Zions Bancorporation has delivered 4 consecutive earnings beats with an average surprise of 11% and strong growth metrics, but a hard geographic concentration in 4 states — representing 77% of exposure — and a stock price that has already exceeded its analyst target create significant structural and timing risks.
Thesis pillars
- Perfect Earnings Beat Streak→Stable
- Geographic Concentration 77pct↓Deteriorating
- Stock Exceeded Analyst Target↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 24, 2026· older than 90 days
Zions Bancorporation N.A. (ZION) Stock Analysis
Financial Services · Banks - Regional
Hold if already holding. Not a fresh buy at $66.63, but acceptable to hold if already in. Reasons: Single-region cliff: 77% exposure to Utah, Idaho, Texas, and California (≥60% threshold). Regional macroeconomic shock = idiosyncratic terminal risk.; Concentration risk — Geographic: Utah, Idaho, Texas, and California (77.0%).
Zions Bancorporation, N.A. is a national bank headquartered in Salt Lake City, Utah, with $89 billion in total assets and $3.4 billion in net revenue in 2025, serving 1+ million customers through 407 branches across 11 Western states via seven affiliate brands. Net interest... Read more
Hold if already holding. Not a fresh buy at $66.63, but acceptable to hold if already in. Reasons: Single-region cliff: 77% exposure to Utah, Idaho, Texas, and California (≥60% threshold). Regional macroeconomic shock = idiosyncratic terminal risk.; Concentration risk — Geographic: Utah, Idaho, Texas, and California (77.0%). Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Score 6.1/10, moderate confidence.
Passes 5/8 gates (positive momentum, clean insider activity, earnings proximity 77d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and finsvc regional cliff hard block. Suitability: moderate.
Recent developments
No fresh coverage since Oct 21, 2026
Recent Developments — Zions Bancorporation N.A.
Latest news
- NEWS Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Rated "Hold" by Sell-Side Brokerages - MarketBeat — MarketBeat Oct 21, 2026 neutral
- NEWS Zions Bancorp Analysts Boost Their Forecasts Following Q3 Results - Benzinga — Benzinga Oct 20, 2026 positive
- NEWS JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Zions Bancorporation, N.A. (NASDAQ:ZION) Stock - MarketBeat — MarketBeat Oct 20, 2026 positive
- NEWS Zions Bancorporation, N.A. (NASDAQ:ZION) Stock Keeps "Hold" Rating at TD Cowen - MarketBeat — MarketBeat Oct 20, 2026 neutral
- NEWS Zions Bancorporation, N.A. (NASDAQ:ZION) Price Target Raised to $80.00 - MarketBeat — MarketBeat Oct 20, 2026 positive
Latest item Oct 21, 2026 · Generated 2026-11-05T11:39:31Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHGeographicUtah, Idaho, Texas, and California77%10-K Item 1A: 'our banking operations in Utah, Idaho, Texas, and California represented 77% of our commercial lending portfolio'
- MEDIUMloan_portfolioreal estate, oil and gas, and leveraged lending10-K Item 1A: 'We have a concentration of risk within our loan portfolio, including, but not limited to, loans secured by real estate, oil and gas-related lending, and leveraged and enterprise value lending'
- HIGHregulatoryOCC10-K Item 1: 'we are subject to the regulatory oversight of the Office of the Comptroller of the Currency ("OCC")'
Material Events(8-K, last 90d)
- 2026-06-02Item 5.02LOWBoard expanded from 11 to 12 directors; Daniel J. Ryan (retired PricewaterhouseCoopers partner) elected effective June 2, 2026. Appointed to Audit and Risk Oversight Committees effective July 1, 2026. No reason cited.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
10 dimensions · all in-band
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $66.63, but acceptable to hold if already in. Reasons: Single-region cliff: 77% exposure to Utah, Idaho, Texas, and California (≥60% threshold). Regional macroeconomic shock = idiosyncratic terminal risk.; Concentration risk — Geographic: Utah, Idaho, Texas, and California (77.0%). Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Analyst target $65.50 reached (−1.7%), stop $63.69 (−4.6%), A.R:R -0.2:1. Score 6.1/10, moderate confidence.
Analyst target $65.50 reached (−1.7% from $66.63); no take-profit level is published. Analyst target $65.50 reached (−1.7%), stop $63.69 (−4.6%), A.R:R -0.2:1. Stop-loss: $63.69.
Single-region cliff: 77% exposure to Utah, Idaho, Texas, and California (≥60% threshold). Regional macroeconomic shock = idiosyncratic terminal risk.; Concentration risk — Geographic: Utah, Idaho, Texas, and California (77.0%); Concentration risk — Regulatory: OCC.
Zions Bancorporation N.A. trades at a P/E of 8.2 (forward 9.6). TrendMatrix value score: 6.9/10. Verdict: Hold.
28 analysts rate ZION, with a consensus score of 3.5/5. 22 analysts publish price targets averaging $73.
What does Zions Bancorporation N.A. do?Zions Bancorporation, N.A. is a national bank headquartered in Salt Lake City, Utah, with $89 billion in total assets...
Zions Bancorporation, N.A. is a national bank headquartered in Salt Lake City, Utah, with $89 billion in total assets and $3.4 billion in net revenue in 2025, serving 1+ million customers through 407 branches across 11 Western states via seven affiliate brands. Net interest income from commercial, CRE, and consumer loans is the primary revenue source; Utah, Idaho, Texas, and California account for 77% of commercial loans.