Zions Bancorporation, National Association
ZION on Nasdaq. Zions Bancorporation sells banking services to individuals and businesses in eleven Western states. Market value $9.2bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 14 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.19.
Profit per $100 you pay: $12.77.
Quality score: 63 of 100. Price score: 95 of 100. Our list needs 70 on quality and 60 on price.
$62.85 a share, 36% above its 1-year low
Over the past year the price has ranged from $46.19 to $73.34.
Dividend: 2.9% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $575m | $614m | $616m | $639m | $662m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.15bn | 0.15bn | 0.15bn | 0.15bn | 0.15bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 3.8% a year
- Buying back its own sharesYes, 2% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $182 million last quarter, up 11% on a year ago.
- Profit: $453 million, up 86% on a year ago.
- Spare cash over the past 12 months: $1.7 billion, up from $645 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $161m |
| December 2024 | $135m |
| March 2025 | $158m |
| June 2025 | $164m |
| September 2025 | $163m |
| December 2025 | $177m |
| March 2026 | $172m |
| June 2026 | $182m |
| Quarter to | Amount |
|---|---|
| September 2024 | $214m |
| December 2024 | $216m |
| March 2025 | $170m |
| June 2025 | $244m |
| September 2025 | $222m |
| December 2025 | $263m |
| March 2026 | $233m |
| June 2026 | $453m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
3 long-term investors we follow own it, down from 4 last quarter. 599 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $267m
- Share of fund
- 0.5%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $267m | 0.5% | |
| Fiduciary Management (FMI)Pat English | $179m | 2.6% | Cut |
| Hotchkis & WileyHotchkis & Wiley team | $31m | <0.1% | Added |
Sold out this quarter
Largest holders overall
- BlackRock$982m
- Vanguard Portfolio Management$769mAdded
- Dimensional Fund Advisors LP$529mAdded
- Vanguard Capital Management$459m
- State Street$410m
- LSV Asset Management$267m
- Geode Capital Management$212m
- Morgan Stanley$210m
- TWO Sigma Investments, LP$193mAdded
- Fuller & Thaler Asset Management$183mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor7.4%0.0 ptsSince 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%0.0 ptsSince 31 March 2026
- Dimensional Fund Advisors LPPassive investor5.0%Since 31 December 2025
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 7.4%0.0 pts | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3%0.0 pts | 31 March 2026 | |
Dimensional Fund Advisors LP Passive investor | 5.0% | 31 December 2025 | |
STATE STREET CORPORATION Passive investor | Sold down below 5% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $265,635 of shares on the open market. 7 sold $10m.
- MCLEAN SCOTT JPresidentSold
- Date
- 4 August 2026
- Shares
- 33,285
- Price
- $70.63
- Value
- $2m
- Law Scott A.Executive Vice PresidentSold
- Date
- 4 August 2026
- Shares
- 4,608
- Price
- $72.42
- Value
- $333,727
- MCLEAN SCOTT JPresidentSold
- Date
- 3 August 2026
- Shares
- 50,000
- Price
- $70.74
- Value
- $4m
- MCLEAN SCOTT JPresidentSold
- Date
- 28 July 2026
- Shares
- 6,650
- Price
- $0.00
- Value
- $0
- Steward DerekExecutive Vice PresidentSold
- Date
- 28 July 2026
- Shares
- 894
- Price
- $69.65
- Value
- $62,267
- Smith Jennifer AnneExecutive Vice PresidentSold
- Date
- 8 May 2026
- Shares
- 4,209
- Price
- $62.50
- Value
- $263,073
- Smith Jennifer AnneExecutive Vice PresidentSold
- Date
- 4 May 2026
- Shares
- 550
- Price
- $62.96
- Value
- $34,628
- SIMMONS HARRIS HChairman & CEO, DirectorBought
- Date
- 24 February 2026
- Shares
- 4,500
- Price
- $59.03
- Value
- $265,635
- Arbuckle Jason D.SVP - ControllerSold
- Date
- 20 February 2026
- Shares
- 190
- Price
- $61.77
- Value
- $11,736
- Smith Jennifer AnneExecutive Vice PresidentSold
- Date
- 18 February 2026
- Shares
- 2,089
- Price
- $62.48
- Value
- $130,521
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 August 2026 | MCLEAN SCOTT J President | Sold | 33,285 | $70.63 | $2m |
| 4 August 2026 | Law Scott A. Executive Vice President | Sold | 4,608 | $72.42 | $333,727 |
| 3 August 2026 | MCLEAN SCOTT J President | Sold | 50,000 | $70.74 | $4m |
| 28 July 2026 | MCLEAN SCOTT J President | Sold | 6,650 | $0.00 | $0 |
| 28 July 2026 | Steward Derek Executive Vice President | Sold | 894 | $69.65 | $62,267 |
| 8 May 2026 | Smith Jennifer Anne Executive Vice President | Sold | 4,209 | $62.50 | $263,073 |
| 4 May 2026 | Smith Jennifer Anne Executive Vice President | Sold | 550 | $62.96 | $34,628 |
| 24 February 2026 | SIMMONS HARRIS H Chairman & CEO, Director | Bought | 4,500 | $59.03 | $265,635 |
| 20 February 2026 | Arbuckle Jason D. SVP - Controller | Sold | 190 | $61.77 | $11,736 |
| 18 February 2026 | Smith Jennifer Anne Executive Vice President | Sold | 2,089 | $62.48 | $130,521 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.