Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target Lowered to $68.00 at Morgan Stanley

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price target dropped by research analysts at Morgan Stanley from $75.00 to $68.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Morgan Stanley’s target price would suggest a potential upside of 18.22% from the company’s previous close.

A number of other equities analysts also recently commented on ZION. Brean Capital initiated coverage on shares of Zions Bancorporation, N.A. in a report on Thursday, March 12th. They issued a “neutral” rating for the company. Weiss Ratings cut shares of Zions Bancorporation, N.A. from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, March 12th. Barclays boosted their price objective on shares of Zions Bancorporation, N.A. from $61.00 to $68.00 and gave the stock an “underweight” rating in a research note on Monday, January 5th. TD Cowen increased their target price on shares of Zions Bancorporation, N.A. from $63.00 to $64.00 and gave the company a “hold” rating in a research report on Wednesday, January 21st. Finally, Evercore lifted their price target on shares of Zions Bancorporation, N.A. from $65.00 to $68.00 and gave the stock an “in-line” rating in a report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Zions Bancorporation, N.A. has a consensus rating of “Hold” and an average price target of $63.21.

Zions Bancorporation, N.A. Stock Up 3.5%

NASDAQ ZION traded up $1.93 during midday trading on Tuesday, hitting $57.52. 1,152,379 shares of the company traded hands, compared to its average volume of 1,889,736. Zions Bancorporation, N.A. has a 52 week low of $39.32 and a 52 week high of $66.18. The company’s 50-day simple moving average is $58.81 and its 200-day simple moving average is $56.77. The company has a market cap of $8.46 billion, a PE ratio of 9.58 and a beta of 0.83. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.86 and a quick ratio of 0.85.

Insiders Place Their Bets

In other news, EVP Jennifer Anne Smith sold 6,558 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $64.80, for a total transaction of $424,958.40. Following the sale, the executive vice president directly owned 18,761 shares of the company’s stock, valued at $1,215,712.80. This represents a 25.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Eric Ellingsen sold 1,519 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $61.27, for a total value of $93,069.13. Following the sale, the vice president owned 40,361 shares in the company, valued at $2,472,918.47. This trade represents a 3.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 55,581 shares of company stock valued at $3,498,774. Insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ZION. Norges Bank purchased a new position in shares of Zions Bancorporation, N.A. during the 4th quarter valued at approximately $105,700,000. Balyasny Asset Management L.P. increased its holdings in Zions Bancorporation, N.A. by 1,270.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,146,992 shares of the bank’s stock worth $67,145,000 after acquiring an additional 1,063,303 shares in the last quarter. AQR Capital Management LLC increased its holdings in Zions Bancorporation, N.A. by 31.6% in the 3rd quarter. AQR Capital Management LLC now owns 2,963,545 shares of the bank’s stock worth $167,677,000 after acquiring an additional 711,218 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in Zions Bancorporation, N.A. during the second quarter worth $32,008,000. Finally, FIL Ltd raised its position in Zions Bancorporation, N.A. by 117.6% during the fourth quarter. FIL Ltd now owns 1,113,079 shares of the bank’s stock worth $65,160,000 after acquiring an additional 601,610 shares during the period. 76.84% of the stock is owned by institutional investors and hedge funds.

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.