Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Target Lowered at Cantor Fitzgerald

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price target decreased by equities researchers at Cantor Fitzgerald from $80.00 to $76.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 22.13% from the company’s current price.

A number of other analysts also recently weighed in on ZION. UBS Group assumed coverage on Zions Bancorporation, N.A. in a report on Monday, September 14th. They set a “buy” rating and a $78.00 price target for the company. Truist Financial lowered their price objective on Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating for the company in a research report on Friday, October 9th. Morgan Stanley boosted their price objective on Zions Bancorporation, N.A. from $77.00 to $78.00 and gave the company an “underweight” rating in a research note on Monday, September 28th. TD Cowen cut their target price on Zions Bancorporation, N.A. from $73.00 to $69.00 and set a “hold” rating on the stock in a research report on Monday, October 5th. Finally, Stephens decreased their target price on 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. Six research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $71.59.

Zions Bancorporation, N.A. Trading Down 0.7%

ZION opened at $62.23 on Wednesday. Zions Bancorporation, N.A. has a twelve month low of $46.19 and a twelve month high of $73.34. The company has a fifty day moving average of $66.86 and a 200-day moving average of $65.46. The stock has a market cap of $9.08 billion, a PE ratio of 7.93, a price-to-earnings-growth ratio of 1.03 and a beta of 0.84. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26.

Zions Bancorporation, N.A. (NASDAQ:ZION) last released its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.17. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $877.44 million. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. Zions Bancorporation, N.A.’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.63 earnings per share. On average, sell-side analysts predict that Zions Bancorporation, N.A. will post 6.60 EPS for the current year.

Zions Bancorporation, N.A. declared that its Board of Directors has initiated a stock buyback program on Thursday, July 30th that authorizes the company to buy back $75.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 0.7% of its shares through open market purchases. Share buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Derek Steward sold 894 shares of the company’s 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 transaction, the executive vice president owned 17,449 shares in the company, valued at approximately $1,215,322.85. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott A. Law sold 4,608 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total transaction of $333,711.36. Following the transaction, the executive vice president directly owned 32,890 shares in the company, valued at $2,381,893.80. This trade represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 88,787 shares of company stock worth $6,283,858. 1.43% of the stock is currently owned by company insiders.

Institutional Trading of Zions Bancorporation, N.A.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Zions Bancorporation, N.A. during the 2nd quarter worth approximately $982,244,000. Bank of New York Mellon Corp bought a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at $87,961,000. Deutsche Bank AG bought a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at $71,767,000. The Manufacturers Life Insurance Company bought a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at $54,688,000. Finally, Azora Capital LP purchased a new position in shares of Zions Bancorporation, N.A. during the 2nd quarter valued at $52,233,000. 76.84% of the stock is owned by institutional investors.

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.