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Zions Bancorporation National Association
(NASDAQ:ZION)
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Rating:72Outperform
Price Target:
$76.00
â–²(11.24% Upside)
Action:Reiterated
Date:09/09/26
The score is driven primarily by improving financial performance (higher profitability, better leverage, and strong free-cash-flow generation) and supportive valuation (low P/E with a dividend). These positives are tempered by only mixed near-term technical momentum and earnings-call risks around deposit pricing pressure and rising expenses, despite management’s moderately improving NII outlook and strong credit/capital metrics.
Positive Factors
Profitability and cash generation
The TTM recovery shows stronger earnings power and substantial cash generation, with free cash flow converting at approximately 93% of net income. This provides capacity to support lending, technology investment, dividends, and other strategic priorities over the coming quarters.
Negative Factors
Deposit competition and funding pressure
Intense competition for deposits can raise funding costs and compress the spread between loan yields and deposit rates, directly challenging net interest income. Greater use of brokered deposits and short-term borrowings also makes funding more sensitive to market conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability and cash generation
The TTM recovery shows stronger earnings power and substantial cash generation, with free cash flow converting at approximately 93% of net income. This provides capacity to support lending, technology investment, dividends, and other strategic priorities over the coming quarters.
Read all positive factors
Zions Bancorporation National Association (ZION) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.14B
Dividend Yield2.9%
Average Volume (3M)1.40M
Price to Earnings (P/E)8.0
Beta (1Y)1.14
Revenue Growth3.90%
EPS Growth43.25%
CountryUS
Employees9,195
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)7.89
Shares Outstanding145,953,350
10 Day Avg. Volume1,641,592
30 Day Avg. Volume1,396,320
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
$74.06Price Target Upside8.41% Upside
Rating ConsensusHold
Number of Analyst Covering17
EPS Forecast (FY)8.01
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, National Association primarily makes money through a mix of net interest income and noninterest (fee) income typical of a commercial bank.
1) Net interest income (core earnings driver)
- Interest on loans: The bank earns int...
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
Negative
68.32
Price Trends
67.73
Negative
66.72
Negative
62.74
Positive
Market Momentum
-1.54
Positive
35.73
Neutral
36.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZION, the sentiment is Negative. The current price of 68.32 is above the 20-day moving average (MA) of 65.43, above the 50-day MA of 67.73, and above the 200-day MA of 62.74, indicating a neutral trend. The MACD of -1.54 indicates Positive momentum. The RSI at 35.73 is Neutral, neither overbought nor oversold. The STOCH value of 36.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $9.86B | 10.84 | 12.17% | 1.37% | 28.55% | 37.78% | |
75 Outperform | $8.13B | 11.48 | 9.22% | 5.12% | 20.84% | -0.60% | |
72 Outperform | $9.14B | 8.03 | 16.14% | 2.90% | 3.90% | 43.25% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $9.54B | 14.61 | 15.04% | 2.62% | 1.94% | 13.72% | |
66 Neutral | $3.41B | 11.08 | 9.55% | 5.22% | -5.41% | 45.98% | |
62 Neutral | $8.26B | 8.49 | 12.99% | 2.20% | 12.24% | 16.53% |
* Financial Sector Average
ZION
Zions Bancorporation National Association
63.17
7.93
14.35%
COLB
Columbia Banking System
28.92
3.80
15.12%
CFR
Cullen/Frost Bankers
155.04
32.06
26.07%
FIBK
First Interstate Bancsystem
36.00
5.73
18.91%
UMBF
UMB Financial
130.94
13.15
11.16%
WAL
Western Alliance
76.38
-8.60
-10.12%
Zions Bancorporation National Association Corporate Events
Business Operations and StrategyExecutive/Board Changes
Zions Bancorporation Names New Corporate Controller, PAO
Positive
Sep 9, 2026
On September 4, 2026, Zions Bancorporation, N.A. announced that longtime executive Brian Stringham, 51, will become Senior Vice President and Corporate Controller, and principal accounting officer, effective September 7, 2026, succeeding Jason Arb...
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.