Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Moved Down to “Hold” by Wall Street Zen

Wall Street Zen lowered shares of Zions Bancorporation, N.A. (NASDAQ:ZION) from a buy rating to a hold rating in a research report released on Saturday morning,Wall Street Zen reports.

Several other analysts also recently issued reports on the company. TD Cowen restated a “hold” rating and issued a $69.00 price target on shares of Zions Bancorporation, N.A. in a research note on Tuesday, October 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a report on Thursday, October 29th. JPMorgan Chase & Co. increased their target price on shares of Zions Bancorporation, N.A. from $86.00 to $87.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 20th. Cantor Fitzgerald cut 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 note on Wednesday, October 14th. Finally, Wells Fargo & Company boosted their price target on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Zions Bancorporation, N.A. currently has an average rating of “Hold” and a consensus target price of $73.44.

Zions Bancorporation, N.A. Price Performance

Shares of ZION opened at $64.76 on Friday. The company’s 50-day moving average is $65.13 and its 200-day moving average is $63.96. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $9.45 billion, a PE ratio of 7.95, a PEG ratio of 1.07 and a beta of 0.85. Zions Bancorporation, N.A. has a fifty-two week low of $48.50 and a fifty-two week high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its earnings results on Monday, October 19th. The bank reported $1.78 EPS for the quarter, topping the consensus estimate of $1.64 by $0.14. Zions Bancorporation, N.A. had a net margin of 24.81% and a return on equity of 13.77%. The business had revenue of $887.00 million during the quarter, compared to the consensus estimate of $889.52 million. During the same quarter in the previous year, the firm posted $1.48 EPS. Equities analysts forecast that Zions Bancorporation, N.A. will post 6.70 EPS for the current year.

Zions Bancorporation, N.A. announced that its Board of Directors has approved a share repurchase plan on Thursday, July 30th that permits the company to repurchase $75 million in shares. This repurchase authorization permits the bank to repurchase up to 0.7% of its stock through open market purchases. Share repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Zions Bancorporation, N.A. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 12th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $1.92 annualized dividend and a yield of 3.0%. Zions Bancorporation, N.A.’s payout ratio is 23.56%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Zions Bancorporation, N.A. during the 2nd quarter worth $982,244,000. Dimensional Fund Advisors LP grew its stake in shares of Zions Bancorporation, N.A. by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank’s stock worth $430,813,000 after acquiring an additional 56,438 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Zions Bancorporation, N.A. by 28.5% in the 1st quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank’s stock worth $110,505,000 after acquiring an additional 425,325 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at about $87,961,000. Finally, Deutsche Bank AG purchased a new stake in shares of Zions Bancorporation, N.A. in the second quarter valued at about $71,767,000. Institutional investors own 76.84% of the company’s stock.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is a national bank providing commercial and retail banking services to individuals, businesses, and institutions. Its offerings include business and consumer lending, deposit accounts, treasury management, and related banking services.

The bank serves customers across 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through regional banking brands, including Zions Bank, Amegy Bank, California Bank & Trust, and National Bank of Arizona.

The institution traces its history to 1873, when Zion’s Savings Bank and Trust Company was established in Salt Lake City.