Morgan Stanley Cuts Zions Bancorporation, National Association (NASDAQ:ZION) Price Target to $64.00

Zions Bancorporation, National Association (NASDAQ:ZION) had its target price decreased by Morgan Stanley from $71.00 to $64.00 in a research report sent to investors on Thursday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the bank’s stock.

A number of other research firms have also issued reports on ZION. Barclays boosted their price target on shares of Zions Bancorporation, National Association from $59.00 to $61.00 and gave the company an “underweight” rating in a report on Wednesday, January 22nd. DA Davidson boosted 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. UBS Group assumed coverage on Zions Bancorporation, National Association in a report on Tuesday, December 17th. They issued a “neutral” rating and a $64.00 target price for the company. The Goldman Sachs Group upgraded Zions Bancorporation, National Association from a “neutral” rating to a “buy” rating and set a $71.00 price target on the stock in a report on Tuesday, January 7th. Finally, Compass Point increased their price objective on Zions Bancorporation, National Association from $54.00 to $66.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $61.18.

Zions Bancorporation, National Association Stock Performance

ZION opened at $48.63 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.16. The firm has a market cap of $7.19 billion, a PE ratio of 9.82, a P/E/G ratio of 1.61 and a beta of 1.10. The business has a fifty day simple moving average of $54.86 and a 200-day simple moving average of $53.55. Zions Bancorporation, National Association has a fifty-two week low of $39.05 and a fifty-two week high of $63.22.

Zions Bancorporation, National Association (NASDAQ:ZION) last announced its earnings results on Tuesday, January 21st. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.26 by $0.08. The business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $787.70 million. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. Zions Bancorporation, National Association’s revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.78 earnings per share. As a group, equities analysts predict that Zions Bancorporation, National Association will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, National Association Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 13th were issued a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $1.72 annualized dividend and a yield of 3.54%. Zions Bancorporation, National Association’s dividend payout ratio (DPR) is currently 34.75%.

Zions Bancorporation, National Association announced that its board has initiated a stock repurchase program on Monday, February 24th that authorizes the company to buyback $40.00 million in shares. This buyback authorization authorizes the bank to buy up to 0.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, EVP Steven Dan Stephens sold 10,000 shares of Zions Bancorporation, National Association stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $55.71, for a total value of $557,100.00. Following the transaction, the executive vice president now directly owns 45,847 shares in the company, valued at approximately $2,554,136.37. The trade was a 17.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jennifer Anne Smith sold 22,673 shares of the 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 sale, the executive vice president now owns 29,313 shares of the company’s stock, valued at approximately $1,655,305.11. The trade was a 43.61 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,713 shares of company stock valued at $1,839,686. Insiders own 2.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in shares of Zions Bancorporation, National Association during the third quarter valued at about $583,000. Cornercap Investment Counsel Inc. acquired a new position in Zions Bancorporation, National Association in the 3rd quarter valued at approximately $510,000. Fisher Asset Management LLC acquired a new position in Zions Bancorporation, National Association in the 4th quarter valued at approximately $389,000. Strategic Financial Concepts LLC bought a new stake in shares of Zions Bancorporation, National Association in the 4th quarter worth approximately $2,538,000. Finally, State Street Corp grew its holdings in shares of Zions Bancorporation, National Association by 14.6% during the 3rd quarter. State Street Corp now owns 7,041,818 shares of the bank’s stock worth $332,515,000 after purchasing an additional 896,889 shares in the last quarter. 76.84% of the stock is owned by institutional investors.

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.