Is Zions Bancorporation, NA overvalued or undervalued?

As of 18 August 2025, the valuation grade for Zions Bancorporation, NA has moved from attractive to fair, indicating a shift in its perceived value. The company appears to be fairly valued based on its current metrics, with a P/E ratio of 9, a Price to Book Value of 1.15, and an EV to EBITDA ratio of 6.64. In comparison to peers, Comerica, Inc. has a significantly higher P/E ratio of 21.53, while BOK Financial Corp. stands at 15.16, suggesting that Zions may be undervalued relative to these competitors.
Despite the fair valuation, Zions Bancorporation has shown strong recent performance, with a 1-year stock return of 25.82%, outperforming the S&P 500's return of 17.14% over the same period. This performance, however, contrasts sharply with the longer-term returns, where the company has lagged behind the S&P 500 over 3, 5, and 10 years. Overall, Zions Bancorporation, NA is currently fairly valued, with potential for growth given its competitive positioning and recent stock performance.