Zions Bancorporation, N.A. (NASDAQ:ZION) Given Hold Rating at TD Cowen

Zions Bancorporation, N.A. (NASDAQ:ZION)‘s stock had its “hold” rating reissued by analysts at TD Cowen in a research report issued on Tuesday, Benzinga reports. They presently have a $69.00 price objective on the bank’s stock. TD Cowen’s price objective would indicate a potential upside of 6.43% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Evercore cut Zions Bancorporation, N.A. from an “outperform” rating to an “in-line” rating and set a $68.00 price objective on the stock. in a research report on Thursday, July 23rd. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $76.00 price target on shares of Zions Bancorporation, N.A. in a report on Tuesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. Truist Financial reduced their price target on shares of Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating for the company in a research note on Friday, October 9th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Zions Bancorporation, N.A. from $75.00 to $65.00 and set an “underweight” rating for the company in a report on Thursday, October 1st. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $71.35.

Zions Bancorporation, N.A. Stock Up 2.7%

ZION stock traded up $1.69 during midday trading on Tuesday, hitting $64.83. The company’s stock had a trading volume of 429,402 shares, compared to its average volume of 1,643,569. The company has a market cap of $9.46 billion, a PE ratio of 8.26, a P/E/G ratio of 1.04 and a beta of 0.84. Zions Bancorporation, N.A. has a 12 month low of $48.50 and a 12 month high of $73.34. 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 firm’s 50-day moving average is $66.22 and its 200-day moving average is $65.64.

Zions Bancorporation, N.A. (NASDAQ:ZION) last posted its earnings results on Monday, October 19th. The bank reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.14. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%. The business had revenue of $887.00 million during the quarter, compared to analyst estimates of $889.52 million. During the same quarter last year, the company earned $1.48 EPS. On average, equities research analysts forecast that Zions Bancorporation, N.A. will post 6.60 earnings per share for the current fiscal year.

Zions Bancorporation, N.A. declared that its Board of Directors has authorized a stock buyback program on Thursday, July 30th that allows the company to buy back $75.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 0.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

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

In related news, EVP Scott A. Law sold 4,608 shares of the 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 completion of the sale, the executive vice president directly owned 32,890 shares of the company’s stock, valued at approximately $2,381,893.80. This represents a 12.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Scott J. Mclean sold 33,285 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the sale, the president directly owned 73,043 shares of the company’s stock, valued at $5,159,027.09. This represents a 31.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 88,787 shares of company stock valued at $6,283,858. Insiders own 1.43% of the company’s stock.

Institutional Investors Weigh In On Zions Bancorporation, N.A.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZION. Burns Matteson Capital Management LLC purchased a new stake in Zions Bancorporation, N.A. in the 3rd quarter worth approximately $522,000. Pension & Wealth Management Advisors Inc. purchased a new stake in Zions Bancorporation, N.A. in the 3rd quarter worth approximately $27,000. Essex LLC grew its holdings in Zions Bancorporation, N.A. by 7.0% during the 3rd quarter. Essex LLC now owns 5,415 shares of the bank’s stock valued at $339,000 after buying an additional 355 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new stake in Zions Bancorporation, N.A. during the 3rd quarter valued at approximately $1,027,000. Finally, Fragasso Financial Advisors Inc purchased a new stake in Zions Bancorporation, N.A. during the 3rd quarter valued at approximately $375,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Zions Bancorporation, N.A.

Here are the key news stories impacting Zions Bancorporation, N.A. this week:

• Positive Sentiment: EPS beat estimates: Diluted earnings per share rose to $1.78 from $1.48 a year earlier, exceeding the $1.64 consensus estimate by $0.14. Net income applicable to common shareholders increased to $262 million from $221 million. Zions Q3 Earnings and Revenues Top Estimates
• Positive Sentiment: Credit trends improved sharply: Zions recorded an $8 million provision benefit, compared with a $49 million provision expense in the prior-year quarter. Net loan charge-offs fell to $3 million from $56 million, supporting profitability and reducing investor concerns about credit losses. Zions Third Quarter Financial Results
• Positive Sentiment: Balance-sheet growth remained healthy: Net interest income increased 2% year over year to $684 million, loans rose 4% to $62.5 billion, and deposits grew 4% to $77.9 billion. The estimated common equity Tier 1 ratio improved to 11.8% from 11.3%, indicating stronger capital protection. Zions Posts Third Quarter Net Earnings
• Neutral Sentiment: Revenue was mixed: Reported revenue was approximately $881 million to $887 million, modestly below the roughly $889.5 million analyst estimate. Noninterest income increased to $197 million, but noninterest expense also rose 5% to $553 million. Zions Bancorporation Q3 Earnings and Revenue

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 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.