JPMorgan Chase & Co. has raised its price target for Zions Bancorporation, N.A. from $62.00 to $67.00, according to a research note released on Tuesday. The bank’s stock is currently rated as neutral by JPMorgan, reflecting analysts’ mixed sentiments on the company’s performance.
Several other financial institutions have also recently adjusted their evaluations of Zions Bancorporation. Cantor Fitzgerald initiated coverage on the bank, assigning it an “overweight” rating with a target price of $64.00. In a separate report dated October 23, 2023, Bank of America upgraded its rating from “underperform” to “neutral” and increased its price objective from $59.00 to $62.00.
Furthermore, on October 17, 2023, Robert W. Baird shifted its rating from “neutral” to “outperform,” setting a target of $65.00. Evercore ISI also raised its target price from $61.00 to $65.00 while maintaining an “outperform” rating. Overall, Zions Bancorporation has garnered a consensus rating of “Hold” with an average price target of $61.35, as reported by MarketBeat.com.
Recent Financial Performance
Zions Bancorporation recently announced its quarterly earnings on June 12, 2023, reporting earnings per share (EPS) of $1.32. The bank achieved a return on equity of 13.56% and a net margin of 17.22%, with total revenue of $705.00 million for the quarter. Analysts project an EPS of $5.39 for the current fiscal year, reflecting expectations for steady growth.
In addition to its financial results, Zions Bancorporation declared a quarterly dividend of $0.45 per share, paid on November 20, 2023. This translates to an annualized dividend of $1.80 and a yield of 3.0%. The ex-dividend date was set for November 13, 2023, and the company’s payout ratio stands at 32.26%.
Insider Transactions and Institutional Investments
On October 27, 2023, Executive Vice President Jennifer Anne Smith sold 2,458 shares at an average price of $53.11, totaling approximately $130,544.38. After this transaction, Smith retains 27,133 shares valued at around $1,441,033.63. This sale represents an 8.31% decrease in her ownership stake. Insiders currently hold 2.22% of the company’s total shares.
Recent shifts in institutional positions also reflect growing interest in Zions Bancorporation. Traub Capital Management LLC acquired a new stake during the second quarter valued at approximately $31,000. Assetmark Inc. increased its holdings by 75.3%, bringing its total to 673 shares valued at about $35,000. Other institutional investors, including Community Bank N.A. and Steph & Co., have also established or expanded their positions, indicating a robust interest in the bank’s potential. Currently, institutional investors own 76.84% of Zions Bancorporation’s stock.
Zions Bancorporation, N.A. provides a wide range of banking products and services primarily across the western United States, including states such as Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. Its operating segments include Zions Bank, California Bank & Trust, Amegy Bank, and several others, positioning it as a significant player in the regional banking sector.
