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Zions Bancorporation National Association
(NASDAQ:ZION)
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Rating:73Outperform
Price Target:
$70.00
â–²(2.46% Upside)
Action:Reiterated
Date:10/20/26
ZION scores well primarily on improved financial performance (stronger profitability, better leverage, and sharply higher cash generation) and attractive valuation (low P/E with a solid dividend yield). The earnings call supports the outlook with positive guidance and strong credit, but technical indicators are mixed-to-weak (negative MACD and below key moving averages), tempering the overall score.
Positive Factors
Profitability and Cash Generation
The TTM recovery combines higher revenue, stronger margins and substantial free cash flow, indicating improved earnings quality rather than growth driven only by balance-sheet expansion. Strong cash conversion can support capital needs, shareholder distributions and continued investment over the next several quarters.
Negative Factors
Margin and Funding-Cost Pressure
Rising deposit and funding costs are compressing the spread between earning assets and liabilities, directly pressuring a core earnings driver. The expected further increase in deposit pricing could limit the benefit of higher asset yields and make profitability more sensitive to funding mix and rate conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability and Cash Generation
The TTM recovery combines higher revenue, stronger margins and substantial free cash flow, indicating improved earnings quality rather than growth driven only by balance-sheet expansion. Strong cash conversion can support capital needs, shareholder distributions and continued investment over the next several quarters.
Read all positive factors
Zions Bancorporation National Association (ZION) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.62B
Dividend Yield2.78%
Average Volume (3M)1.69M
Price to Earnings (P/E)8.1
Beta (1Y)1.10
Revenue Growth4.23%
EPS Growth46.24%
CountryUS
Employees9,195
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)7.87
Shares Outstanding145,953,350
10 Day Avg. Volume1,782,106
30 Day Avg. Volume1,691,672
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 Cap1.21
Enterprise Value/Revenue2.26
Enterprise Value/Gross Profit3.17
Enterprise Value/Ebitda7.23
Forecast
1Y Price Target
$72.67Price Target Upside6.36% Upside
Rating ConsensusHold
Number of Analyst Covering15
EPS Forecast (FY)8.14
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, 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:Oct 19, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 26, 2027
Earnings Call Sentiment Positive
The call was broadly positive, supported by 20% year-over-year growth in earnings per share, strong credit quality, deposit growth, fee income momentum, capital strength and multiple strategic growth initiatives. The main challenges were net interest margin compression, rising deposit costs, moderated loan growth expectations, higher acquisition-related expenses, flat wealth fees and increased AOCI losses. Management nevertheless provided constructive 2027 outlooks for net interest income, fee income and operating leverage.Positive Updates
Year-over-Year Earnings Improvement
Net earnings available to common were $262 million, or $1.78 per share, increasing 20% from $1.48 in the third quarter of 2025 and 2% from $1.74 in the prior quarter after adjusting for the prior quarter's large equity securities gains. The year-over-year increase was attributed to growth in net interest income and customer-related noninterest income, modest loan growth and exceptional credit performance.
Negative Updates
Net Interest Margin Compression
The net interest margin was 3.23%, down 4 basis points from the prior quarter and down 5 basis points from a year ago. The linked-quarter decline was primarily driven by higher deposit costs and growth in lower-yielding assets.
Read all updates
Q3-2026 Updates
Positive
Negative
Year-over-Year Earnings Improvement
Net earnings available to common were $262 million, or $1.78 per share, increasing 20% from $1.48 in the third quarter of 2025 and 2% from $1.74 in the prior quarter after adjusting for the prior quarter's large equity securities gains. The year-over-year increase was attributed to growth in net interest income and customer-related noninterest income, modest loan growth and exceptional credit performance.
Read all positive updates
Company Guidance
For the third quarter of 2027, Zions anticipates net interest income to increase by approximately 8% to 12%, based on 3 rate increases occurring in December, March and June, with the cost of deposits rising to around 2% from current levels of 1.59%, a deposit-cost increase of about 40 basis points, a beta in the upper 40s to low 50s, and a 5 to 7 basis point increase in earning asset yields; adjusted customer-related fee income is expected to grow 6% to 9%, adjusted noninterest expense to increase by approximately 4% to 6%, and loan growth to be between 2% to 4%, including commercial real estate growth of 1% to 3%. Zions now expects operating leverage of approximately 40 to 50 basis points for full year 2026, while excluding the acquisition operating leverage would approach the low end of prior expectations of 100 to 150 basis points; the multifamily agency platform is expected to generate approximately $17 million to $20 million of revenue and $12 million to $13 million of expense in 2027 and approximately $30 million to $40 million of annual revenue over the medium term, while the company sees scenarios that would allow it to operate in the mid-3s and reach those mid-3 levels in 2027.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 | 1.62B | 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
68.32
Price Trends
65.67
Positive
67.19
Negative
63.16
Positive
Market Momentum
0.11
Negative
59.17
Neutral
87.72
Negative
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 68.32 is above the 20-day moving average (MA) of 63.47, above the 50-day MA of 65.67, and above the 200-day MA of 63.16, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 59.17 is Neutral, neither overbought nor oversold. The STOCH value of 87.72 is Negative, 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $10.20B | 11.11 | 12.17% | 1.33% | 28.55% | 37.78% | |
73 Outperform | $9.62B | 8.07 | 16.25% | 2.78% | 4.23% | 46.24% | |
73 Outperform | $8.79B | 10.71 | 11.08% | 4.76% | 22.13% | 29.83% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $9.86B | 14.95 | 15.04% | 2.56% | 1.94% | 13.72% | |
67 Neutral | $3.59B | 11.70 | 9.49% | 4.99% | -8.97% | 35.06% | |
60 Neutral | $8.23B | 8.24 | 13.09% | 2.23% | 9.43% | 11.90% |
* Financial Sector Average
ZION
Zions Bancorporation National Association
65.68
14.99
29.57%
COLB
Columbia Banking System
31.04
5.51
21.58%
CFR
Cullen/Frost Bankers
157.58
37.86
31.63%
FIBK
First Interstate Bancsystem
37.83
7.20
23.52%
UMBF
UMB Financial
133.80
23.11
20.88%
WAL
Western Alliance
76.40
-0.76
-0.98%
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.