Morgan Stanley Issues Pessimistic Forecast for Zions Bancorporation, National Association (NASDAQ:ZION) Stock Price

Zions Bancorporation, National Association (NASDAQ:ZION) had its price objective dropped by research analysts at Morgan Stanley from $71.00 to $64.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s target price would suggest a potential upside of 31.61% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of Zions Bancorporation, National Association from $65.00 to $70.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. decreased their price target 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. Barclays raised their price target on shares of Zions Bancorporation, National Association from $59.00 to $61.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 22nd. DA Davidson raised their price target on shares of Zions Bancorporation, National Association from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company raised their price target on shares of Zions Bancorporation, National Association from $54.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $61.18.

Zions Bancorporation, National Association Stock Performance

Shares of ZION stock opened at $48.63 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $7.19 billion, a P/E ratio of 9.82, a price-to-earnings-growth ratio of 1.61 and a beta of 1.10. The company’s 50 day moving average price is $54.86 and its two-hundred day moving average price is $53.52. Zions Bancorporation, National Association has a 52 week low of $39.05 and a 52 week high of $63.22.

Zions Bancorporation, National Association (NASDAQ:ZION) last issued its quarterly earnings results on Tuesday, January 21st. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.08. The company had revenue of $820.00 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the business earned $0.78 EPS. On average, analysts expect that Zions Bancorporation, National Association will post 5.39 earnings per share for the current fiscal year.

Zions Bancorporation, National Association announced that its Board of Directors has initiated a stock repurchase plan on Monday, February 24th that allows the company to buyback $40.00 million in shares. This buyback authorization allows the bank to buy up to 0.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Zions Bancorporation, National Association

In other news, EVP Jennifer Anne Smith sold 22,673 shares of Zions Bancorporation, National Association stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $56.47, for a total transaction of $1,280,344.31. Following the completion of the sale, the executive vice president now owns 29,313 shares of the company’s stock, valued at approximately $1,655,305.11. This trade represents a 43.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Steven Dan Stephens sold 10,000 shares of Zions Bancorporation, National Association stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $55.71, for a total value of $557,100.00. Following the sale, the executive vice president now directly owns 45,847 shares of the company’s stock, valued at $2,554,136.37. This represents a 17.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,713 shares of company stock valued at $1,839,686 in the last quarter. 2.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Zions Bancorporation, National Association

A number of hedge funds and other institutional investors have recently modified their holdings of ZION. EverSource Wealth Advisors LLC lifted its holdings in shares of Zions Bancorporation, National Association by 51.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 541 shares of the bank’s stock worth $29,000 after buying an additional 183 shares in the last quarter. Covestor Ltd lifted its holdings 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 buying an additional 479 shares in the last quarter. SRS Capital Advisors Inc. raised its stake in Zions Bancorporation, National Association by 120.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 901 shares of the bank’s stock valued at $49,000 after purchasing an additional 493 shares in the last quarter. Millstone Evans Group LLC acquired a new position in Zions Bancorporation, National Association in the fourth quarter valued at about $62,000. Finally, Natixis acquired a new position in Zions Bancorporation, National Association in the fourth quarter valued at about $102,000. Institutional investors and hedge funds 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.