock had a trading volume of 244,349 shares, compared to its average volume of 1,651,192. Zions Bancorporation, N.A. has a twelve month low of $48.50 and a twelve month 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. The firm’s 50 day moving average is $66.09 and its two-hundred day moving average is $65.68. The stock has a market cap of $9.57 billion, a PE ratio of 8.05, a PEG ratio of 1.04 and a beta of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last posted its quarterly earnings data on Monday, October 19th. The bank reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.14. The company had revenue of $887.00 million during the quarter, compared to analyst estimates of $889.52 million. Zions Bancorporation, N.A. had a net margin of 24.81% and a return on equity of 13.91%. During the same period in the prior year, the firm earned $1.48 earnings per share. As a group, sell-side analysts predict that Zions Bancorporation, N.A. will post 6.60 EPS for the current year.

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

Insider Transactions at Zions Bancorporation, N.A.

In other news, EVP Scott A. Law sold 4,608 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total transaction of $333,711.36. Following the sale, the executive vice president directly owned 32,890 shares of the company’s stock, valued at $2,381,893.80. This represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total value 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 88,787 shares of company stock valued at $6,283,858. 1.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ZION. Bessemer Group Inc. increased its holdings in shares of Zions Bancorporation, N.A. by 5.2% in the first quarter. Bessemer Group Inc. now owns 3,159 shares of the bank’s stock worth $182,000 after acquiring an additional 157 shares in the last quarter. Allworth Financial LP raised its holdings in Zions Bancorporation, N.A. by 5.7% during the 2nd quarter. Allworth Financial LP now owns 2,978 shares of the bank’s stock worth $206,000 after buying an additional 161 shares during the period. Modern Wealth Management LLC lifted its stake in Zions Bancorporation, N.A. by 4.7% in the first quarter. Modern Wealth Management LLC now owns 4,670 shares of the bank’s stock valued at $272,000 after buying an additional 209 shares in the last quarter. Arizona State Retirement System lifted its position in Zions Bancorporation, N.A. by 0.6% in the 2nd quarter. Arizona State Retirement System now owns 40,807 shares of the bank’s stock valued at $2,823,000 after acquiring an additional 254 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in Zions Bancorporation, N.A. by 19.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,633 shares of the bank’s stock worth $113,000 after purchasing an additional 263 shares during the period. Institutional investors and hedge funds own 76.84% of the company’s stock.

Key Stories Impacting Zions Bancorporation, N.A.

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

• Positive Sentiment: Third-quarter earnings beat expectations. Zions reported $1.78 in diluted EPS, up from $1.48 a year earlier and above the $1.64 consensus estimate. Net earnings applicable to common shareholders rose to $262 million. Zions third-quarter financial results
• Positive Sentiment: Growth and credit quality improved. Net interest income increased 2% year over year to $684 million, deposits grew 4% to $77.9 billion, and loans rose 4% to $62.5 billion. Net charge-offs fell to $3 million from $56 million, while the bank recorded an $8 million provision benefit versus a $49 million expense last year. Its estimated common equity tier 1 ratio also improved to 11.8% from 11.3%. Zions third-quarter earnings metrics
• Neutral Sentiment: Analyst views remain mixed. DA Davidson raised its target to $80 and maintained a Buy rating, while JPMorgan lifted its target to $87 but retained Underweight. RBC maintained Sector Perform at $76, TD Cowen reiterated Hold at $69, and Morgan Stanley lowered its target to $77 while keeping an Underweight rating.
• Negative Sentiment: Revenue slightly missed estimates. Quarterly revenue was reported at approximately $881 million to $887 million, depending on the reporting source, versus consensus near $889.5 million. Noninterest expense also increased 5% to $553 million, which may temper the positive impact of the EPS and credit-quality beats. Zions earnings call highlights

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 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.