JPMorgan Chase & Co. Cuts Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $65.00

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price objective reduced by JPMorgan Chase & Co. from $75.00 to $65.00 in a report released on Thursday morning,Benzinga reports. They currently have an underweight rating on the bank’s stock.

Other equities research analysts also recently issued reports about the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research report on Friday, July 31st. Truist Financial boosted their price objective on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a “hold” rating in a report on Friday, July 10th. DA Davidson upped their target price on Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Evercore lowered Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 target price on the stock. in a report on Thursday, July 23rd. Finally, Cantor Fitzgerald lifted their price target on Zions Bancorporation, N.A. from $69.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Six analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $72.35.

Zions Bancorporation, N.A. Stock Up 0.8%

NASDAQ:ZION opened at $63.17 on Thursday. The firm has a market capitalization of $9.22 billion, a P/E ratio of 8.05, a PEG ratio of 1.06 and a beta of 0.84. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34. The company’s fifty day moving average price is $67.87 and its 200-day moving average price is $65.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.17. The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $877.44 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The firm’s revenue was up 35.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.63 earnings per share. As a group, equities research analysts anticipate that Zions Bancorporation, N.A. will post 6.61 EPS for the current year.

Zions Bancorporation, N.A. declared that its Board of Directors has authorized a share repurchase program on Thursday, July 30th that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the bank to buy up to 0.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Zions Bancorporation, N.A. Increases Dividend

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

Insider Transactions at Zions Bancorporation, N.A.

In other news, EVP Derek Steward sold 894 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $69.65, for a total transaction of $62,267.10. Following the sale, the executive vice president directly owned 17,449 shares in the company, valued at $1,215,322.85. This trade represents a 4.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Law sold 4,608 shares of Zions Bancorporation, N.A. stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total value of $333,711.36. Following the completion of the transaction, the executive vice president owned 32,890 shares of the company’s stock, valued at approximately $2,381,893.80. This represents a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 88,787 shares of company stock valued at $6,283,858 in the last ninety days. 1.43% of the stock is currently owned by corporate insiders.

Institutional Trading of Zions Bancorporation, N.A.

Institutional investors have recently bought and sold shares of the business. Elevation Wealth Partners LLC raised its stake 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 buying an additional 349 shares during the period. Trust Co. of Vermont acquired a new stake in Zions Bancorporation, N.A. in the 2nd quarter valued at $35,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Zions Bancorporation, N.A. in the 2nd quarter valued at $45,000. Burnham & Co LLC purchased a new stake in Zions Bancorporation, N.A. in the 2nd quarter worth $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Zions Bancorporation, N.A. in the 2nd quarter worth $61,000. 76.84% of the stock is owned by institutional investors and hedge funds.

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 financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and consumer lending, checking and savings accounts, treasury management, mortgage services, private banking, wealth management, and capital markets services. Zions operates through locally recognized brands including Zions Bank, Amegy Bank, California Bank & Trust, Nevada State Bank, and Vectra Bank Colorado.

Founded in 1873, Zions has expanded its presence across the western United States, serving customers in markets that include Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Wyoming.