Share Repurchase Program Authorized by Zions Bancorporation, National Association (NASDAQ:ZION) Board of Directors

Zions Bancorporation, National Association (NASDAQ:ZION) declared that its board has authorized a share buyback program on Monday, February 24th, RTT News reports. The company plans to repurchase $40.00 million in shares. This repurchase authorization permits the bank to repurchase up to 0.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Zions Bancorporation, National Association Price Performance

ZION stock opened at $52.85 on Tuesday. Zions Bancorporation, National Association has a 52 week low of $38.01 and a 52 week high of $63.22. 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 company has a fifty day simple moving average of $55.93 and a two-hundred day simple moving average of $53.25. The firm has a market capitalization of $7.81 billion, a P/E ratio of 10.68, a price-to-earnings-growth ratio of 1.61 and a beta of 1.11.

Zions Bancorporation, National Association (NASDAQ:ZION) last announced its earnings results 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. Zions Bancorporation, National Association had a net margin of 15.70% and a return on equity of 13.65%. The business had revenue of $820.00 million for the quarter, compared to the consensus estimate of $787.70 million. During the same quarter in the prior year, the firm posted $0.78 earnings per share. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. Analysts anticipate that Zions Bancorporation, National Association will post 5.39 earnings per share for the current fiscal year.

Zions Bancorporation, National Association Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, February 13th were paid a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 3.25%. The ex-dividend date was Thursday, February 13th. Zions Bancorporation, National Association’s dividend payout ratio is currently 34.75%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ZION. JPMorgan Chase & Co. dropped 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 report on Tuesday, January 7th. Stephens upped their price target on shares of Zions Bancorporation, National Association from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods upped their target price on shares of Zions Bancorporation, National Association from $65.00 to $70.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 22nd. DA Davidson upped their target price on shares of Zions Bancorporation, National Association from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada upped their target price on shares of Zions Bancorporation, National Association from $61.00 to $63.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $60.71.

Insider Activity

In related news, EVP Steven Dan Stephens sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $55.71, for a total value of $557,100.00. Following the transaction, the executive vice president now owns 45,847 shares of the company’s stock, valued at $2,554,136.37. This trade represents a 17.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction 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 represents a 43.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,713 shares of company stock valued at $1,839,686. 2.22% of the stock is currently owned by company insiders.

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.