Executive Vice President Jennifer Anne Smith of Zions Bancorporation (NASDAQ: ZION) completed a pair of offsetting transactions on February 18, 2026. Smith sold 2,089 shares of common stock at $62.48 apiece, yielding approximately $130,520. On the same date she exercised 2,089 stock options at an exercise price of $52.90 per share, incurring a cost of $110,508 for those granted options.
The insider activity comes as the Salt Lake City-based bank reported fourth-quarter 2025 core earnings per share of $1.72, a result the company said was driven by lower provisions for loan losses and improved pre-tax, pre-provision income. Alongside the quarterly results, Zions announced a share repurchase program of up to $75 million for the first quarter of 2026. Company statements tied the timing and scale of buybacks to prevailing market conditions and applicable regulatory requirements.
Analyst responses following the earnings release and corporate actions were mixed. Baird moved its rating on Zions to Neutral from Outperform, assigning a $65.00 price target and citing the stock’s fair valuation after a recovery in market sentiment. TD Cowen raised its price target to $64.00 while keeping a Hold rating, citing the company’s stronger-than-expected earnings. DA Davidson maintained a Buy rating with a $75.00 target, noting management’s expectation of meaningful operating leverage in 2026. Piper Sandler also lifted its target to $65.00, reflecting updated earnings-per-share assumptions for 2026 and 2027.
Taken together, the insider sale and option exercise occurred against a backdrop of better-than-expected quarterly performance, a structured share repurchase plan, and divergent analyst perspectives on valuation and upside. The disclosures from the company explicitly linked repurchase execution to market and regulatory conditions, and analysts adjusted their views and price targets in light of the reported results and management commentary.
Summary: Zions Bancorporation saw an insider sale and concurrent option exercise by EVP Jennifer Anne Smith on February 18, 2026, while reporting Q4 2025 core EPS of $1.72, establishing a potential $75 million repurchase for Q1 2026, and prompting a range of analyst target revisions.