Zions Bancorporation, N.A. (NASDAQ:ZION) Releases Earnings Results, Beats Expectations By $0.18 EPS

Zions Bancorporation, N.A. (NASDAQ:ZION) announced its quarterly earnings data on Monday. The bank reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.18, FiscalAI reports. Zions Bancorporation, N.A. had a net margin of 23.92% and a return on equity of 13.72%. The business had revenue of $887.00 million for the quarter, compared to analysts’ expectations of $889.52 million.

Zions Bancorporation, N.A. Stock Performance

ZION stock traded down $0.23 during midday trading on Monday, reaching $63.14. 1,861,999 shares of the company’s stock traded hands, compared to its average volume of 1,650,211. Zions Bancorporation, N.A. has a 52-week low of $48.50 and a 52-week high of $73.34. The stock has a market cap of $9.22 billion, a P/E ratio of 8.04, a PEG ratio of 1.04 and a beta of 0.84. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. The stock’s 50-day moving average is $66.37 and its 200 day moving average is $65.60.

Zions Bancorporation, N.A. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.0%. This is a positive change from Zions Bancorporation, N.A.’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 13th. Zions Bancorporation, N.A.’s dividend payout ratio (DPR) is presently 24.46%.

Insiders Place Their Bets

In related news, President Scott J. Mclean sold 33,285 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was 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 directly owned 73,043 shares in the company, valued at approximately $5,159,027.09. The trade was a 31.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott A. Law sold 4,608 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $72.42, for a total transaction of $333,711.36. Following the completion of the sale, the executive vice president directly owned 32,890 shares of the company’s stock, valued at $2,381,893.80. This represents a 12.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 88,787 shares of company stock worth $6,283,858. Company insiders own 1.43% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on ZION shares. Truist Financial lowered their price objective on Zions Bancorporation, N.A. from $72.00 to $67.00 and set a “hold” rating for the company in a research note on Friday, October 9th. TD Cowen dropped their price target on shares of Zions Bancorporation, N.A. from $73.00 to $69.00 and set a “hold” rating on the stock in a report on Monday, October 5th. Weiss Ratings reissued a “buy (b)” rating on shares of Zions Bancorporation, N.A. in a report on Friday, July 31st. Morgan Stanley increased their price objective on shares of Zions Bancorporation, N.A. from $77.00 to $78.00 and gave the company an “underweight” rating in a research report on Monday, September 28th. Finally, Wall Street Zen upgraded shares of Zions Bancorporation, N.A. from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $71.59.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a stock repurchase plan on Thursday, July 30th that allows the company to repurchase $75.00 million in shares. This buyback authorization allows the bank to repurchase up to 0.7% of its shares through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

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 related financial services to individuals, small businesses, middle-market companies, and institutional clients.

Its offerings include commercial and industrial lending, commercial real estate financing, small-business banking, consumer loans, residential mortgages, deposit accounts, treasury management, investment services, and private banking.