Is Zions Bancorporation, NA overvalued or undervalued?

As of 10 October 2025, Zions Bancorporation, NA has moved from fair to attractive in valuation grade, indicating a positive shift in its market position. The company appears undervalued, supported by a P/E ratio of 9, a Price to Book Value of 1.15, and a PEG ratio of 0.33, which are all significantly lower than its peers. For instance, Comerica, Inc. has a P/E of 21.53 and BOK Financial Corp. has a PEG of 0.96, highlighting Zions' relative undervaluation in comparison to these competitors.
Despite recent stock performance lagging behind the S&P 500, with a 1-year return of 8.45% compared to 13.36% for the index, the long-term perspective shows a 5-year return of 65.80%, which is still significantly lower than the S&P's 88.45%. This suggests that while Zions Bancorporation has faced challenges recently, its valuation metrics indicate it may present a compelling investment opportunity moving forward.