Zions Bancorporation, National Association (NASDAQ:ZION) Price Target Cut to $58.00

Zions Bancorporation, National Association (NASDAQ:ZIONGet Rating) had its price target decreased by equities research analysts at Wolfe Research from $72.00 to $58.00 in a research note issued to investors on Thursday, The Fly reports. Wolfe Research’s target price points to a potential upside of 5.53% from the stock’s current price.

ZION has been the topic of a number of other reports. Raymond James cut Zions Bancorporation, National Association from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, April 26th. The Goldman Sachs Group increased their target price on Zions Bancorporation, National Association from $70.00 to $78.00 and gave the stock a “neutral” rating in a research note on Monday, April 4th. Robert W. Baird raised Zions Bancorporation, National Association from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $49.00 to $60.00 in a research report on Monday, April 18th. B. Riley dropped their price objective on Zions Bancorporation, National Association from $70.00 to $65.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 26th. Finally, Jefferies Financial Group raised Zions Bancorporation, National Association from a “hold” rating to a “buy” rating and increased their target price for the company from $70.00 to $87.00 in a report on Monday, February 14th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $69.88.

ZION opened at $54.96 on Thursday. The stock has a fifty day simple moving average of $60.86 and a two-hundred day simple moving average of $64.58. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.12. The company has a market cap of $8.32 billion, a price-to-earnings ratio of 8.95, a price-to-earnings-growth ratio of 7.94 and a beta of 1.29. Zions Bancorporation, National Association has a 12-month low of $47.06 and a 12-month high of $75.44.

Zions Bancorporation, National Association (NASDAQ:ZIONGet Rating) last released its earnings results on Monday, April 25th. The bank reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.12. Zions Bancorporation, National Association had a return on equity of 14.53% and a net margin of 34.40%. The firm had revenue of $694.00 million for the quarter, compared to analysts’ expectations of $700.11 million. During the same period in the prior year, the firm posted $1.90 earnings per share. On average, analysts predict that Zions Bancorporation, National Association will post 5.56 EPS for the current year.

Zions Bancorporation, National Association announced that its board has authorized a stock buyback plan on Friday, January 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 0.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

In related news, EVP Scott A. Law sold 713 shares of the stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $54.16, for a total value of $38,616.08. Following the completion of the transaction, the executive vice president now directly owns 19,424 shares in the company, valued at $1,052,003.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP James R. Abbott acquired 10,000 shares of the stock in a transaction that occurred on Monday, May 2nd. The stock was acquired at an average price of $57.03 per share, with a total value of $570,300.00. Following the completion of the transaction, the senior vice president now directly owns 77,918 shares of the company’s stock, valued at approximately $4,443,663.54. The disclosure for this purchase can be found here. 1.81% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Public Sector Pension Investment Board boosted its holdings in Zions Bancorporation, National Association by 6.5% in the third quarter. Public Sector Pension Investment Board now owns 27,341 shares of the bank’s stock valued at $1,692,000 after purchasing an additional 1,660 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Zions Bancorporation, National Association by 57.5% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 37,059 shares of the bank’s stock valued at $2,294,000 after purchasing an additional 13,525 shares during the period. First Republic Investment Management Inc. boosted its holdings in Zions Bancorporation, National Association by 4.0% in the third quarter. First Republic Investment Management Inc. now owns 8,738 shares of the bank’s stock valued at $541,000 after purchasing an additional 336 shares during the period. Scotia Capital Inc. purchased a new position in Zions Bancorporation, National Association in the third quarter valued at $200,000. Finally, Bank of Nova Scotia boosted its holdings in Zions Bancorporation, National Association by 7.6% in the third quarter. Bank of Nova Scotia now owns 27,278 shares of the bank’s stock valued at $1,689,000 after purchasing an additional 1,937 shares during the period. Institutional investors and hedge funds own 82.24% of the company’s stock.

About Zions Bancorporation, National Association (Get Rating)

Zions Bancorporation, National Association provides various banking and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers corporate banking services; commercial banking, including a focus on small- and medium-sized businesses; commercial real estate banking services; municipal and public finance services; retail banking, including residential mortgages; trust services; wealth management and private client banking services; and capital markets products and services.

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