Zions Bancorporation, National Association (NASDAQ:ZION) Shares Gap Down on Analyst Downgrade

Zions Bancorporation, National Association (NASDAQ:ZION – Get Rating) gapped down prior to trading on Friday after Wells Fargo & Company lowered their price target on the stock from $55.00 to $50.00. The stock had previously closed at $41.36, but opened at $37.69. Zions Bancorporation, National Association shares last traded at $35.00, with a volume of 1,444,958 shares trading hands.

A number of other equities analysts have also commented on the stock. UBS Group raised their price objective on shares of Zions Bancorporation, National Association to $65.00 in a research report on Wednesday, November 16th. Truist Financial upped their target price on shares of Zions Bancorporation, National Association from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, February 1st. JPMorgan Chase & Co. lowered shares of Zions Bancorporation, National Association from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $49.00 to $46.00 in a report on Wednesday, January 25th. DA Davidson upgraded Zions Bancorporation, National Association from a “neutral” rating to a “buy” rating and set a $56.00 target price for the company in a research report on Tuesday, December 20th. They noted that the move was a valuation call. Finally, Barclays lowered Zions Bancorporation, National Association from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $68.00 to $59.00 in a research note on Tuesday, January 3rd. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $58.32.

Insider Activity at Zions Bancorporation, National Association

In related news, EVP Steven Dan Stephens sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $54.42, for a total value of $326,520.00. Following the completion of the sale, the executive vice president now owns 38,509 shares of the company’s stock, valued at $2,095,659.78. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Steven Dan Stephens sold 6,000 shares of the business’s stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $54.42, for a total value of $326,520.00. Following the sale, the executive vice president now directly owns 38,509 shares of the company’s stock, valued at approximately $2,095,659.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Terry Alan Shirey sold 2,248 shares of the business’s stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $52.84, for a total transaction of $118,784.32. Following the transaction, the executive vice president now owns 19,221 shares in the company, valued at $1,015,637.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,932 shares of company stock worth $693,458. Company insiders own 1.81% of the company’s stock.

Hedge Funds Weigh In On Zions Bancorporation, National Association

Several institutional investors and hedge funds have recently added to or reduced their stakes in ZION. Zacks Investment Management purchased a new stake in shares of Zions Bancorporation, National Association in the third quarter valued at about $739,000. First Trust Advisors LP increased its stake in shares of Zions Bancorporation, National Association by 15.6% in the third quarter. First Trust Advisors LP now owns 523,609 shares of the bank’s stock worth $26,631,000 after buying an additional 70,761 shares during the period. Federated Hermes Inc. increased its position in Zions Bancorporation, National Association by 2.9% during the 2nd quarter. Federated Hermes Inc. now owns 55,138 shares of the bank’s stock valued at $2,806,000 after purchasing an additional 1,553 shares during the period. Janney Montgomery Scott LLC purchased a new position in Zions Bancorporation, National Association during the 3rd quarter valued at $256,000. Finally, Rhumbline Advisers boosted its stake in Zions Bancorporation, National Association by 4.9% in the 2nd quarter. Rhumbline Advisers now owns 348,079 shares of the bank’s stock worth $17,717,000 after purchasing an additional 16,355 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

Zions Bancorporation, National Association Stock Down 2.4 %

The firm has a market cap of $6.00 billion, a P/E ratio of 6.96, a PEG ratio of 0.29 and a beta of 1.17. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 2.49. The company’s 50 day simple moving average is $50.73 and its 200-day simple moving average is $51.46.

Zions Bancorporation, National Association (NASDAQ:ZION – Get Rating) last announced its quarterly earnings results on Monday, January 23rd. The bank reported $1.84 EPS for the quarter, beating the consensus estimate of $1.66 by $0.18. Zions Bancorporation, National Association had a return on equity of 18.36% and a net margin of 27.18%. The firm had revenue of $988.00 million for the quarter, compared to analyst estimates of $873.05 million. During the same quarter last year, the firm posted $1.34 earnings per share. Research analysts forecast that Zions Bancorporation, National Association will post 6.4 earnings per share for the current fiscal year.

Zions Bancorporation, National Association Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 23rd. Investors of record on Thursday, February 16th were paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend was Wednesday, February 15th. Zions Bancorporation, National Association’s payout ratio is 28.28%.

About Zions Bancorporation, National Association

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Zions Bancorporation NA is a bank holding company, which engages in the provision of full banking and related services. It operates through the following segments: Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington.