Morgan Stanley Cuts Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $68.00

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price objective lowered by Morgan Stanley from $75.00 to $68.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

A number of other research firms also recently commented on ZION. Evercore increased their target price on Zions Bancorporation, N.A. from $65.00 to $68.00 and gave the company an “in-line” rating in a research report on Thursday, February 5th. Weiss Ratings cut shares of Zions Bancorporation, N.A. from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 12th. TD Cowen increased their price objective on shares of Zions Bancorporation, N.A. from $63.00 to $64.00 and gave the company a “hold” rating in a research report on Wednesday, January 21st. Truist Financial lifted their price objective on shares of Zions Bancorporation, N.A. from $61.00 to $63.00 and gave the stock a “hold” rating in a research note on Thursday, January 22nd. Finally, Royal Bank Of Canada boosted their target price on shares of Zions Bancorporation, N.A. from $63.00 to $64.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $62.79.

Zions Bancorporation, N.A. Price Performance

NASDAQ:ZION opened at $58.13 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $8.55 billion, a P/E ratio of 9.69 and a beta of 0.81. Zions Bancorporation, N.A. has a 12 month low of $39.32 and a 12 month high of $66.18. The business’s 50-day moving average is $58.65 and its 200 day moving average is $56.78.

Zions Bancorporation, N.A. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 19th. Investors of record on Thursday, February 12th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.1%. The ex-dividend date was Thursday, February 12th. Zions Bancorporation, N.A.’s dividend payout ratio is presently 30.00%.

Insider Buying and Selling

In other news, EVP Steven Dan Stephens sold 15,476 shares of the stock in a transaction on Friday, February 6th. The shares were sold at an average price of $65.90, for a total value of $1,019,868.40. Following the sale, the executive vice president owned 41,127 shares of the company’s stock, valued at approximately $2,710,269.30. This represents a 27.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Derek Steward sold 769 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $60.46, for a total transaction of $46,493.74. Following the completion of the sale, the executive vice president owned 14,307 shares of the company’s stock, valued at $865,001.22. This trade represents a 5.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 55,581 shares of company stock valued at $3,498,774 over the last 90 days. 2.22% of the stock is currently owned by insiders.

Institutional Trading of Zions Bancorporation, N.A.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Torren Management LLC purchased a new position in shares of Zions Bancorporation, N.A. during the fourth quarter valued at approximately $32,000. Leonteq Securities AG bought a new position in shares of Zions Bancorporation, N.A. during the fourth quarter valued at approximately $32,000. Community Bank N.A. purchased a new stake in shares of Zions Bancorporation, N.A. in the third quarter worth approximately $36,000. Atlas Capital Advisors Inc. purchased a new stake in shares of Zions Bancorporation, N.A. in the fourth quarter worth approximately $36,000. Finally, Steph & Co. bought a new stake in shares of Zions Bancorporation, N.A. during the 3rd quarter worth approximately $37,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

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.