Truist Financial Cuts Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $67.00

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price objective decreased by equities research analysts at Truist Financial from $72.00 to $67.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s price objective would suggest a potential upside of 6.97% from the company’s previous close.

Several other brokerages have also recently issued reports on ZION. Morgan Stanley raised their target price 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. UBS Group began coverage on Zions Bancorporation, N.A. in a report on Monday, September 14th. They issued a “buy” rating and a $78.00 price objective for the company. Royal Bank Of Canada raised their target price on Zions Bancorporation, N.A. from $74.00 to $76.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. reduced their price target on Zions Bancorporation, N.A. from $75.00 to $65.00 and set an “underweight” rating for the company in a research report on Thursday, October 1st. Finally, Wells Fargo & Company boosted their price target on Zions Bancorporation, N.A. from $66.00 to $73.00 and gave the company an “equal weight” rating in a report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Zions Bancorporation, N.A. has an average rating of “Hold” and an average target price of $71.82.

Zions Bancorporation, N.A. Stock Performance

Shares of NASDAQ:ZION traded down $0.10 during trading on Friday, hitting $62.63. The stock had a trading volume of 321,395 shares, compared to its average volume of 1,650,849. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. Zions Bancorporation, N.A. has a 12-month low of $46.19 and a 12-month high of $73.34. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 7.99, a price-to-earnings-growth ratio of 1.04 and a beta of 0.84. The stock has a 50-day simple moving average of $67.35 and a two-hundred day simple moving average of $65.32.

Zions Bancorporation, N.A. (NASDAQ:ZION) last issued its earnings results on Monday, July 20th. The bank reported $1.74 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 firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $877.44 million. During the same quarter in the prior year, the firm earned $1.63 earnings per share. Zions Bancorporation, N.A.’s revenue for the quarter was up 35.7% on a year-over-year basis. On average, equities research analysts expect that Zions Bancorporation, N.A. will post 6.6 earnings per share for the current fiscal year.

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

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

In other news, EVP Scott Law sold 4,608 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total value of $333,711.36. Following the sale, the executive vice president directly owned 32,890 shares in the company, valued at approximately $2,381,893.80. This trade represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Scott Mclean sold 33,285 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $70.63, for a total transaction of $2,350,919.55. Following the completion of the transaction, the president owned 73,043 shares of the company’s stock, valued at $5,159,027.09. This represents a 31.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 88,787 shares of company stock valued at $6,283,858 in the last 90 days. Company insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Elevation Wealth Partners LLC grew its position in shares of Zions Bancorporation, N.A. by 528.8% in the second quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock valued at $29,000 after purchasing an additional 349 shares during the last quarter. Trust Co. of Vermont acquired a new stake in Zions Bancorporation, N.A. in the second quarter valued at approximately $35,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Zions Bancorporation, N.A. in the second quarter worth about $45,000. Burnham & Co LLC bought a new position in shares of Zions Bancorporation, N.A. during the second quarter worth about $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Zions Bancorporation, N.A. in the 2nd quarter valued at approximately $61,000. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Zions Bancorporation, N.A. Company Profile

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.