Zions Bancorporation, N.A. (NASDAQ:ZION) to Buyback $75.00 million in Outstanding Shares

Zions Bancorporation, N.A. (NASDAQ:ZION) announced that its board has approved a stock buyback plan on Thursday, July 30th, RTT News reports. The company plans to buyback $75.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 0.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Zions Bancorporation, N.A. Price Performance

Shares of Zions Bancorporation, N.A. stock traded up $0.54 on Thursday, reaching $69.46. The stock had a trading volume of 1,265,569 shares, compared to its average volume of 1,722,101. Zions Bancorporation, N.A. has a 1 year low of $46.19 and a 1 year high of $73.34. The company has a market cap of $10.22 billion, a P/E ratio of 8.85, a price-to-earnings-growth ratio of 1.64 and a beta of 0.80. 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 business’s 50 day moving average is $67.36 and its two-hundred day moving average is $62.45.

Zions Bancorporation, N.A. Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Thursday, May 14th. Zions Bancorporation, N.A.’s dividend payout ratio is 22.93%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ZION shares. Barclays increased their target price on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 22nd. 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 research report on Thursday, July 23rd. Weiss Ratings upgraded shares of Zions Bancorporation, N.A. from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. downgraded shares of Zions Bancorporation, N.A. from a “neutral” rating to an “underweight” rating and set a $75.00 price objective for the company. in a report on Tuesday, July 21st. Finally, DA Davidson lifted their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $71.29.

Insider Buying and Selling

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Derek Steward sold 894 shares of the firm’s stock in a transaction 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 directly owned 17,449 shares of the company’s stock, valued at approximately $1,215,322.85. The trade was a 4.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 5,653 shares of company stock worth $359,958 in the last ninety days. 1.43% of the stock is currently owned by insiders.

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.