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Zions Bancorporation National Association
(NASDAQ:ZION)
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Rating:77Outperform
Price Target:
$80.00
â–²(15.46% Upside)
Action:Reiterated
Date:08/07/26
ZION’s score is driven primarily by improved financial performance (stronger profitability, better leverage metrics, and sharply higher free cash flow) and supportive earnings-call guidance (moderately rising NII/fees and positive operating leverage). Technicals add a constructive trend backdrop, while valuation is a positive contributor due to a low P/E and solid dividend yield. Key constraints on the score are funding/deposit competition and expense inflation risks noted on the call, plus uneven revenue history and variability in leverage over prior years.
Positive Factors
Profitability rebound
TTM revenue and margin expansion reflect durable operating improvement and better pricing/loan mix. Higher net margin and improved operating profitability increase internal capital generation, supporting reinvestment, dividends and buybacks while providing buffer versus cyclical rate or credit shifts.
Negative Factors
Deposit & funding pressure
Sustained deposit competition forces higher pricing or use of short-term wholesale funding, compressing NII and increasing funding cost volatility. Reliance on brokered/overnight borrowings elevates market sensitivity and could constrain margin and loan growth if elevated for multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability rebound
TTM revenue and margin expansion reflect durable operating improvement and better pricing/loan mix. Higher net margin and improved operating profitability increase internal capital generation, supporting reinvestment, dividends and buybacks while providing buffer versus cyclical rate or credit shifts.
Read all positive factors
Zions Bancorporation National Association (ZION) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.45B
Dividend Yield2.53%
Average Volume (3M)1.77M
Price to Earnings (P/E)9.2
Beta (1Y)1.15
Revenue Growth3.90%
EPS Growth43.25%
CountryUS
Employees9,039
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)7.89
Shares Outstanding145,953,350
10 Day Avg. Volume2,039,910
30 Day Avg. Volume1,774,675
Financial Highlights & Ratios
PEG Ratio0.42
Price to Book (P/B)1.20
Price to Sales (P/S)1.74
P/FCF Ratio8.78
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$74.93Price Target Upside8.14% Upside
Rating ConsensusHold
Number of Analyst Covering16
EPS Forecast (FY)8.01
Revenue Forecast (FY)$3.52B
Zions Bancorporation National Association Business Overview & Revenue Model
Company Description
Headquartered in Salt Lake City, Utah, Zions Bancorporation, National Association is a long-standing financial institution, founded in 1873. Operating primarily across the western United States, it delivers a comprehensive suite of banking and fin...
How the Company Makes Money
Zions Bancorporation, N.A. makes money primarily through (1) net interest income and (2) noninterest income. Net interest income is earned from the spread between interest and fees collected on earning assets—mainly commercial and industrial loans...
Zions Bancorporation National Association Earnings Call Summary
Earnings Call Date:Jul 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 19, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive operating momentum: adjusted earnings grew 10% year-over-year, net interest income and NIM showed improvement, loan and deposit trends were constructive, credit metrics remain strong, capital ratios improved and management has clear strategic initiatives (capital markets build, acquisition, product launches). Headline results were augmented by sizable one-time gains, and key near-term risks include deposit competition, expense inflation (notably technology), legal costs, and some funding sensitivity. On balance, the company appears well-positioned but faces manageable near-term execution and funding challenges.Positive Updates
Strong Reported and Adjusted Earnings
Net earnings available to common shareholders of $452 million ($3.05 per share), and adjusted EPS of $1.74 excluding exceptional items versus $1.58 a year ago, representing a 10% year-over-year increase in adjusted EPS.
Negative Updates
Headline EPS Lifted by One-Time Items
Reported EPS ($3.05) was materially affected by a $215 million pretax gain from liquidation of Visa Class B1 shares and a $44 million unrealized securities gain (net $37 million after a $7 million success fee), meaning headline results include significant one-time items not baked into guidance.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Reported and Adjusted Earnings
Net earnings available to common shareholders of $452 million ($3.05 per share), and adjusted EPS of $1.74 excluding exceptional items versus $1.58 a year ago, representing a 10% year-over-year increase in adjusted EPS.
