Wells Fargo & Company Issues Positive Forecast for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price target lifted by stock analysts at Wells Fargo & Company from $63.00 to $66.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target would suggest a potential downside of 4.83% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Brean Capital initiated coverage on Zions Bancorporation, N.A. in a report on Thursday, March 12th. They set a “neutral” rating for the company. Piper Sandler dropped their price target on Zions Bancorporation, N.A. from $65.00 to $62.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. Citigroup boosted their price target on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, April 22nd. Stephens assumed coverage on Zions Bancorporation, N.A. in a report on Monday, June 15th. They issued an “overweight” rating and a $79.00 price objective on the stock. Finally, Royal Bank Of Canada increased their price objective on Zions Bancorporation, N.A. from $64.00 to $68.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $67.82.

Zions Bancorporation, N.A. Price Performance

ZION stock opened at $69.35 on Monday. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $71.26. The business’s 50 day simple moving average is $64.13 and its 200 day simple moving average is $61.02. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $10.20 billion, a PE ratio of 10.79, a PEG ratio of 2.22 and a beta of 0.80.

Zions Bancorporation, N.A. (NASDAQ:ZION) last released its quarterly earnings data on Monday, April 20th. The bank reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. The firm had revenue of $859.00 million for the quarter, compared to the consensus estimate of $853.73 million. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. During the same period in the previous year, the company earned $1.13 earnings per share. As a group, research analysts anticipate that Zions Bancorporation, N.A. will post 6.48 EPS for the current year.

Zions Bancorporation, N.A. declared that its board has initiated a stock buyback plan on Saturday, May 2nd that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the bank to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of Zions Bancorporation, N.A. stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $62.50, for a total transaction of $263,062.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Zions Bancorporation, N.A. during the fourth quarter valued at about $105,700,000. Balyasny Asset Management L.P. grew its stake in shares of Zions Bancorporation, N.A. by 1,270.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,146,992 shares of the bank’s stock valued at $67,145,000 after buying an additional 1,063,303 shares during the period. AQR Capital Management LLC increased its position in Zions Bancorporation, N.A. by 31.6% in the 3rd quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank’s stock valued at $167,677,000 after buying an additional 711,218 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Zions Bancorporation, N.A. in the 2nd quarter valued at about $32,008,000. Finally, FIL Ltd raised its stake in Zions Bancorporation, N.A. by 117.6% during the 4th quarter. FIL Ltd now owns 1,113,079 shares of the bank’s stock worth $65,160,000 after buying an additional 601,610 shares during the period. Institutional investors and hedge funds own 76.84% of the company’s stock.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is a bank holding company headquartered in Salt Lake City, Utah, offering a full suite of banking and financial services to individuals, businesses and institutions. Through its primary subsidiary, Zions Bank, the company provides commercial banking, retail banking and wealth management solutions designed to serve the needs of small businesses, middle?market firms and high?net?worth clients. Its service portfolio includes deposit accounts, cash?management tools, lending products, mortgage origination, treasury services and investment advisory services.

The company’s commercial banking segment delivers custom credit and treasury management services, including working capital lines of credit, equipment financing and international trade finance.