Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Target Lowered at JPMorgan Chase & Co.

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $75.00 to $65.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “underweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 4.80% from the company’s current price.

Other analysts also recently issued research reports about the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research report on Friday, July 31st. Piper Sandler decreased their target price on shares of Zions Bancorporation, N.A. from $71.00 to $68.00 and set a “neutral” rating on the stock in a research note on Thursday. UBS Group began coverage on shares of Zions Bancorporation, N.A. in a research note on Monday, September 14th. They issued a “buy” rating and a $78.00 target price on the stock. Robert W. Baird increased their price target on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company raised their price target on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $72.35.

Zions Bancorporation, N.A. Trading Down 1.0%

Shares of NASDAQ:ZION traded down $0.63 on Thursday, reaching $62.02. 512,702 shares of the company traded hands, compared to its average volume of 1,658,705. The stock has a market capitalization of $9.05 billion, a P/E ratio of 7.90, a price-to-earnings-growth ratio of 1.05 and a beta of 0.78. The business’s 50-day simple moving average is $68.12 and its 200 day simple moving average is $64.94. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 52 week low of $46.19 and a 52 week high of $73.34.

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

Zions Bancorporation, N.A. announced that its board has approved a stock buyback program on Thursday, July 30th that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 0.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, EVP Scott A. Law sold 4,608 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was 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 in the company, valued at $2,381,893.80. This trade represents a 12.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Derek Steward sold 894 shares of the stock in a transaction on 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 transaction, the executive vice president owned 17,449 shares of the company’s stock, valued at approximately $1,215,322.85. This trade represents a 4.87% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 88,787 shares of company stock valued at $6,283,858. Corporate insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ZION. Bank of New York Mellon Corp bought a new position in shares of Zions Bancorporation, N.A. during the second quarter valued at approximately $87,961,000. Basswood Capital Management L.L.C. grew its stake in shares of Zions Bancorporation, N.A. by 266.4% in the 4th quarter. Basswood Capital Management L.L.C. now owns 404,520 shares of the bank’s stock worth $23,681,000 after buying an additional 294,121 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of Zions Bancorporation, N.A. in the 2nd quarter worth approximately $71,767,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Zions Bancorporation, N.A. during the 2nd quarter valued at approximately $4,933,000. Finally, Amundi raised its stake in Zions Bancorporation, N.A. by 415.2% during the second quarter. Amundi now owns 189,013 shares of the bank’s stock valued at $13,078,000 after buying an additional 152,328 shares during the last quarter. 76.84% of the stock is currently 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.