Morgan Stanley Has Lowered Expectations for Zions Bancorporation, National Association (NASDAQ:ZION) Stock Price

Zions Bancorporation, National Association (NASDAQ:ZION) had its price target cut by investment analysts at Morgan Stanley from $71.00 to $64.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s target price suggests a potential upside of 35.22% from the stock’s current price.

A number of other brokerages also recently weighed in on ZION. Royal Bank of Canada increased their price objective on shares of Zions Bancorporation, National Association from $61.00 to $63.00 and gave the company a “sector perform” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company raised their price target on Zions Bancorporation, National Association from $54.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 15th. Stephens reissued an “equal weight” rating and issued a $64.00 target price on shares of Zions Bancorporation, National Association in a report on Wednesday, March 5th. UBS Group began coverage on Zions Bancorporation, National Association in a research note on Tuesday, December 17th. They set a “neutral” rating and a $64.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Zions Bancorporation, National Association from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $61.18.

Zions Bancorporation, National Association Stock Down 1.3 %

Shares of NASDAQ ZION traded down $0.61 on Thursday, reaching $47.33. 382,806 shares of the company’s stock traded hands, compared to its average volume of 1,376,560. The business’s 50 day simple moving average is $55.13 and its two-hundred day simple moving average is $53.57. Zions Bancorporation, National Association has a 12 month low of $39.05 and a 12 month high of $63.22. The company has a market cap of $7.00 billion, a price-to-earnings ratio of 9.59, a price-to-earnings-growth ratio of 1.61 and a beta of 1.10. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.16.

Zions Bancorporation, National Association (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.08. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. The business had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $787.70 million. During the same quarter in the previous year, the business earned $0.78 earnings per share. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. As a group, equities research analysts forecast that Zions Bancorporation, National Association will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, National Association announced that its Board of Directors has initiated a share repurchase plan on Monday, February 24th that authorizes the company to buyback $40.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 0.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, EVP Steven Dan Stephens sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $55.71, for a total transaction of $557,100.00. Following the sale, the executive vice president now directly owns 45,847 shares of the company’s stock, valued at $2,554,136.37. This represents a 17.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jennifer Anne Smith sold 22,673 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $56.47, for a total transaction of $1,280,344.31. Following the completion of the transaction, the executive vice president now directly owns 29,313 shares of the company’s stock, valued at approximately $1,655,305.11. This trade represents a 43.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,713 shares of company stock worth $1,839,686 over the last quarter. Insiders own 2.22% of the company’s stock.

Hedge Funds Weigh In On Zions Bancorporation, National Association

Several institutional investors have recently bought and sold shares of ZION. Virtu Financial LLC purchased a new position in Zions Bancorporation, National Association in the third quarter worth about $583,000. Cornercap Investment Counsel Inc. purchased a new position in shares of Zions Bancorporation, National Association in the 3rd quarter worth approximately $510,000. Fisher Asset Management LLC purchased a new position in shares of Zions Bancorporation, National Association in the 4th quarter worth approximately $389,000. Strategic Financial Concepts LLC bought a new position in shares of Zions Bancorporation, National Association during the 4th quarter valued at approximately $2,538,000. Finally, State Street Corp raised its holdings in Zions Bancorporation, National Association by 14.6% during the 3rd quarter. State Street Corp now owns 7,041,818 shares of the bank’s stock valued at $332,515,000 after buying an additional 896,889 shares during the period. Institutional investors own 76.84% of the company’s stock.

About Zions Bancorporation, National Association

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments.