Zions Bancorporation, National Association (N.A) (ZION)
NASDAQ:ZION
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Zions Bancorporation National Association
(NASDAQ:ZION)
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Rating:69Neutral
Price Target:
$67.00
▲(6.81% Upside)
Action:Downgraded
Date:06/03/26
The score is driven primarily by solid underlying financial quality (improving leverage, healthy profitability, and strong cash conversion) and constructive management guidance for NII growth and positive operating leverage. Valuation is supportive with a low P/E and a moderate dividend yield, while technical signals are mixed/neutral and the sharp TTM revenue decline remains the main risk tempering the overall rating.
Positive Factors
Improved leverage and capital position
Debt-to-equity moving from prior highs to ~0.32 and a CET1 ratio near 11.5% materially strengthens the bank's capital buffer. This durable improvement increases resilience to credit shocks, supports regulatory flexibility, and permits opportunistic capital deployment over the next several quarters.
Negative Factors
Material TTM revenue contraction
A roughly 32% TTM revenue drop signals diminished top-line scale that can pressure long-term margin sustainability and reduces the cushion for cost absorption. Persistent revenue weakness would force repeated efficiency gains or higher risk-taking to restore growth over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage and capital position
Debt-to-equity moving from prior highs to ~0.32 and a CET1 ratio near 11.5% materially strengthens the bank's capital buffer. This durable improvement increases resilience to credit shocks, supports regulatory flexibility, and permits opportunistic capital deployment over the next several quarters.
Read all positive factors
Zions Bancorporation National Association (ZION) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.30B
Dividend Yield2.97%
Average Volume (3M)1.39M
Price to Earnings (P/E)9.7
Beta (1Y)1.18
Revenue Growth-1.12%
EPS Growth25.29%
CountryUS
Employees9,392
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)6.47
Shares Outstanding147,091,810
10 Day Avg. Volume1,337,105
30 Day Avg. Volume1,386,309
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 Cap0.98
Enterprise Value/Revenue1.85
Enterprise Value/Gross Profit2.69
Enterprise Value/Ebitda7.09
Forecast
1Y Price Target
$67.67Price Target Upside7.87% Upside
Rating ConsensusHold
Number of Analyst Covering15
EPS Forecast (FY)6.48
Revenue Forecast (FY)$3.53B
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 primarily makes money through net interest income and noninterest income generated by its banking operations. Net interest income is the largest driver for many commercial banks and comes from earning interest on loans and int...
Zions Bancorporation National Association Earnings Call Summary
Earnings Call Date:Apr 20, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 20, 2026
Earnings Call Sentiment Positive
The call presented stronger year‑over‑year financial performance, solid credit metrics, deposit growth at period‑end, capital strength and strategic progress in Capital Markets and product launches. The main near‑term headwinds are seasonal and quarter‑over‑quarter compressions in revenue and margin, higher compensation/expense seasonality, some deposit competition and localized CRE/C&I pricing pressure. Management provided constructive guidance for net interest income (7–8% upside in a no‑rate‑cut scenario), reiterated positive operating leverage for the year and highlighted strategic initiatives and potential regulatory capital tailwinds (Basel III end‑game). Overall, the positive YoY improvements, low credit losses and strategic momentum materially outweigh the QoQ softness and expense seasonality concerns.Positive Updates
Strong Year‑over‑Year Earnings Growth
Net earnings of $232 million, or $1.56 per diluted share, up 37% versus the year‑ago quarter (driven by revenue growth, a lower provision for credit losses and a lower effective tax rate).
Negative Updates
Quarter‑over‑Quarter Earnings and EPS Decline
Earnings declined 11% versus 4Q2025; diluted EPS fell to $1.56 from $1.76 in the prior quarter, primarily due to lower revenue (including 2 fewer days), significantly lower securities gains and seasonal compensation expenses.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Year‑over‑Year Earnings Growth
Net earnings of $232 million, or $1.56 per diluted share, up 37% versus the year‑ago quarter (driven by revenue growth, a lower provision for credit losses and a lower effective tax rate).
Read all positive updates
Company Guidance
Management guided that net interest income is expected to be “moderately increasing,” with a one‑year NII growth estimate of about 7–8% assuming the forward curve at 3/31 (no rate changes); adjusted customer‑related fee income is also expected to be moderately higher versus Q1 2026’s $174 million (management expects results toward the top of that range); adjusted noninterest expense (Q1 was $558 million) is guided to be moderately increasing year‑over‑year while the firm still targets full‑year 2026 positive operating leverage of 100–150 basis points (Q1 delivered roughly 270 bps of positive operating leverage versus the year‑ago quarter); management expects continued loan growth (Q1 average loans grew 2.4% annualized and 2.5% YoY) and margin expansion to drive NII (Q1 NIM was 3.27%), with supporting balance‑sheet metrics including period‑end customer deposits up $1.3 billion (1.8% from year‑end), total funding costs at 1.68% (down 8 bps linked quarter), CET1 at 11.5% and modeled Basel III end‑game RWA relief of ~9–10% (roughly +93 bps to CET1) over time.Zions Bancorporation National Association Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
72
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.93B | 4.94B | 4.99B | 4.62B | 3.34B | 2.97B |
| Gross Profit | 3.39B | 3.31B | 3.06B | 2.98B | 3.03B | 3.19B |
| EBITDA | 1.29B | 1.29B | 1.14B | 1.03B | 1.26B | 1.43B |
| Net Income | 962.00M | 899.00M | 784.00M | 680.00M | 907.00M | 1.13B |
Balance Sheet | ||||||
| Total Assets | 87.96B | 88.99B | 88.78B | 87.20B | 89.55B | 93.20B |
| Cash, Cash Equivalents and Short-Term Investments | 21.39B | 12.18B | 12.63B | 12.50B | 13.91B | 34.93B |
| Total Debt | 2.35B | 4.34B | 4.37B | 4.54B | 11.07B | 1.92B |
| Total Liabilities | 80.66B | 81.81B | 82.65B | 81.51B | 84.65B | 85.74B |
| Stockholders Equity | 7.30B | 7.18B | 6.12B | 5.69B | 4.89B | 7.46B |
Cash Flow | ||||||
| Free Cash Flow | 1.17B | 981.00M | 1.05B | 772.00M | 1.28B | 423.00M |
| Operating Cash Flow | 1.29B | 1.10B | 1.15B | 885.00M | 1.47B | 629.00M |
| Investing Cash Flow | -465.00M | 709.00M | -1.64B | 2.37B | 1.41B | -11.58B |
| Financing Cash Flow | -994.00M | -1.78B | 427.00M | -3.20B | -2.81B | 11.00B |
Zions Bancorporation National Association Technical Analysis
Positive
62.73
Price Trends
60.90
Positive
59.61
Positive
57.07
Positive
Market Momentum
0.44
Negative
58.30
Neutral
59.67
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 62.73 is above the 20-day moving average (MA) of 61.37, above the 50-day MA of 60.90, and above the 200-day MA of 57.07, indicating a bullish trend. The MACD of 0.44 indicates Negative momentum. The RSI at 58.30 is Neutral, neither overbought nor oversold. The STOCH value of 59.67 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $10.31B | 11.93 | 11.93% | 1.40% | 6.64% | 17.78% | |
76 Outperform | $9.26B | 12.19 | 9.07% | 2.43% | 33.41% | 11.83% | |
74 Outperform | $9.88B | 11.02 | 14.64% | 2.31% | 3.21% | 39.91% | |
73 Outperform | $8.80B | 13.33 | 15.05% | 3.05% | 2.22% | 12.61% | |
69 Neutral | $9.30B | 9.66 | 13.77% | 2.97% | -1.12% | 25.29% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
ZION
Zions Bancorporation National Association
63.25
15.49
32.44%
CFR
Cullen/Frost Bankers
140.85
16.05
12.86%
ONB
Old National Bancorp Capital
23.79
2.97
14.26%
BPOP
Popular
153.66
50.24
48.58%
WTFC
Wintrust Financial
151.59
31.28
26.00%
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...
Business Operations and StrategyShareholder Meetings
Zions Shareholders Back Board, Auditor and Pay Practices
Positive
May 4, 2026
On May 1, 2026, Zions Bancorporation, National Association held its annual meeting of shareholders, where investors elected 11 directors to one-year terms and ratified Ernst Young LLP as the independent auditor for the 2026 fiscal year. Sharehold...
Business Operations and StrategyFinancial Disclosures
Zions Bancorporation Books One-Time Gain From Visa Sale
Positive
May 4, 2026
Zions Bancorporation, N.A., a U.S. regional bank offering commercial and consumer banking services, has historically participated in various financial partnerships and investments, including equity positions obtained through industry restructuring...
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.