Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Gets Price Target Trim from Cantor Fitzgerald

Zions Bancorporation, N.A. (NASDAQ:ZION) had its target price decreased by Cantor Fitzgerald from $80.00 to $76.00 in a research note released on Wednesday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the bank’s stock.

A number of other brokerages have also recently commented on ZION. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. Wells Fargo & Company upped their price target on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 21st. Royal Bank Of Canada increased their price target on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 21st. UBS Group started coverage on shares of Zions Bancorporation, N.A. in a research note on Monday, September 14th. They set a “buy” rating and a $78.00 price target for the company. Finally, DA Davidson raised their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $71.59.

Zions Bancorporation, N.A. Trading Up 0.6%

ZION opened at $63.37 on Wednesday. The firm has a market cap of $9.25 billion, a price-to-earnings ratio of 8.07, a price-to-earnings-growth ratio of 1.03 and a beta of 0.84. Zions Bancorporation, N.A. has a 52 week low of $47.77 and a 52 week high of $73.34. The business’s 50 day moving average is $66.37 and its two-hundred day moving average is $65.53. 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. (NASDAQ:ZION) last issued its quarterly earnings data on Monday, July 20th. The bank reported $1.74 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.17. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $877.44 million. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%. The firm’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.63 earnings per share. On average, research analysts predict that Zions Bancorporation, N.A. will post 6.60 EPS for the current year.

Zions Bancorporation, N.A. announced that its board has authorized a share repurchase program on Thursday, July 30th that authorizes the company to repurchase $75.00 million in shares. This buyback authorization authorizes the bank to purchase up to 0.7% of its stock through open market purchases. Share buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Zions Bancorporation, N.A. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Thursday, August 13th. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. Zions Bancorporation, N.A.’s payout ratio is 24.46%.

Insider Buying and Selling at Zions Bancorporation, N.A.

In other Zions Bancorporation, N.A. news, EVP Derek Steward sold 894 shares of Zions Bancorporation, N.A. stock in a transaction that occurred 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 transaction, the executive vice president directly owned 17,449 shares in the company, valued at approximately $1,215,322.85. This trade represents a 4.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Scott Mclean sold 33,285 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total value of $2,350,919.55. Following the completion of the transaction, the president directly owned 73,043 shares in the company, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 88,787 shares of company stock worth $6,283,858. 1.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Zions Bancorporation, N.A.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Pension & Wealth Management Advisors Inc. purchased a new stake in shares of Zions Bancorporation, N.A. in the third quarter valued at about $27,000. Essex LLC increased its stake in shares of Zions Bancorporation, N.A. by 7.0% during the third quarter. Essex LLC now owns 5,415 shares of the bank’s stock worth $339,000 after acquiring an additional 355 shares during the period. First Citizens Bank & Trust Co. purchased a new position in Zions Bancorporation, N.A. during the third quarter worth about $1,027,000. Fragasso Financial Advisors Inc purchased a new position in Zions Bancorporation, N.A. during the third quarter worth about $375,000. Finally, NorthCrest Asset Manangement LLC purchased a new position in Zions Bancorporation, N.A. during the third quarter worth about $452,000. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

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 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.