Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Zions Bancorporation, N.A. (NASDAQ:ZION) had its target price lifted by investment analysts at Morgan Stanley from $77.00 to $78.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “underweight” rating on the bank’s stock. Morgan Stanley’s price objective suggests a potential upside of 24.58% from the stock’s previous close.

A number of other brokerages have also issued reports on ZION. JPMorgan Chase & Co. lowered Zions Bancorporation, N.A. from a “neutral” rating to an “underweight” rating and set a $75.00 target price on the stock. in a research report on Tuesday, July 21st. Wells Fargo & Company raised their price target on shares of Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 21st. UBS Group began coverage on shares of Zions Bancorporation, N.A. in a report on Monday, September 14th. They issued a “buy” rating and a $78.00 price objective on the stock. Wall Street Zen raised shares of Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. Six investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Zions Bancorporation, N.A. has an average rating of “Hold” and an average price target of $72.59.

Zions Bancorporation, N.A. Stock Down 0.9%

Shares of NASDAQ ZION opened at $62.61 on Monday. The firm has a market capitalization of $9.14 billion, a PE ratio of 7.98, a price-to-earnings-growth ratio of 1.06 and a beta of 0.78. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 1 year low of $46.19 and a 1 year high of $73.34. The firm’s 50-day moving average is $68.27 and its 200-day moving average is $64.88.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its quarterly earnings results on Monday, July 20th. The bank reported $1.74 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.17. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $877.44 million. During the same period in the prior year, the business posted $1.63 EPS. Zions Bancorporation, N.A.’s revenue was up 35.7% on a year-over-year basis. Equities analysts expect that Zions Bancorporation, N.A. will post 6.6 EPS for the current year.

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

Insider Activity at Zions Bancorporation, N.A.

In related news, EVP Derek Steward sold 894 shares of the 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 sale, the executive vice president 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott A. Law sold 4,608 shares of Zions Bancorporation, N.A. stock in a transaction 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 transaction, the executive vice president owned 32,890 shares in the company, valued at approximately $2,381,893.80. The trade was a 12.29% decrease in their position. 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 worth $6,283,858. Company insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank of New York Mellon Corp bought a new position in shares of Zions Bancorporation, N.A. in the 2nd quarter worth about $87,961,000. Basswood Capital Management L.L.C. grew its stake in Zions Bancorporation, N.A. by 266.4% during the fourth quarter. Basswood Capital Management L.L.C. now owns 404,520 shares of the bank’s stock worth $23,681,000 after purchasing an additional 294,121 shares during the period. Deutsche Bank AG acquired a new position in Zions Bancorporation, N.A. in the second quarter valued at approximately $71,767,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Zions Bancorporation, N.A. in the second quarter valued at approximately $4,933,000. Finally, Amundi boosted its holdings in shares of Zions Bancorporation, N.A. by 415.2% during the 2nd quarter. Amundi now owns 189,013 shares of the bank’s stock worth $13,078,000 after buying an additional 152,328 shares in the last quarter. 76.84% of the stock is currently owned by institutional investors.

Zions Bancorporation, N.A. Company Profile

Zions Bancorporation, N.A. is a financial services company headquartered in Salt Lake City, Utah. Through its affiliated banks, the company provides a broad range of banking and related financial services to individuals, small and midsize businesses, commercial clients, and public-sector organizations.

The company’s services include commercial and consumer lending, deposits, home loans, cash management, treasury services, wealth management, investment services, and capital markets activities.