Zions Bancorporation, National Association
- Open
- 72.40
- Day high
- 72.52
- Day low
- 71.26
- Prev close
- 72.27
- Volume
- 2.6M
- Mkt cap
- $10.6B
- P/E (TTM)
- 11.1
- EPS (TTM)
- $6.45
- P/B
- 1.4
- P/S
- 2.1
- Yield
- 1.25%
- Per share
- $0.90
- ▼Insiders net selling -$298K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Zions Bancorporation, National Association (ZION) is a Financial Services company listed on NASDAQ. The stock is up 27% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Zions Bancorporation, National Association (ZION) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ZION earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 20, 2026 | $1.43 | $1.56 | +9.1% | $849M | -0.8% |
| Jan 20, 2026 | $1.57 | $1.75 | +11.5% | $893M | +4.7% |
| Oct 20, 2025 | $1.46 | $1.54 | +5.5% | $861M | +2.1% |
| Jul 21, 2025 | $1.31 | $1.58 | +20.6% | $838M | +3.3% |
| Jan 21, 2025 | $1.25 | $1.34 | +7.2% | $820M | +4.1% |
| Oct 21, 2024 | $1.17 | $1.37 | +17.1% | $792M | +1.8% |
| Jul 22, 2024 | $1.10 | $1.29 | +17.3% | $767M | +0.7% |
| Jan 22, 2024 | $1.00 | $1.29 | +29.0% | $731M | -3.4% |
| Oct 18, 2023 | $1.15 | $1.13 | -1.7% | $765M | +0.5% |
| Jul 19, 2023 | $1.11 | $1.11 | +0.0% | $780M | +2.8% |
| Apr 19, 2023 | $1.53 | $1.33 | -13.1% | $839M | -0.9% |
| Jan 23, 2023 | $1.64 | $1.84 | +12.2% | $873M | +0.8% |
ZION insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Skonnard Aarondirector | Grant | 432 | — |
| Jul 1, 2026 | QUINN STEPHEN Ddirector | Grant | 699 | — |
| Jul 1, 2026 | Lee Vivian Sdirector | Grant | 414 | — |
| Jul 1, 2026 | Huang Claire Adirector | Grant | 439 | — |
| Jun 4, 2026 | Ryan Daniel Josephdirector | Grant | 1,921 | — |
| May 11, 2026 | Smith Jennifer Anneofficer: Executive Vice President | Sell | 4,209 | $62.50 |
| May 7, 2026 | Richards Robert Ryanofficer: Controller | Option | 2,004 | $52.90 |
| May 6, 2026 | Smith Jennifer Anneofficer: Executive Vice President | Sell | 550 | $62.96 |
| May 4, 2026 | Murphy Edward Fdirector | Grant | 2,055 | $63.26 |
| May 4, 2026 | CRITTENDEN GARY Ldirector | Grant | 2,055 | — |
| May 4, 2026 | Skonnard Aarondirector | Grant | 2,055 | — |
| May 4, 2026 | Lee Vivian Sdirector | Grant | 2,055 | — |
| May 4, 2026 | QUINN STEPHEN Ddirector | Grant | 2,055 | — |
| May 4, 2026 | Contreras-Sweet Mariadirector | Grant | 2,055 | $63.26 |
| May 4, 2026 | Yastine Barbara A.director | Grant | 2,055 | $63.26 |
Source: ZION SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full ZION insider & 13F page →Zions Bancorporation, National Association company profile
Overview
Zions Bancorporation, National Association (NASDAQ:ZION) is a regional bank holding company founded in 1873 and headquartered in Salt Lake City, Utah. The company has evolved from its Mormon pioneer origins to become one of the largest regional banks in the Western United States, serving customers across eleven states including Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. With approximately $88 billion in total assets as of 2024, Zions operates through 422 branches and has established itself as a significant player in the regional banking sector, particularly focused on serving small and medium-sized businesses in its geographic footprint.
Business
Zions Bancorporation operates as a regional commercial bank providing a comprehensive suite of banking and financial services primarily to businesses and consumers in the Western United States. The banking industry serves as a financial intermediary, taking deposits from customers and lending those funds to borrowers while earning profit from the interest rate spread between what they pay depositors and what they charge borrowers. The company's core business segments include: 1. Commercial Banking Services (approximately 60-65% of revenue): This represents the bank's primary focus on small and medium-sized business lending, including commercial and industrial loans, lines of credit, and working capital financing. Commercial banking serves businesses ranging from local retailers to mid-market manufacturing companies, providing essential credit facilities for operations and growth. 2. Commercial Real Estate Banking (roughly 20-25% of loan portfolio): Zions provides financing for various commercial real estate projects including office buildings, retail centers, multifamily housing, and industrial properties. This segment has been particularly important given the bank's presence in growing Western markets, though it represents a concentration risk that management actively monitors. 3. Retail Banking and Consumer Services (approximately 15-20% of revenue): Traditional consumer banking services including checking and savings accounts, residential mortgages, personal loans, and credit cards. This segment provides stable deposit funding and serves as a foundation for customer relationships. 4. Capital Markets and Investment Services (growing segment, approximately 5-10% of revenue): This includes investment banking services, wealth management, trust services, and capital markets products such as interest rate swaps and foreign exchange services. This higher-margin business has been a strategic growth area for the bank. 5. Municipal and Public Finance: Specialized lending and banking services to government entities, school districts, and other public sector organizations, leveraging the bank's deep regional knowledge and relationships.
