Wells Fargo & Company Issues Pessimistic Forecast for Zions Bancorporation, National Association (NASDAQ:ZION) Stock Price

Zions Bancorporation, National Association (NASDAQ:ZION) had its price objective reduced by Wells Fargo & Company from $58.00 to $47.00 in a research note released on Tuesday,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

ZION has been the topic of several other reports. Morgan Stanley cut their target price on Zions Bancorporation, National Association from $71.00 to $64.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada boosted their target price on Zions Bancorporation, National Association from $61.00 to $63.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 22nd. Barclays increased their price target on Zions Bancorporation, National Association from $59.00 to $61.00 and gave the company an “underweight” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price objective on shares of Zions Bancorporation, National Association from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Finally, DA Davidson raised their target price on shares of Zions Bancorporation, National Association from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $59.00.

Zions Bancorporation, National Association Trading Down 1.1 %

Shares of NASDAQ ZION opened at $43.13 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.16. Zions Bancorporation, National Association has a one year low of $39.32 and a one year high of $63.22. The business has a 50-day moving average price of $48.70 and a two-hundred day moving average price of $53.36. The firm has a market capitalization of $6.36 billion, a PE ratio of 8.71, a PEG ratio of 1.61 and a beta of 0.92.

Zions Bancorporation, National Association (NASDAQ:ZION) last announced its quarterly earnings data on Monday, April 21st. The bank reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. The business had revenue of $795.00 million during the quarter, compared to analyst estimates of $792.49 million. During the same period last year, the company earned $0.96 earnings per share. As a group, analysts predict that Zions Bancorporation, National Association will post 5.39 earnings per share for the current fiscal year.

Zions Bancorporation, National Association Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 13th were given a dividend of $0.43 per share. The ex-dividend date was Thursday, February 13th. This represents a $1.72 annualized dividend and a yield of 3.99%. Zions Bancorporation, National Association’s dividend payout ratio (DPR) is presently 34.75%.

Zions Bancorporation, National Association declared that its Board of Directors has authorized a share buyback program on Monday, February 24th that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 0.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Jennifer Anne Smith sold 22,673 shares of Zions Bancorporation, National Association stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $56.47, for a total value of $1,280,344.31. Following the completion of the sale, the executive vice president now directly owns 29,313 shares in the company, valued at approximately $1,655,305.11. The trade was a 43.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Steven Dan Stephens sold 10,000 shares of the company’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $55.71, for a total value of $557,100.00. Following the sale, the executive vice president now owns 45,847 shares of the company’s stock, valued at approximately $2,554,136.37. The trade was a 17.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,029 shares of company stock worth $1,855,321 in the last 90 days. Company insiders own 2.22% of the company’s stock.

Institutional Investors Weigh In On Zions Bancorporation, National Association

Hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in shares of Zions Bancorporation, National Association during the third quarter worth about $583,000. Fisher Asset Management LLC bought a new stake in shares of Zions Bancorporation, National Association in the 4th quarter valued at about $389,000. Strategic Financial Concepts LLC acquired a new stake in shares of Zions Bancorporation, National Association in the fourth quarter valued at about $2,538,000. Polymer Capital Management US LLC bought a new position in shares of Zions Bancorporation, National Association during the fourth quarter worth about $229,000. Finally, SG Americas Securities LLC lifted its stake in shares of Zions Bancorporation, National Association by 244.8% in the fourth quarter. SG Americas Securities LLC now owns 28,405 shares of the bank’s stock worth $1,541,000 after acquiring an additional 20,167 shares during the period. 76.84% of the stock is currently owned by institutional investors and hedge funds.

About Zions Bancorporation, National Association

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments.