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

Zions Bancorporation, National Association (NASDAQ:ZION - Get Free Report) had its price target cut by research analysts at Morgan Stanley from $71.00 to $64.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the bank's stock. Morgan Stanley's price objective points to a potential upside of 30.93% from the stock's previous close.

A number of other brokerages have also recently commented on ZION. Wells Fargo & Company raised their price objective on Zions Bancorporation, National Association from $54.00 to $62.00 and gave the company an "equal weight" rating in a research note on Friday, November 15th. Stephens reissued an "equal weight" rating and issued a $64.00 price target on shares of Zions Bancorporation, National Association in a research report on Wednesday, March 5th. The Goldman Sachs Group upgraded shares of Zions Bancorporation, National Association from a "neutral" rating to a "buy" rating and set a $71.00 price objective on the stock in a report on Tuesday, January 7th. UBS Group assumed coverage on shares of Zions Bancorporation, National Association in a report on Tuesday, December 17th. They set a "neutral" rating and a $64.00 price objective for the company. Finally, Barclays upped their target price on shares of Zions Bancorporation, National Association from $59.00 to $61.00 and gave the stock an "underweight" rating in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $61.18.

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Zions Bancorporation, National Association Stock Up 0.5 %

Shares of Zions Bancorporation, National Association stock traded up $0.25 during trading on Thursday, reaching $48.88. 2,326,920 shares of the company traded hands, compared to its average volume of 1,478,900. The firm has a market capitalization of $7.23 billion, a PE ratio of 9.87, a P/E/G ratio of 1.61 and a beta of 1.10. Zions Bancorporation, National Association has a 1-year low of $39.05 and a 1-year high of $63.22. The company has a 50 day moving average price of $54.74 and a 200-day moving average price of $53.58. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.80 and a quick ratio of 0.80.

Zions Bancorporation, National Association (NASDAQ:ZION - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.08. The firm had revenue of $820.00 million for the quarter, compared to analyst estimates of $787.70 million. Zions Bancorporation, National Association had a net margin of 15.70% and a return on equity of 13.65%. The business's quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.78 earnings per share. As a group, equities research analysts expect that Zions Bancorporation, National Association will post 5.39 earnings per share for the current fiscal year.

Zions Bancorporation, National Association declared that its Board of Directors has authorized a share buyback program on Monday, February 24th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Insider Activity at Zions Bancorporation, National Association

In other news, EVP Steven Dan Stephens sold 10,000 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $55.71, for a total transaction of $557,100.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jennifer Anne Smith sold 22,673 shares of the business's stock in a transaction dated 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 owns 29,313 shares in the company, valued at $1,655,305.11. This represents a 43.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,713 shares of company stock worth $1,839,686. 2.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zions Bancorporation, National Association

Large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its holdings in Zions Bancorporation, National Association by 51.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 541 shares of the bank's stock worth $29,000 after buying an additional 183 shares during the period. Covestor Ltd lifted its position in shares of Zions Bancorporation, National Association by 128.1% during the fourth quarter. Covestor Ltd now owns 853 shares of the bank's stock worth $46,000 after acquiring an additional 479 shares in the last quarter. SRS Capital Advisors Inc. boosted its holdings in shares of Zions Bancorporation, National Association by 120.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 901 shares of the bank's stock worth $49,000 after acquiring an additional 493 shares during the period. Millstone Evans Group LLC purchased a new position in shares of Zions Bancorporation, National Association in the fourth quarter valued at $62,000. Finally, Natixis bought a new stake in shares of Zions Bancorporation, National Association during the 4th quarter valued at $102,000. Hedge funds and other institutional investors own 76.84% of the company's stock.

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.