Revenue model
Zions makes money through the traditional banking model of net interest income and fee-based services. The primary revenue stream comes from the interest rate spread between what the bank pays on deposits and what it earns on loans and investments. In 2024, net interest income represented approximately 75-80% of total revenue, while non-interest income from fees and services comprised the remaining 20-25%. The bank's customers are primarily commercial and small business clients who pay interest on loans, fees for banking services, and maintain deposit relationships. Individual consumers provide deposit funding and utilize various fee-generating services. The municipal and public sector clients offer stable, often long-term relationships with predictable cash flows. Key factors that influence Zions' profitability margins include: Positive margin drivers include rising interest rates (due to the bank's asset-sensitive balance sheet), loan growth in higher-yielding commercial segments, deposit mix improvements favoring lower-cost funding sources, and growth in fee-based capital markets services. The bank benefits significantly from interest rate increases as its loan portfolio reprices faster than its deposit base. Margin pressures come from deposit competition requiring higher rates to retain customers, credit losses during economic downturns, regulatory compliance costs, and the need for continued technology investments. The bank's significant exposure to commercial real estate also creates cyclical margin pressure during property market downturns. Additionally, the migration from non-interest-bearing deposits to interest-bearing accounts reduces the bank's low-cost funding advantage. The bank's efficiency ratio of approximately 62% indicates moderate operational efficiency, with ongoing investments in technology modernization aimed at reducing long-term operating costs while improving customer service capabilities.
Competitive moat
Zions Bancorporation possesses a moderate regional banking moat built primarily on geographic concentration, customer relationships, and local market knowledge, though this moat faces increasing competitive pressures. The bank's strongest defensive characteristics include its deep presence in high-growth Western markets where it has operated for over 150 years, creating substantial switching costs for business customers who value relationship banking and local decision-making. The company's focus on small and medium-sized businesses provides some protection from larger national banks that often find these relationships less profitable to serve. Zions' local market expertise, particularly in understanding regional economic dynamics and business needs, creates value that purely digital or distant competitors struggle to replicate. The bank's municipal and public finance expertise also creates sticky relationships with government entities that value long-term partnership and local presence. However, the moat strength is moderate rather than strong due to several vulnerabilities. The banking industry faces ongoing disruption from fintech companies offering specialized services, digital-first banks providing convenient consumer experiences, and large money center banks with superior technology resources and national scale. Credit unions and community banks also compete aggressively for the same small business and consumer relationships that form Zions' core market. The bank's geographic concentration, while providing local expertise, also creates vulnerability to regional economic downturns. The significant exposure to commercial real estate markets in Western states represents both an opportunity during growth periods and a substantial risk during property market corrections. Additionally, the commoditized nature of basic banking services limits pricing power, and regulatory requirements continue to increase operational complexity and costs. Potential disruption comes from technology-enabled competitors offering faster, more convenient services, alternative lending platforms serving small businesses, and the ongoing trend toward digital banking that reduces the value of physical branch networks.
Risks & safety
Zions Bancorporation demonstrates solid financial stability with adequate capital buffers and manageable risk levels, though typical banking sector leverage creates inherent solvency considerations. • Capital Position: Common Equity Tier 1 ratio of 10.8% provides comfortable buffer above regulatory minimums, with total assets of $88 billion supported by $6.1 billion in shareholders' equity • Liquidity: Strong cash position of $3.5 billion and securities portfolio provide substantial liquidity cushion; deposit base of approximately $70 billion offers stable funding source • Credit Quality: Net charge-offs remain low at 11-24 basis points annualized, though classified loans have increased recently, particularly in commercial real estate portfolio • Debt Management: Debt-to-equity ratio of 0.71 is reasonable for banking sector; recent refinancing of high-cost debt with lower-cost alternatives improves interest expense profile • Valuation Metrics: Trading at P/E ratio of approximately 10.8x and price-to-book ratio of 1.16x, suggesting reasonable valuation relative to earnings and book value • Profitability: Return on equity of approximately 12-13% annually demonstrates solid profitability, with positive operating leverage expected to continue • Other Considerations: Concentration in Western U.S. markets and commercial real estate exposure create regional economic sensitivity; regulatory environment remains supportive under current administration
Recent development
Over the past few years, Zions has undertaken significant strategic initiatives focused on technology modernization and business model evolution. The most substantial development has been the complete overhaul of the bank's core operating systems, with management completing the final major conversion to a new digital platform in 2024. This multi-year technology transformation replaced nearly the entire digital front-end and core deposit systems, enabling real-time payment processing, enhanced fraud detection capabilities, and improved operational efficiency. The bank has strategically invested in expanding its Capital Markets division, which achieved record performance in 2024 with 36% revenue growth compared to 2023. This higher-margin business includes investment banking services, wealth management, and sophisticated financial products like interest rate swaps, representing a deliberate shift toward fee-based revenue streams that are less dependent on interest rate cycles. Zions has also pursued selective geographic expansion through strategic acquisitions, including the purchase of four FirstBank branches in California's Coachella Valley, demonstrating management's willingness to grow in attractive markets while maintaining disciplined capital allocation. The bank has simultaneously focused on optimizing its funding profile by reducing reliance on higher-cost wholesale funding sources and emphasizing granular deposit gathering from small business and consumer relationships. In response to evolving regulatory requirements and competitive pressures, management has implemented comprehensive expense management initiatives while continuing to invest in technology infrastructure. The bank has also proactively managed its commercial real estate portfolio concentration, implementing more conservative risk rating approaches and maintaining high borrower equity requirements to mitigate potential credit risks in a challenging property market environment.
ZION company profile · for informational purposes only — not investment advice.
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