Piper Sandler Issues Positive Forecast for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price objective lifted by equities researchers at Piper Sandler from $68.00 to $69.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target indicates a potential upside of 5.24% from the stock’s current price.

Several other research firms also recently issued reports on ZION. Wall Street Zen raised Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Weiss Ratings restated a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research note on Friday, July 31st. TD Cowen reissued a “hold” rating and set a $69.00 target price on shares of Zions Bancorporation, N.A. in a report on Tuesday. Stephens decreased their target price on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. Finally, Evercore lowered shares of Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 price target on the stock. in a report on Thursday, July 23rd. Seven 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 stock. Based on data from MarketBeat.com, Zions Bancorporation, N.A. currently has an average rating of “Hold” and an average target price of $72.65.

Zions Bancorporation, N.A. Trading Up 1.5%

Shares of ZION stock traded up $0.98 during trading hours on Wednesday, reaching $65.57. 244,349 shares of the stock were exchanged, compared to its average volume of 1,651,192. Zions Bancorporation, N.A. has a 12-month low of $48.50 and a 12-month high of $73.34. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average price is $66.09 and its 200-day moving average price is $65.68. The firm has a market capitalization of $9.57 billion, a price-to-earnings ratio of 8.05, a price-to-earnings-growth ratio of 1.04 and a beta of 0.84.

Zions Bancorporation, N.A. (NASDAQ:ZION) last released its quarterly earnings data on Monday, October 19th. The bank reported $1.78 earnings per share (EPS) for the quarter, beating 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 13.91%. The company had revenue of $887.00 million during the quarter, compared to analysts’ expectations of $889.52 million. During the same period in the previous year, the company earned $1.48 EPS. As a group, equities analysts anticipate that Zions Bancorporation, N.A. will post 6.60 earnings per share for the current year.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated 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 a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Zions Bancorporation, N.A. 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 value of $333,711.36. Following the sale, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Scott J. Mclean sold 33,285 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total value of $2,350,919.55. Following the sale, the president owned 73,043 shares of the company’s stock, valued at approximately $5,159,027.09. The trade was a 31.30% 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 valued at $6,283,858. 1.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Zions Bancorporation, N.A.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Elevation Wealth Partners LLC grew its holdings in Zions Bancorporation, N.A. by 528.8% in 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 in the last quarter. Pension & Wealth Management Advisors Inc. acquired a new position in Zions Bancorporation, N.A. during the 3rd quarter worth $27,000. Trust Co. of Vermont bought a new position in shares of Zions Bancorporation, N.A. in the second quarter worth $35,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Zions Bancorporation, N.A. in the second quarter worth $45,000. Finally, Burnham & Co LLC acquired a new position in shares of Zions Bancorporation, N.A. during the second quarter valued at $55,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. News Roundup

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

About Zions Bancorporation, N.A.

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.