Read all positive updates
Company Guidance
Management's outlook called for Q3 2026 net interest income to be "moderately increasing" from Q2's taxable‑equivalent NII of $677 million and 3.27% NIM (with the June 30 forward curve implying roughly one rate hike over 12 months and the potential for NII to reach upper‑single‑digit growth if hikes occur); adjusted customer fee income is also expected to be moderately up from Q2's $181 million (toward the top of the range), while adjusted noninterest expense is guided to be moderately increasing from $546 million, with the company reiterating full‑year 2026 positive operating leverage of 100–150 bps. Other relevant metrics cited alongside the guidance: average loans growth of 4.7% annualized in Q2, average customer deposits up 4.0% q/q, taxable‑equivalent NII +2% q/q (+4% y/y), adjusted pre‑provision net revenue $332 million, adjusted EPS $1.74 (ex‑items), credit losses ~6 bps annualized, ACL 1.13% (227% coverage of nonaccruals), NPA 48 bps, CET1 11.8%, and management expects continued net capital generation supporting buybacks/dividends.Zions Bancorporation National Association Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
71
Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.17B | 4.94B | 4.99B | 4.62B | 3.34B | 2.97B |
| Gross Profit | 3.69B | 3.31B | 3.06B | 2.98B | 3.03B | 3.19B |
| EBITDA | 1.61B | 1.29B | 1.14B | 1.03B | 1.26B | 1.43B |
| Net Income | 1.17B | 899.00M | 784.00M | 680.00M | 907.00M | 1.13B |
Balance Sheet | ||||||
| Total Assets | 89.04B | 88.99B | 88.78B | 87.20B | 89.55B | 93.20B |
| Cash, Cash Equivalents and Short-Term Investments | 21.37B | 12.18B | 12.63B | 12.50B | 13.91B | 34.93B |
| Total Debt | 3.17B | 4.34B | 4.37B | 4.54B | 11.07B | 1.92B |
| Total Liabilities | 81.36B | 81.81B | 82.65B | 81.51B | 84.65B | 85.74B |
| Stockholders Equity | 7.68B | 7.18B | 6.12B | 5.69B | 4.89B | 7.46B |
Cash Flow | ||||||
| Free Cash Flow | 2.05B | 981.00M | 1.05B | 772.00M | 1.28B | 423.00M |
| Operating Cash Flow | 2.19B | 1.10B | 1.15B | 885.00M | 1.47B | 629.00M |
| Investing Cash Flow | -94.00M | 709.00M | -1.64B | 2.37B | 1.41B | -11.58B |
| Financing Cash Flow | -2.11B | -1.78B | 427.00M | -3.20B | -2.81B | 11.00B |
Zions Bancorporation National Association Technical Analysis
Positive
69.29
Price Trends
68.70
Positive
64.46
Positive
60.25
Positive
Market Momentum
0.79
Negative
63.04
Neutral
71.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZION, the sentiment is Positive. The current price of 69.29 is below the 20-day moving average (MA) of 69.99, above the 50-day MA of 68.70, and above the 200-day MA of 60.25, indicating a bullish trend. The MACD of 0.79 indicates Negative momentum. The RSI at 63.04 is Neutral, neither overbought nor oversold. The STOCH value of 71.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ZION.
Zions Bancorporation National Association Risk Analysis
Zions Bancorporation National Association disclosed 38 risk factors in its most recent earnings report. Zions Bancorporation National Association reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Zions Bancorporation National Association Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $10.36B | 11.92 | 10.46% | 2.15% | 27.70% | 32.69% | |
78 Outperform | $10.96B | 12.86 | 12.33% | 1.32% | 5.62% | 17.55% | |
78 Outperform | $11.29B | 12.00 | 15.44% | 1.75% | 3.80% | 43.71% | |
77 Outperform | $10.45B | 9.17 | 16.14% | 2.60% | 3.90% | 43.25% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $10.48B | 16.03 | 15.04% | 2.45% | 1.94% | 13.72% |
* Financial Sector Average
ZION
Zions Bancorporation National Association
72.20
21.09
41.26%
CFR
Cullen/Frost Bankers
170.08
49.66
41.24%
ONB
Old National Bancorp Capital
27.17
6.37
30.61%
BPOP
Popular
177.87
62.58
54.28%
WTFC
Wintrust Financial
162.47
37.21
29.71%
Zions Bancorporation National Association Corporate Events
Executive/Board Changes
Zions Bancorporation Expands Board, Appoints Daniel J. Ryan
Positive
Jun 2, 2026
On June 2, 2026, Zions Bancorporation, N.A. expanded its board from 11 to 12 members and elected retired PricewaterhouseCoopers partner Daniel J. Ryan as a director, with his service effective immediately and continuing until the next annual share...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.