Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Gets Price Target Reduction from Citigroup

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price target reduced by research analysts at Citigroup from $73.00 to $70.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. Citigroup’s price target suggests a potential upside of 6.76% from the stock’s current price.

A number of other equities analysts have also recently issued reports on ZION. Evercore cut Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 target price on the stock. in a report on Thursday, July 23rd. Robert W. Baird raised shares of Zions Bancorporation, N.A. from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a research note on Thursday, October 15th. Cantor Fitzgerald reduced their price objective on shares of Zions Bancorporation, N.A. from $80.00 to $76.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a research note on Friday, July 31st. Finally, Morgan Stanley cut their target price on shares of Zions Bancorporation, N.A. from $78.00 to $77.00 and set an “underweight” rating on the stock in a report on Tuesday. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Zions Bancorporation, N.A. presently has an average rating of “Hold” and an average price target of $72.88.

Zions Bancorporation, N.A. Trading Up 1.5%

ZION stock traded up $0.98 during midday trading on Wednesday, reaching $65.57. The company’s stock had a trading volume of 1,121,197 shares, compared to its average volume of 1,656,126. The business’s 50-day simple moving average is $66.09 and its 200-day simple moving average is $65.68. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 52 week low of $48.50 and a 52 week high of $73.34. The stock has a market cap of $9.57 billion, a PE 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 posted its quarterly earnings results on Monday, October 19th. The bank reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.14. The company had revenue of $887.00 million for the quarter, compared to the consensus estimate of $889.52 million. Zions Bancorporation, N.A. had a return on equity of 13.91% and a net margin of 24.81%. During the same quarter in the prior year, the business posted $1.48 EPS. As a group, sell-side analysts expect that Zions Bancorporation, N.A. will post 6.60 EPS for the current year.

Zions Bancorporation, N.A. declared that its Board of Directors has initiated a stock buyback plan on Thursday, July 30th that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the bank to repurchase up to 0.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Zions Bancorporation, N.A. news, EVP Scott Law sold 4,608 shares of Zions Bancorporation, N.A. 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 transaction, the executive vice president owned 32,890 shares of the company’s stock, valued at approximately $2,381,893.80. The trade was a 12.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Derek Steward sold 894 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $69.65, for a total transaction 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 $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 three months, insiders have sold 88,787 shares of company stock worth $6,283,858. Company insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ZION. BlackRock Inc. bought a new position in shares of Zions Bancorporation, N.A. during the 2nd quarter worth approximately $982,244,000. Dimensional Fund Advisors LP lifted its position in shares of Zions Bancorporation, N.A. by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 7,477,126 shares of the bank’s stock worth $430,813,000 after purchasing an additional 56,438 shares in the last quarter. First Trust Advisors LP boosted its holdings in Zions Bancorporation, N.A. by 28.5% during the first quarter. First Trust Advisors LP now owns 1,917,826 shares of the bank’s stock worth $110,505,000 after purchasing an additional 425,325 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Zions Bancorporation, N.A. in the second quarter valued at $87,961,000. Finally, Quantinno Capital Management LP grew its position in Zions Bancorporation, N.A. by 50.1% in the first quarter. Quantinno Capital Management LP now owns 1,242,578 shares of the bank’s stock valued at $71,597,000 after purchasing an additional 414,902 shares in the last quarter. 76.84% of the stock is currently owned by 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 Bancorporation Third Quarter Financial Results
• Positive Sentiment: Credit trends improved significantly: Net loan and lease charge-offs fell to $3 million from $56 million in the prior-year quarter, while the provision for credit losses became an $8 million benefit versus a $49 million expense previously. Deposits grew 4% year over year to $77.9 billion, loans increased 4% to $62.5 billion, and the estimated common equity tier 1 ratio improved to 11.8% from 11.3%. Zions Third Quarter Net Earnings
• Positive Sentiment: Several analysts raised price targets: DA Davidson increased its target to $80 and maintained a “buy” rating; JPMorgan raised its target to $87; and Piper Sandler lifted its target to $69. These revisions acknowledge the earnings performance, although JPMorgan and Piper Sandler still carry negative or neutral ratings.
• Neutral Sentiment: Revenue was approximately in line to slightly below expectations: Reported revenue was cited at roughly $881 million to $887 million, compared with consensus near $890 million. Net interest income rose 2% to $684 million, while noninterest expense increased 5% to $553 million.
• Negative Sentiment: Analyst caution remains: Morgan Stanley lowered its price target to $77 and retained an “underweight” rating. TD Cowen kept a “hold” rating, while RBC maintained “sector perform.” This suggests analysts see limited near-term upside despite the improved quarterly results.

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 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.