Cantor Fitzgerald Issues Positive Forecast for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price

Zions Bancorporation, N.A. (NASDAQ:ZION) had its price target lifted by Cantor Fitzgerald from $69.00 to $80.00 in a research note published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other research firms have also recently commented on ZION. Truist Financial raised their price target on Zions Bancorporation, N.A. from $66.00 to $72.00 and gave the company a “hold” rating in a report on Friday, July 10th. Robert W. Baird reaffirmed a “neutral” rating and set a $68.00 price objective on shares of Zions Bancorporation, N.A. in a report on Tuesday, June 23rd. Barclays increased their price objective on Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 22nd. Piper Sandler reduced their target price on Zions Bancorporation, N.A. from $65.00 to $62.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. Finally, Morgan Stanley boosted their target price on shares of Zions Bancorporation, N.A. from $68.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Six equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Zions Bancorporation, N.A. has a consensus rating of “Hold” and an average target price of $69.12.

Zions Bancorporation, N.A. Trading Up 1.6%

Shares of Zions Bancorporation, N.A. stock opened at $71.55 on Wednesday. Zions Bancorporation, N.A. has a 52-week low of $46.19 and a 52-week high of $71.95. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.27. The company’s 50-day simple moving average is $65.33 and its 200-day simple moving average is $61.63. The firm has a market cap of $10.52 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 1.68 and a beta of 0.80.

Zions Bancorporation, N.A. (NASDAQ:ZION) last announced its quarterly earnings data on Monday, April 20th. The bank reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. Zions Bancorporation, N.A. had a net margin of 19.53% and a return on equity of 13.90%. The firm had revenue of $859.00 million during the quarter, compared to the consensus estimate of $853.73 million. During the same quarter last year, the firm earned $1.13 earnings per share. As a group, equities research analysts anticipate that Zions Bancorporation, N.A. will post 6.49 earnings per share for the current year.

Zions Bancorporation, N.A. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were given a $0.45 dividend. The ex-dividend date was Thursday, May 14th. This represents a $1.80 annualized dividend and a dividend yield of 2.5%. Zions Bancorporation, N.A.’s payout ratio is currently 27.99%.

Zions Bancorporation, N.A. announced that its Board of Directors has initiated a stock repurchase plan on Saturday, May 2nd that allows the company to repurchase $225.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Jennifer Anne Smith sold 4,209 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $62.50, for a total transaction of $263,062.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.43% of the company’s stock.

Institutional Investors Weigh In On Zions Bancorporation, N.A.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Zions Bancorporation, N.A. during the fourth quarter worth about $105,700,000. Balyasny Asset Management L.P. raised its holdings in shares of Zions Bancorporation, N.A. by 1,270.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,146,992 shares of the bank’s stock valued at $67,145,000 after buying an additional 1,063,303 shares during the period. AQR Capital Management LLC lifted its position in Zions Bancorporation, N.A. by 31.6% during 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 stake in Zions Bancorporation, N.A. in the second quarter valued at approximately $32,008,000. Finally, FIL Ltd grew its position in Zions Bancorporation, N.A. by 117.6% in the fourth quarter. FIL Ltd now owns 1,113,079 shares of the bank’s stock valued at $65,160,000 after acquiring an additional 601,610 shares in the last quarter. 76.84% of the stock is currently 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.