Zions Bancorporation N.A. Common Stock (ZION) fair value
Financial Services · Banks - Regional · NASDAQ · United States
$66.20-0.29%
Market cap $9.7BNext earnings 2026-10-19Updated Oct 23, 2026
Our verdict
Trades 10% below our fair value
Price
$66.20
Model fair valueConfidence: good
$73.22
Model range
$31.73 to $95.61
Fair value $73.22
Price $66.20
4 models fit Zions Bancorporation N.A. Common Stock and they partly agree: 2 of 4 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Silver73
Valued as a bank: Residual income, P/E comparison, Dividend discount, and Graham number.
ACCE opinionZions Bancorporation N.A. Common Stock (ZION)
Fair value (4 models)
$73.22
ACCE price target
$72.00
Rating
Fairly valued
Horizon
12 months
Fair value published on 23 Oct 2026, 11:04 CEST; previously $72.20 since 21 Oct 2026, 10:18 CEST.
ACCE price target published on 20 Oct 2026, 02:20 CEST; previously $65.00 since 27 Sept 2026, 00:00 CEST.
Rating published on 19 Oct 2026, 17:05 CEST.
Price used: $66.20 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison, Graham number, Dividend discount, and Residual income.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
9.6% below
+10.6% to fair value
ACCE score
76
out of 100
Analysts
35% buy
23 covering
P/E
8.1x
forward 9.5x
1-year return
+28.1%
Dividend yield
2.89%
Zions Bancorporation N.A. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Zions Bancorporation is a Salt Lake City regional bank that takes deposits and makes commercial, commercial real estate and consumer loans across the Mountain West and Southwest, with its Amegy and Nevada franchises giving it concentrated exposure to fast-growing metro markets. Its edge is a low-cost deposit base in those markets, and the 16.7% return on equity shows it turning that funding advantage into earnings. Revenue growth of 9.5% is faster than most regional peers, and the stock trades at 8.1 times trailing earnings and 9.6 times forward, a discount that looks hard to justify for a franchise compounding at that pace. The key question for a deeper look is whether loan growth and net interest margin can hold as rate cuts arrive and commercial real estate credit stays under pressure. At a 9.7 billion dollar market cap with no index membership, the name sits outside much of the passive ownership base, which may be part of why the multiple is this low.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Insider selling without buying
Insiders sold $6.55M across the last 10 disclosed transactions and bought nothing, a one-directional pattern worth noting despite a small 1.3% insider stake.
moderate
Elevated short interest
Short interest sits at 5.1% of shares, a meaningful bearish positioning level for a stock that has otherwise rallied on strong earnings growth.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-21 · prices to Oct 23, 2026
Why it could do well
Revenue grew 35.2% year over year, well above the 10.9% average annual pace over five years.
The shares trade at 9.5x forward earnings, below the sector median of 11.8x, and the free cash flow yield is 10.6%.
The latest quarter beat expected earnings per share by 8.5%, and the consensus model fair value sits at $73.22.
Why it could disappoint
Analysts are not convinced, with only 35% (8 of 23) rating the stock Buy or Strong Buy.
Return on invested capital is just 6.4%, and return on equity is 16.4%, both modest for a bank of this size.
The trailing multiple of 8.1x looks cheap, but forward earnings are expected to fall, as the forward P/E of 9.5x sits above it.
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Valuation
INVESTOR
Where ZION's valuation models land
Price
$66.20
Model fair value
$73.22
Model range
$31.73 to $95.61
Fair value $73.22
Price $66.20
The price sits inside the model range.
Model
Fair value
Upside
Dividend discount
Graham number
P/E comparison
Residual income
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores