Zions Bancorporation, N.A. (NASDAQ:ZION) Rating Lowered to In-Line at Evercore

Zions Bancorporation, N.A. (NASDAQ:ZION) was downgraded by equities researchers at Evercore from an “outperform” rating to an “in-line” rating in a research report issued on Thursday, Marketbeat reports. They currently have a $68.00 price objective on the bank’s stock. Evercore’s price target would suggest a potential downside of 1.86% from the stock’s previous close.

ZION has been the topic of a number of other research reports. Robert W. Baird lifted their price objective on Zions Bancorporation, N.A. from $68.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday. Piper Sandler dropped 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. Citigroup raised their target price on Zions Bancorporation, N.A. from $64.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 22nd. DA Davidson boosted their price target on shares of Zions Bancorporation, N.A. from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Barclays upped their price objective on shares of Zions Bancorporation, N.A. from $68.00 to $72.00 and gave the company an “underweight” rating in a report on Wednesday, April 22nd. 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $71.29.

Zions Bancorporation, N.A. Trading Up 0.2%

Shares of Zions Bancorporation, N.A. stock opened at $69.29 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.83. The stock’s 50 day simple moving average is $66.71 and its 200-day simple moving average is $62.19. The stock has a market cap of $10.19 billion, a P/E ratio of 8.83, a P/E/G ratio of 1.66 and a beta of 0.80. Zions Bancorporation, N.A. has a 1-year low of $46.19 and a 1-year high of $73.34.

Zions Bancorporation, N.A. declared that its board has authorized a share buyback program on Saturday, May 2nd that authorizes the company to buyback $225.00 million in shares. This buyback authorization authorizes the bank to buy up to 2.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Jennifer Anne Smith sold 4,209 shares of Zions Bancorporation, N.A. stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $62.50, for a total value of $263,062.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB raised its holdings in shares of Zions Bancorporation, N.A. by 17.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 46,100 shares of the bank’s stock valued at $3,190,000 after buying an additional 6,700 shares during the period. Arista Wealth Management LLC acquired a new position in Zions Bancorporation, N.A. during the 2nd quarter worth about $230,000. Everhart Financial Group Inc. purchased a new position in Zions Bancorporation, N.A. during the 2nd quarter valued at about $224,000. Beacon Investment Advisory Services Inc. boosted its holdings in Zions Bancorporation, N.A. by 12.6% during the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 12,895 shares of the bank’s stock valued at $892,000 after acquiring an additional 1,448 shares during the period. Finally, Elevation Wealth Partners LLC grew its position in Zions Bancorporation, N.A. by 528.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 415 shares of the bank’s stock valued at $29,000 after acquiring an additional 349 shares in the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Zions Bancorporation, N.A. News Roundup

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

• Positive Sentiment: Robert W. Baird raised its price target on Zions Bancorporation, N.A. (ZION) to $75, signaling room for further upside. Robert W. Baird Increases Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target to $75.00
• Positive Sentiment: Wells Fargo, RBC, TD Cowen, and DA Davidson all issued bullish notes or strong appreciation forecasts for Zions Bancorporation, N.A. (ZION), reinforcing expectations for further share gains. Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says TD Cowen Forecasts Strong Price Appreciation for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock DA Davidson Forecasts Strong Price Appreciation for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock
• Neutral Sentiment: Shares also saw unusually heavy options activity, suggesting traders are positioning for a larger move but without clear direction. Zions Bancorporation, N.A. Target of Unusually Large Options Trading (NASDAQ:ZION)
• Negative Sentiment: Evercore downgraded Zions Bancorporation, N.A. (ZION) from outperform to in-line and set a $68 target, implying modest downside from recent levels. Read More
• Negative Sentiment: Another report said ZION shares were gapping down on the analyst downgrade, highlighting that the downgrade is the main bearish catalyst weighing on sentiment. Zions Bancorporation, N.A. (NASDAQ:ZION) Shares Gap Down on Analyst Downgrade
• Negative Sentiment: Stephens also lowered expectations for Zions Bancorporation, N.A. (ZION), adding to the pressure from the Evercore downgrade. Stephens Has Lowered Expectations for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Price

Zions Bancorporation, N.A. Company Profile

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.