Steven Dan Stephens, Executive Vice President and Division CEO at Zions Bancorporation (NASDAQ:ZION), National Association (NASDAQ:ZION), recently sold 388 shares of the company's common stock. The shares were sold at an average price of $59.92 each, totaling $23,248. Following this transaction, Stephens holds 45,136 shares in the company. The transaction comes as ZION, currently valued at $7.86 billion, has shown strong momentum with a 38% price return over the past six months.
Zions Bancorporation, headquartered in Salt Lake City, Utah, operates as a national commercial bank. The company has maintained dividend payments for 54 consecutive years, currently offering a 3.06% yield. According to InvestingPro analysis, the stock appears undervalued, with multiple positive indicators among its 8+ ProTips. The transaction was disclosed in a filing with the Securities and Exchange Commission.
In other recent news, Zions Bancorp has made significant financial maneuvers, including a $500 million subordinated debt offering and plans to redeem various preferred stock series. Piper Sandler has maintained a neutral rating on the bank's stock, praising the debt offering's reasonable terms and the overall strategy. Zions Bancorp's latest actions aim to leverage favorable market conditions to enhance the company's earnings per share.
The bank recently declared regular quarterly dividends of $0.43 per common share, reflecting its solid financial health. It reported an operating earnings per share of $1.36, surpassing the consensus estimate of $1.17, and a net earnings increase to $204 million.
Zions Bancorp also plans to acquire four FirstBank branches in California, pending regulatory approval. Several financial firms, including Keefe, Bruyette & Woods, Piper Sandler, RBC Capital Markets, Baird, and Stephens, have adjusted their stock targets for Zions Bancorp upwards due to its strong financial performance.
Evercore ISI has raised its price target for Zions Bancorp to $68, emphasizing the bank's net interest income momentum and efficient expense management. Meanwhile, Keefe, Bruyette & Woods has increased the bank's stock target to $56.00, citing robust expense management and anticipated positive operating leverage by 2025. These are recent developments in Zions Bancorp's ongoing operations.
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