Zions Bancorporation, N.A. (NASDAQ:ZION) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Zions Bancorporation, N.A. (NASDAQ:ZION) from a strong-buy rating to a hold rating in a research note released on Tuesday,Zacks.com reports.

Other analysts also recently issued research reports about the company. Citigroup boosted their price objective on Zions Bancorporation, N.A. from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Evercore ISI boosted their price objective on Zions Bancorporation, N.A. from $62.00 to $64.00 and gave the stock an “outperform” rating in a report on Tuesday. Wells Fargo & Company boosted their price objective on Zions Bancorporation, N.A. from $47.00 to $58.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. Robert W. Baird boosted their price objective on Zions Bancorporation, N.A. from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Finally, Morgan Stanley boosted their price objective on Zions Bancorporation, N.A. from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $61.45.

Zions Bancorporation, N.A. Price Performance

Shares of Zions Bancorporation, N.A. stock opened at $56.39 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $55.68 and its two-hundred day moving average price is $51.18. Zions Bancorporation, N.A. has a 52 week low of $39.32 and a 52 week high of $63.22. The stock has a market cap of $8.32 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its quarterly earnings results on Monday, July 21st. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.31 by $0.27. Zions Bancorporation, N.A. had a net margin of 16.98% and a return on equity of 13.76%. The firm had revenue of $838.00 million for the quarter, compared to analysts’ expectations of $810.24 million. During the same period in the previous year, the business earned $1.28 earnings per share. As a group, sell-side analysts anticipate that Zions Bancorporation, N.A. will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were issued a $0.45 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.2%. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.43. Zions Bancorporation, N.A.’s dividend payout ratio is currently 32.91%.

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

A number of large investors have recently made changes to their positions in ZION. Curat Global LLC acquired a new position in Zions Bancorporation, N.A. in the first quarter worth approximately $25,000. Picton Mahoney Asset Management acquired a new position in Zions Bancorporation, N.A. in the first quarter worth approximately $25,000. Traub Capital Management LLC acquired a new position in Zions Bancorporation, N.A. in the second quarter worth approximately $31,000. Assetmark Inc. increased its holdings in Zions Bancorporation, N.A. by 75.3% in the second quarter. Assetmark Inc. now owns 673 shares of the bank’s stock worth $35,000 after buying an additional 289 shares during the last quarter. Finally, New Age Alpha Advisors LLC acquired a new position in Zions Bancorporation, N.A. in the first quarter worth approximately $40,000. Institutional investors and hedge funds own 76.84% of the company’s stock.

About Zions Bancorporation, N.A.

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments.