Zions Bancorp NA

ZION: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Increasing Our Fair Value Estimate for Zions Bancorp to $68 From $66 After Second-Quarter Earnings

Maoyuan Chen

Jul 23, 2026

Business Strategy and Outlook

Zions Bancorp focuses primarily on small and midsize businesses across its Western US footprint. We think its strategy of building on-the-ground relationships with SMB clients is sound. However, with roughly 80% of revenue coming from net interest income, Zions’ profitability is more sensitive to interest-rate movements and deposit performance than larger regional banks with more diversified fee income.

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Zions Bancorp NA

Increasing Our Fair Value Estimate for Zions Bancorp to $68 From $66 After Second-Quarter Earnings

Business Strategy and Outlook

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