Zions Bancorporation, N.A. (NASDAQ:ZION) Upgraded at Robert W. Baird

Robert W. Baird upgraded shares of Zions Bancorporation, N.A. (NASDAQ:ZION) from a neutral rating to an outperform rating in a report issued on Thursday morning, MarketBeat Ratings reports. Robert W. Baird currently has $75.00 target price on the bank’s stock.

Other research analysts have also issued reports about the stock. Wells Fargo & Company boosted 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. Morgan Stanley increased their price target on shares of Zions Bancorporation, N.A. from $77.00 to $78.00 and gave the stock an “underweight” rating in a report on Monday, September 28th. TD Cowen reduced their price objective on shares of Zions Bancorporation, N.A. from $73.00 to $69.00 and set a “hold” rating for the company in a research report on Monday, October 5th. Stephens reduced their price objective on shares of Zions Bancorporation, N.A. from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. Finally, Wall Street Zen raised Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Seven investment 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 company currently has a consensus rating of “Hold” and an average target price of $71.59.

Zions Bancorporation, N.A. Stock Up 0.6%

Zions Bancorporation, N.A. stock opened at $63.37 on Thursday. The stock has a 50 day moving average of $66.37 and a two-hundred day moving average of $65.53. Zions Bancorporation, N.A. has a twelve month low of $47.77 and a twelve month high of $73.34. The stock has a market capitalization of $9.25 billion, a price-to-earnings ratio of 8.07, a PEG ratio of 1.04 and a beta of 0.84. 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. (NASDAQ:ZION) last released its earnings results on Monday, July 20th. The bank reported $1.74 earnings per share (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 business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $877.44 million. During the same quarter in the previous year, the company posted $1.63 earnings per share. The company’s revenue for the quarter was up 35.7% compared to the same quarter last year. As a group, research analysts expect that Zions Bancorporation, N.A. will post 6.60 earnings per share for the current year.

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

Zions Bancorporation, N.A. Increases Dividend

The business also recently announced 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. The ex-dividend date was Thursday, August 13th. This is an increase from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. This represents a $1.92 annualized dividend and a yield of 3.0%. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is currently 24.46%.

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

In other Zions Bancorporation, N.A. news, President Scott Mclean sold 33,285 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $5,159,027.09. This trade represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Law sold 4,608 shares of Zions Bancorporation, N.A. stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.42, for a total transaction of $333,711.36. Following the sale, the executive vice president owned 32,890 shares of the company’s stock, valued at approximately $2,381,893.80. The trade was a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 88,787 shares of company stock valued at $6,283,858. Corporate insiders own 1.43% of the company’s stock.

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

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Burns Matteson Capital Management LLC acquired a new position in shares of Zions Bancorporation, N.A. in the 3rd quarter valued at about $522,000. Pension & Wealth Management Advisors Inc. bought a new stake in shares of Zions Bancorporation, N.A. during the 3rd quarter valued at about $27,000. Essex LLC raised its stake in 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. acquired a new stake in Zions Bancorporation, N.A. during the third quarter worth about $1,027,000. Finally, Fragasso Financial Advisors Inc acquired a new stake in Zions Bancorporation, N.A. during the third quarter worth about $375,000. 76.84% of the stock is owned by institutional investors and hedge funds.

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.