Wells Fargo & Company Lowers Zions Bancorporation, National Association (NASDAQ:ZION) Price Target to $58.00

Zions Bancorporation, National Association (NASDAQ:ZION - Get Free Report) had its price target cut by Wells Fargo & Company from $62.00 to $58.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the bank's stock. Wells Fargo & Company's price target indicates a potential upside of 16.33% from the company's current price.

ZION has been the topic of a number of other reports. Compass Point increased their price objective on shares of Zions Bancorporation, National Association from $54.00 to $66.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. reduced their price target on Zions Bancorporation, National Association from $65.00 to $62.00 and set a "neutral" rating on the stock in a report on Tuesday, January 7th. Morgan Stanley cut their price objective on Zions Bancorporation, National Association from $71.00 to $64.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. The Goldman Sachs Group upgraded shares of Zions Bancorporation, National Association from a "neutral" rating to a "buy" rating and set a $71.00 target price on the stock in a research note on Tuesday, January 7th. Finally, Stephens reaffirmed an "equal weight" rating and set a $64.00 target price on shares of Zions Bancorporation, National Association in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $60.94.

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Zions Bancorporation, National Association Price Performance

Shares of Zions Bancorporation, National Association stock traded up $0.39 during trading hours on Friday, reaching $49.86. The company's stock had a trading volume of 1,229,673 shares, compared to its average volume of 1,548,770. Zions Bancorporation, National Association has a one year low of $39.05 and a one year high of $63.22. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50 day moving average price of $53.66 and a 200-day moving average price of $53.77. The stock has a market cap of $7.36 billion, a P/E ratio of 10.07, a P/E/G ratio of 1.61 and a beta of 1.10.

Zions Bancorporation, National Association (NASDAQ:ZION - Get Free Report) last issued its quarterly earnings results on Tuesday, January 21st. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.08. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. The company had revenue of $820.00 million during the quarter, compared to the consensus estimate of $787.70 million. During the same period last year, the company earned $0.78 earnings per share. Zions Bancorporation, National Association's revenue was up 12.2% on a year-over-year basis. On average, analysts predict that Zions Bancorporation, National Association will post 5.39 EPS for the current year.

Zions Bancorporation, National Association declared that its Board of Directors has initiated a share buyback plan on Monday, February 24th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 0.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Jennifer Anne Smith sold 22,673 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $56.47, for a total value of $1,280,344.31. Following the completion of the transaction, the executive vice president now directly owns 29,313 shares in the company, valued at $1,655,305.11. This trade represents a 43.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Steven Dan Stephens sold 10,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 45,847 shares in the company, valued at approximately $2,554,136.37. This represents a 17.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,713 shares of company stock valued at $1,839,686. Insiders own 2.22% of the company's stock.

Institutional Investors Weigh In On Zions Bancorporation, National Association

Several hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Zions Bancorporation, National Association by 6.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 43,935 shares of the bank's stock worth $2,383,000 after buying an additional 2,712 shares during the last quarter. Fluent Financial LLC purchased a new stake in Zions Bancorporation, National Association in the 4th quarter worth approximately $277,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Zions Bancorporation, National Association in the 4th quarter worth approximately $4,603,000. Michels Family Financial LLC acquired a new stake in shares of Zions Bancorporation, National Association during the 4th quarter worth approximately $651,000. Finally, Vise Technologies Inc. purchased a new position in shares of Zions Bancorporation, National Association during the 4th quarter valued at approximately $311,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

Zions Bancorporation, National Association Company Profile

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.