Share Repurchase Program Announced by Zions Bancorporation, National Association (NASDAQ:ZION) Board

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

Zions Bancorporation, National Association Stock Performance

NASDAQ ZION traded down $0.57 during trading hours on Monday, hitting $52.85. The company’s stock had a trading volume of 1,353,740 shares, compared to its average volume of 1,208,490. The company’s 50 day simple moving average is $55.93 and its two-hundred day simple moving average is $53.25. The company has a market cap 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 has a 12 month low of $38.01 and a 12 month 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.

Zions Bancorporation, National Association (NASDAQ:ZION) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.08. The company had revenue of $820.00 million during the quarter, compared to the consensus estimate of $787.70 million. Zions Bancorporation, National Association had a return on equity of 13.65% and a net margin of 15.70%. The firm’s revenue was up 12.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.78 EPS. As a group, sell-side analysts expect that Zions Bancorporation, National Association will post 5.39 EPS for the current fiscal year.

Zions Bancorporation, National Association Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Thursday, February 13th were paid a dividend of $0.43 per share. The ex-dividend date was Thursday, February 13th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.25%. Zions Bancorporation, National Association’s dividend payout ratio (DPR) is presently 34.75%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ZION shares. The Goldman Sachs Group raised 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. Compass Point increased their price target on shares of Zions Bancorporation, National Association from $54.00 to $66.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. DA Davidson raised 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 report on Wednesday, January 22nd. Wells Fargo & Company raised their price target on 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. Finally, Keefe, Bruyette & Woods raised their price target on 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. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $60.71.

Insider Activity at Zions Bancorporation, National Association

In related news, EVP Steven Dan Stephens sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 45,847 shares of the company’s stock, valued at approximately $2,554,136.37. The trade was a 17.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Paul E. Burdiss sold 9,506 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $61.06, for a total value of $580,436.36. Following the completion of the transaction, the executive vice president now directly owns 86,232 shares in the company, valued at approximately $5,265,325.92. This represents a 9.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,219 shares of company stock worth $2,420,122. 2.22% of the stock is 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.