Zions Bancorporation, N.A. (NASDAQ:ZION) Downgraded by Evercore to In-Line

Evercore lowered shares of Zions Bancorporation, N.A. (NASDAQ:ZION) from an outperform rating to an in-line rating in a research report released on Thursday, Marketbeat Ratings reports. They currently have $68.00 price objective on the bank’s stock.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley raised their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Royal Bank Of Canada upped their target price on shares of Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the company a “sector perform” rating in a research note on Tuesday. TD Cowen increased their price target on shares of Zions Bancorporation, N.A. from $71.00 to $73.00 and gave the company a “hold” rating in a report on Tuesday. Robert W. Baird raised their price target on shares of Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Piper Sandler dropped their price objective on shares of Zions Bancorporation, N.A. from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Six investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $71.29.

Zions Bancorporation, N.A. Price Performance

Shares of NASDAQ:ZION opened at $69.16 on Thursday. The company has a market cap of $10.17 billion, a price-to-earnings ratio of 8.81, a PEG ratio of 1.66 and a beta of 0.80. The business has a 50 day moving average price of $66.52 and a 200 day moving average price of $62.14. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a twelve month low of $46.19 and a twelve month high of $73.34.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its quarterly earnings results on Monday, April 20th. The bank reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. Zions Bancorporation, N.A. had a return on equity of 13.72% and a net margin of 23.92%.The company had revenue of $859.00 million for the quarter, compared to the consensus estimate of $853.73 million. During the same period in the previous year, the business posted $1.13 EPS. Research analysts predict that Zions Bancorporation, N.A. will post 6.56 earnings per share for the current year.

Zions Bancorporation, N.A. Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Thursday, May 14th. Zions Bancorporation, N.A.’s dividend payout ratio is presently 22.93%.

Zions Bancorporation, N.A. declared that its Board of Directors has approved a share repurchase plan on Saturday, May 2nd that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the bank to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Zions Bancorporation, N.A. news, EVP Jennifer Anne Smith sold 4,209 shares of Zions Bancorporation, N.A. stock in a transaction on Friday, May 8th. The shares were sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.43% of the stock is owned by corporate insiders.

Institutional Trading of Zions Bancorporation, N.A.

Several institutional investors have recently made changes to their positions in the business. Elevation Wealth Partners LLC lifted its stake in Zions Bancorporation, N.A. by 528.8% during the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock worth $29,000 after purchasing an additional 349 shares during the period. Torren Management LLC acquired a new position in shares of Zions Bancorporation, N.A. in the 4th quarter worth approximately $32,000. Leonteq Securities AG bought a new position in shares of Zions Bancorporation, N.A. during the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. bought a new position in shares of Zions Bancorporation, N.A. during the 4th quarter worth approximately $36,000. Finally, V Square Quantitative Management LLC acquired a new stake in Zions Bancorporation, N.A. in the 4th quarter valued at $42,000. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Zions Bancorporation, N.A. News Roundup

Here are the key news stories impacting Zions Bancorporation, N.A. this week:

• Positive Sentiment: Several analysts reiterated upbeat views on Zions, with Wells Fargo, RBC, DA Davidson, and TD Cowen all cited as expecting meaningful upside in the stock, reinforcing a generally favorable broader sentiment. Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says
• Positive Sentiment: Robert W. Baird raised its price target on Zions to $75, signaling confidence in further upside from current levels. Robert W. Baird Increases Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $75.00
• Positive Sentiment: TipRanks highlighted Zions’ earnings call as showing resilient growth, which supports the bank’s fundamental story following its recent quarterly report. Zions Bancorporation Earnings Call Signals Resilient Growth
• Neutral Sentiment: Zions remains a value-name candidate in Zacks’ long-term stock screen, which may help investor interest but is not a near-term catalyst. Why Zions (ZION) is a Top Value Stock for the Long-Term
• Negative Sentiment: Evercore downgraded Zions from “outperform” to “in-line” and set a $68 target, slightly below the current share price, which appears to be the main reason for the stock’s weakness. Read More
• Negative Sentiment: Reports of the shares gapping down on the downgrade suggest traders are reacting quickly to the more cautious Evercore call. Zions Bancorporation, N.A. Shares Gap Down on Analyst Downgrade

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is a bank holding company headquartered in Salt Lake City, Utah, offering a full suite of banking and financial services to individuals, businesses and institutions. Through its primary subsidiary, Zions Bank, the company provides commercial banking, retail banking and wealth management solutions designed to serve the needs of small businesses, middle‐market firms and high‐net‐worth clients. Its service portfolio includes deposit accounts, cash‐management tools, lending products, mortgage origination, treasury services and investment advisory services.

The company’s commercial banking segment delivers custom credit and treasury management services, including working capital lines of credit, equipment financing and international trade finance.